Toronto, ON (Feb. 19, 2015) – The Canadian Council of Insurance Regulators will make an examination of travel insurance one of its key priorities in 2015 and is seeking input from the public on how the business is conducted in Canada, announces Chair Carolyn Rogers.
“We have heard the concerns of the public and insurance brokerage community and know how important it is for consumers to have confidence in their insurance protection when they travel,” said Rogers. “As a result, we have formed a working group that is currently undertaking research on travel insurance and we’re inviting comments from the public.”
The CCIR includes representatives from every province and territory in Canada, and the new group intends to work with the Canadian Insurance Services Regulatory Organizations (CISRO) and with the insurance industry on the travel insurance issue. Both CCIR and CISRO recognize the insurance industry’s commitment to improving consumer confidence in the product.
“We welcome this initiative by the CCIR and are committed to work with them to ensure that consumers have the knowledge and information that they need to have confidence in the emergency travel health insurance they purchase” says Frank Swedlove President and CEO of the Canadian Life and Health Insurance Association (CLHIA).
CCIR invites the public to contribute – submit comments directly to email@example.com.
The working group expects to release its first report in the fall of 2015.
About the CCIR
The Canadian Council of Insurance Regulators is a national association of insurance regulators that traces its roots back to 1914. The mandate of the CCIR is to support an efficient and effective insurance regulatory system in Canada to serve the public interest.
The Canadian Insurance Services Regulatory Organizations is a national association of insurance intermediary (agents, brokers, adjusters) regulating authorities. Its goals and objectives include creating a common voice to deal with issues that may be of interest to other financial services regulators, consumers and intermediaries.
Established in 1894, Canadian Life and Health Insurance Association is a voluntary nonprofit association with member companies accounting for 99 per cent of Canada’s life and health insurance business. The industry provides a wide range of financial security products such as life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to more than 25 million Canadians.
About the Financial Services Commission of Ontario
FSCO was established under the Financial Services Commission of Ontario Act, 1997 (FSCO Act) with a legislative mandate set out in the FSCO Act.
FSCO’s legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates.
FSCO regulates the insurance sector; pension plans; loan and trust companies; credit unions and caisses populaires; the mortgage brokering sector; co-operative corporations in Ontario; and service providers who invoice auto insurers for statutory accident benefits claims. FSCO is accountable to the Minister of Finance.
In order to support FSCO’s legislative mandate, the FSCO Act sets out a three-part structure for FSCO, which includes the Commission; the Superintendent of Financial Services and Staff; and the Financial Services Tribunal (Tribunal).
Source: Financial Services Commission of Ontario