Toronto, ON (Oct. 15, 2018) – The Centre for Study of Insurance Operations (CSIO) has updated its data standards and forms to incorporate the upcoming legalization of cannabis. These updates address the collection of data related to the cultivation and use of cannabis.
The legalization of cannabis has many implications for the insurance industry, from customers looking for coverage, carriers underwriting policies, and brokers distributing new products. CSIO worked closely with its carrier and vendor members in consultation with the Insurance Bureau of Canada (IBC) to ensure the industry’s requirements are accurately reflected in order to effectively underwrite P&C insurance policies.
The revisions to the standards were released to CSIO members earlier this Fall, following a national standards working group and are available to use. The updated Habitational and Farm insurance applications will be available on CSIO.com on October 17, the effective date that cannabis will be legal in Canada.
“We are pleased to collaborate with IBC and our members in ensuring the industry is well prepared for this legislative change,” says Catherine Smola, President & CEO of CSIO. “I thank our working group participants for consistently making time to collaborate every month, and their strong commitment to continuously enhancing CSIO standards.”
About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry technology association of property and casualty insurers, software providers and over 36,000 brokers. CSIO is committed to improving the consumer’s ease of doing business within the broker channel by overseeing the development, implementation and maintenance of technology standards and solutions such as eDocs, My Proof of Insurance eDelivery, and eSignatures. In addition, CSIO operates CSIOnet, a secure, industry-owned platform for the efficient exchange of policy information for the broker channel. CSIO maintains offices in Toronto and Montreal. For more information, visit www.csio.com.
SOURCE: Centre for Study of Insurance Operations (CSIO)Tags: Centre for Study of Insurance Operations (CSIO), data standard, Marijuana