TORONTO, June 27,
2024 /CNW/ - The Canadian Council of Insurance
Regulators (CCIR) has released a report that gives new insights
into governance and business culture in relation to Fair Treatment
of Customer (FTC) Reviews.
In 2018 CCIR, in partnership with the Canadian Insurance
Services Regulatory Organizations (CISRO), issued Guidance on the
Conduct of Insurance Business and the Fair Treatment of Customers.
This guidance sets out regulators' overarching expectations for how
insurers and intermediaries conduct insurance business and ensure
the fair treatment of customers.
"The development of a culture of fair treatment of customers is
essential within the industry, and we hope that the impact will be
felt by customers," said Nathalie
Sirois, CCIR Vice-Chair and Senior Director, Prudential
Supervision at the Autorité des marchés financiers. "This will have
an influence at all levels, particularly on the behavior of
employees and external resources."
Sirois invites insurers to take note of this report, to use it
as a reference, and not to hesitate to contact CCIR or its members
to discuss and to take their practices to higher levels. CCIR is
hosting an information session for industry on the findings of the
report in English on July 22 at
2 p.m. ET and in French on
July 23 at 1
p.m. ET. If you would like to attend, please email the CCIR
secretariat at ccir-ccrra@fsrao.ca.
"CCIR expects all insurers to read this report, assess gaps in
relation to regulators' expectations and determine what actions
they need to take to make the Fair Treatment of Customers a
fundamental element of their governance and their business
culture," said Huston Loke, CCIR Chair and Executive Vice
President, Market Conduct at FSRA.
The report features positive examples of practices and actions
implemented by industry to address regulators' expectations
regarding the fair treatment of customers and is available on the
CCIR website.
This new report is based on supervisory work conducted by CCIR
members involving 40 insurers registered in the life and health and
property and casualty sectors, including an industry-wide
examination in 2022 that focused specifically on the report's
theme.
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 enhance insurance supervision
and regulation to serve the public interest and to foster increased
cooperative supervision and information sharing among regulatory
authorities.
Media Contacts:
Ashley Legassic
(For English media - Toronto)
416-226-7762
Sylvain Théberge
(For Francophone media - Montréal)
514-940-2176
SOURCE Canadian Council of Insurance Regulators (CCIR)