CCIR Fall Meeting Discussions

There will not be an official “highlights” document of the fall meeting, however, the CCIR reports that the regulators discussed a number of issues including:

·        Part XIII changes to the federal Insurance Act

·        Managing General Agents- The Agencies Regulation Committee will be reviewing the regulation of managing general agencies,  wholesale agencies and wholesale brokers. There is a concern that current licensing and regulatory regimes were not designed with these types of delivery mechanisms in mind.  The committee will consider risks, if any, to consumers and any legislative and regulatory issues arising from the use of these entities.

·        Survey Standards- a working group has been established to develop best practices for use of surveys by provinces.

·        Credit-based Insurance Scores- A CCIR committee is looking at consumer disclosure with respect to adverse effects.  Other issues may also be identified for a discussion paper to be introduced in Spring 2010.