CAFII Holds Webinar with Provincial Regulators on Regulatory Priorities as Canada Emerges from COVID-19
On October 25, 2021 CAFII held a webinar on Provincial Insurance Policy and Regulatory Priorities and Emerging Issues As Canada Emerges From COVID-19. The panelists were:
- Chris Carter, Vice-President, Financial Institutions and Mortgage Brokers Market Conduct, BC Financial Services Authority;
- Mark Brisson, Assistant Deputy Minister and Superintendent of Insurance, Alberta Treasury Board and Finance;
- Janette Seibel, Deputy Superintendent of Insurance, Financial and Consumer Affairs Authority of Saskatchewan.
The session covered a wide range of topics and the panelists were engaged in the discussion. The session included good representation from regulators across the country, with the following policy-makers and regulators registered for the webinar:
- The Government of Alberta;
- The Alberta Insurance Council;
- BC Financial Services Authority;
- The Insurance Council of BC;
- The Canadian Council of Insurance Regulators, or CCIR;
- The Canadian Insurance Services Regulatory Organizations, or CISRO;
- Consumer and Financial Services Commission of New Brunswick;
- The Insurance Council of Manitoba;
- The Insurance Councils of Saskatchewan;
- The Office of the Alberta Superintendent of Insurance;
- The Office of the Superintendent of Financial Institutions, or OSFI; and
- The Government of Yukon.
All the panelist emphasized the continuing importance of the fair treatment of customers. Chris Carter said that in British Columbia there was a heightened interest in the emerging climate change challenges. Cyber risk was also raised by panelists as an increasingly important issue. The issue was raised of the potential affect of COVID on the affordability of life insurance going forward. It was also noted that there were important industry achievements around offering insurance digitally during the pandemic.
In terms of trends, panelists felt that industry had been very flexible and innovative in responding to the pandemic. However, the panelists also felt that they needed to monitor carefully whether there were any changes in claims payout in the context of the pandemic. It was also felt that the adoption of online insurance options would continue after the pandemic. It was noted however that there is a digital divide in many provinces, where some consumers’ internet connections are not as good, especially for those in rural areas, and that could be important as digitization became more prevalent.
Mark Brisson said that regulators appreciated the efforts industry had made during the pandemic including the offering of deferrals, rebates, and other measures to help consumers. Jan Seibel said that industry had communicated emerging issues with regulators well during the pandemic, and this helped ensure a coordinated approach between industry and regulators. She also felt that industry handled the move to an at-home requirement effectively. Chris Carter said that industry was extraordinarily flexible and responsive during the pandemic. The panelists also discussed fair treatment of customers and how to measure it or demonstrate it. The CCIR, which the three panelists all sit on, was also discussed around harmonization and how it could advance this objective.
