Global in Scope

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Each province/territory has authority over the conduct of business in the insurance market and each province/territory has its own regulatory oversight. While they may differ in regulatory approaches, they have in common a primary mandate of consumer protection. For insurance brokers in B.C., that consumer protection is realized through the Insurance Council of B.C.’s licensing process, Council Rules, and Code of Conduct.

Regulators collaborate on a national level through the Canadian Council of Insurance Regulators (CCIR) to share resources and ensure standards are implemented consistently across Canada. And they collaborate globally through the International Association of Insurance Supervisors (IAIS).

Established in 1994, the IAIS’s membership represents 200 jurisdictions, which regulate 97% of global insurance premiums. The IAIS supports the global economy by maintaining inter-jurisdictional confidence in the insurance sector. 

The IAIS in 2011 adopted the Insurance Core Principles (ICP), which are statements of principle, standards, and guidance for the insurance sector.

The Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) builds on the ICP with supervisory standards and guidance that IAIS member jurisdictions use to integrate changes into their respective regulatory frameworks. 

The ICP and ComFrame undergo constant review and updating based on trends that could shape the business of insurance. 

Along with emerging issues such as cyber risk and climate change, the IAIS has been focused on conduct and culture, and diversity, equity, and inclusion. ICP 19 Conduct of Business, requires that insurers and intermediaries treat customers fairly, before a contract is entered into and through to the point at which all obligations under a contract have been satisfied. ICP 19 has been the principle driving explorations into FTC.

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