(Toronto– May 14, 2019) The CSIO Board of Directors was pleased to recently host Canadian Council of Insurance Regulators (CCIR) representatives, who shared the strategic vision of the new CCIR Fintech Advisory Hub. Expected to launch in Fall 2019, CCIR’s Advisory Hub will be an information centre to help insurance providers/other fintech businesses understand the licensing and regulatory environment for insurance in Canada.
As an organization whose mandate is to advance technology in the P&C insurance industry, CSIO was excited to hear about CCIR’s objective to facilitate a more open and transparent approach to licensing for products, services and businesses.
The purpose of the Advisory Hub is to:
- provide a common access point to all jurisdictions, giving ease of access to all regulators, for fintechs and other entities;
- increase industry awareness of regulations for insurance businesses; and
- provide an initial resource for technology-enabled entities to get clarification and direction about the insurance sector and regulations, prior to launching in individual jurisdictions.
The role of the Advisory Hub will be to facilitate introduction between businesses and the provincial regulators who approve and license their activities. Insurance providers are encouraged to take advantage of the Advisory Hub to facilitate one-window access to information about the licensing and regulatory requirements for new and innovative insurance products and services across jurisdictions.
“Discussions with key stakeholders like the CSIO Board of Directors are very valuable, and we expect ongoing communications to benefit both of our organizations,” says Hélène Samson, Chair of the CCIR Fintech Working Group and Director, Prudential Oversight of Financial Institutions, Autorité des marchés financiers.
“CSIO supports the development of a regulatory framework that encourages innovation and aims to facilitate communication between regulators and industry partners on regulatory requirements for new technology solutions in the insurance space,” says Sean Christie, CSIO Chairman. “We look forward to furthering a productive relationship with the CCIR Fintech Advisory Hub.”
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About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry association of property and casualty insurers, software providers and over 38,000 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, eDelivery and eSignatures. In addition, CSIO operates the industry-owned mail network service, CSIOnet. CSIO maintains offices in Toronto and Montreal. For more information, visit csio.com
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