CCIR updates ombud cooperation framework

The Canadian Council of Insurance Regulators (CCIR) has updated its Insurance OmbudServices Cooperation and Oversight Framework to include more regular meetings with regulators and information sharing to understand and address systemic issues.

The April update came after an 18-month consultation with the OmbudServices for Life and Health Insurance, the General Insurance OmbudServices, the Canadian Life and Health Insurance Association and the Insurance Bureau of Canada. It was the first time the document was changed since it was published in 2015.

“The updated framework enhances accountability, engagement and information sharing between insurance regulators and the OmbudServices,” Erica Hiemstra, vice-chair of CCIR and head of property and casualty insurance conduct at the Financial Services Regulatory Authority of Ontario, said in a statement.

The CCIR will have a “regular and candid engagement” with the executive management of each ombud service at least twice a year. The meetings will help the CCIR assess whether the ombud service is adhering to CCIR guidelines for complaint resolution.

In addition, the CCIR will meet with the board of directors of each ombud service at least once a year to discuss the independent evaluation of the board, CCIR’s annual report and ensuring a common understanding of the ombud service’s objectives.

Sharing information on complaint trends and systemic issues supports effective consumer protection, the CCIR said in the updated framework. Each ombud service will need to provide quarterly statistics on complaints, annual reports on trends and timely notice on changes in their ability to fulfill the framework, among other requirements.

The CCIR will publish an annual public report on its engagements with ombud services.

Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.