Protocol On Cooperation And The Exchange Of Information

Date:

The Canadian Council of Insurance Regulators’ (“CCIR”) membership has made a commitment to adopting, where reasonable, the Insurance Core Principles of the International Association of Insurance Supervisors (“IAIS”), which include fostering cooperation, promoting communication and information exchange and facilitating enhanced coordination. This commitment, combined with growing complexity in the insurance market place, has re-emphasized for CCIR members the importance of working together and sharing information as it relates to the Solvency Supervision and Market Conduct oversight of Regulated Entities in the Canadian insurance industry. The Signatories to this Memorandum of Understanding and Protocol on Cooperation and the Exchange of Information (the “Protocol”) recognize that:

  • Given the evolving and changing market place, practical arrangements concerning cooperation, assistance and exchange of information are essential not only in crisis situations, but also in a Signatory’s day to day operations; and
  • The ability to cooperate and exchange information and provide assistance requires a high standard of information security and confidentiality protection that is consistent with the laws to which each Signatory is subject.

This Protocol sets out the terms for cooperation and the exchange of information between the Signatories to meet the international standards in the IAIS Insurance Core Principles.

Read full DOCUMENT here.

CCIR – May 2015.

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Brent Stafford
Brent Staffordhttps://regulatorwatch.com
Executive Producer / Founder - RegulatorWatch.com

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