CCIR Releases Report on the Review of the Insurance OmbudServices Cooperation and Oversight Framework

TORONTO and MONTREAL, Sept. 12, 2024 /CNW/ - In 2023 the Canadian Council of Insurance Regulators (CCIR) initiated an external review of the Insurance OmbudServices Cooperation and Oversight Framework (the Oversight Framework). The Oversight Framework is a memorandum of understanding among the General Insurance OmbudService (GIO), the OmbudService for Life & Health Insurance (OLHI) and CCIR as their regulatory oversight body.  Adopted in 2007, the Oversight Framework was developed to help CCIR ensure consumers have access to effective independent dispute resolution services. GIO and OLHI were both involved in the review, as the organizations mandated with independent dispute resolution (IDR) services for the insurance sectors in Canada.  CCIR has released a summary report on the findings, recommendations, and the next steps to update the Oversight Framework.

About the CCIR:

The Canadian Council of Insurance Regulators is a national association of insurance regulators that traces its roots back to 1914. The mandate of the CCIR is to enhance insurance supervision and regulation to serve the public interest and to foster increased cooperative supervision and information sharing among regulatory authorities.

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SOURCE Canadian Council of Insurance Regulators (CCIR)