News | January 2021

Insurance Council Rules Undergo Review

Published January 28, 2021

To ensure that insurance licence requirements continue to be relevant to industry and regulatory practices, we are conducting a comprehensive review of the Insurance Council Rules. We will be engaging you--our licensees and stakeholders--as a part of this multi-year initiative.

The Insurance Council Rules were introduced in 2005. Over the years, there have been several updates, but the Insurance Council Rules have not been reviewed in their entirety since their initial introduction.

The Council Rules Review Project will examine each of the rules, considering the impact they have on licensees, the industry, and our mandate of public protection. The review will seek to identify provisions that need to be clarified or aligned with current practices, that are outdated and in need of updating, and that may need to be revised to achieve desired regulatory outcomes. Where it makes sense, we will be bringing forward proposed revisions to address these areas.

Any proposed changes to the rules will involve licensee and public consultation, approval by the voting members of Council, and ultimately submission to the Minister of Finance for final approval.

The rules will be examined in phases, with groups of proposed rule changes being brought forward for consultation as review is completed. We anticipate this project will extend into 2023, owing to the volume and complexity of information to be considered, time necessary for consultation, and legislative requirements.

Review of the Insurance Council Rules is currently underway. The first group of proposed updates to the rules will go before the voting members of Council in February 2021 to seek approval to consult with licensees and stakeholders in Spring 2021. More details will be provided at that time.

Information about the Rules Review Project will be available on our website and updated throughout the life of the project.

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