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Definition: Canadian Council of Insurance Regulators - CCIR
Canadian Council of Insurance Regulators is an association of insurance regulators across jurisdiction in Canada. It is an association that was created to effectively regulate the insurance system in Canada. In addition, it works with other financial regulators to improve the consumer protection laws and promote harmonization of regulations across various jurisdictions. Through CCIR, state insurance regulators establish standards and best practices and coordinate their regulatory oversight. It is similar to IRDA (Insurance Regulatory and Development Authority) in India or NAIC (National Association of Insurance Commissioners) in USA.
It was formed in 1914 and over the decades it expanded to include all the provinces ad territories and the federal office of the superintendent of Financial Institutions. It was renamed in 1989 as Canadian Council of Insurance Regulators (CCIR).
CCIR has a permanent Secretariat which provides research and administrative support. CCIR’s strategic plan includes the initiatives to be undertaken over the next three years. It is a member of Joint Forum of Financial Market Regulators which was established through which insurance, pension and securities regulators could coordinate, synthesize and consolidate the regulation of financial products and services in Canada.