Canada's Regulators Seek Public Input On Travel Insurance

Open Jaw

The Canadian Council of Insurance Regulators (CCIR) has announced it will make an examination of travel insurance one of its key priorities in 2015. The group is seeking input from the public on how the business is conducted in this country.

The provincial regulation of the insurance industry is also an important issue for the retail travel community.

"We have heard the concerns of the public and insurance brokerage community and know how important it is for consumers to have confidence in their insurance protection when they travel," said CCIR Chair Carolyn Rogers. "As a result, we have formed a working group that is currently undertaking research on travel insurance and we're inviting comments from the public."

The CCIR includes representatives from every province and territory in Canada, and the new group says it intends to work with the Canadian Insurance Services Regulatory Organizations (CISRO) and with the insurance industry on the travel insurance issue.

Both groups say that they believe the insurance industry is committed to improving consumer confidence in the product.

"We welcome this initiative by the CCIR and are committed to work with them to ensure that consumers have the knowledge and information that they need to have confidence in the emergency travel health insurance they purchase," says Frank Swedlove President & CEO of the Canadian Life and Health Insurance Association (CLHIA).

CCIR invites the public to contribute comments via email to ccirccrra@fsco.gov.on.ca. The working group expects to release its 1st report in the fall of 2015.

 

 





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