CCIR Releases Issues Paper On Electronic Commerce

On February 6, the Electronic Commerce Committee (ECC) of the Canadian Council of Insurance Regulators (CCIR) released an issues paper relating to the sale of insurance products in the modern age of electronic commerce. The paper summarizes the current uses of electronic media in marketing, distributing and servicing insurance products and outlines issues which may be of concern to regulators or may be inhibiting the use and growth of various media, particularly because most current insurance legislation was enacted many decades ago.

The paper is intended to stimulate debate about the issues noted in the paper and launch a process of consultation on those issues, as well as to educate and to build a common understanding of the topic and issues for both regulators and stakeholders.