Best practices for regulatory surveys
The Canadian Council of Insurance Regulators (CCIR) has released an issues paper on Best Practices for Regulatory Surveys (PDF).
CCIR said that “the implementation of the principles outlined in the CCIR paper An Approach to Risk‐Based Market Conduct Regulation (PDF), has resulted in a noticeable increase in the number of information gathering surveys that various insurance regulators have sent to industry.”
Now, CCIR is seeking the input of the Canadian insurance industry on the use of regulator surveys. CCIR says insurance industry members have raised concerns about the use of surveys, including:
- The burden on industry from the expanded use of surveys.
- The lack of a consistent approach toward industry pre‐consultation leading to less than ideal questions being posed and possible inconsistencies in the answers.
- The variety of survey styles (e.g. paper, internet) in use which may or may not be the most suitable to a given topic.
- Confusing differences in whether and how company executives are required to sign and vouch for the information in the survey.
- Lack of coordination amongst regulators resulting in several surveys needing to be responded to in similar time frames.
CCIR set up the Survey Standards Working Group (SSWG) to develop best practices guidance for regulators on survey issues including design, consultation, and communication.
In its draft of Best Practices for Surveys, CCIR recommends that a project plan be developed as a first step. Before deciding to conduct a survey, regulators should consider if there are other ways to get the information and if there is relevant information that may be applicable. CCIR suggests coordination and consultation with other regulators and stakeholders. Also, survey design, including the consideration of a variety of survey methods or tools that is best aligned with the scope, goals, and information being requested and have practices for delivering them on paper, web-based systems, telephone, in person or in another method.
CCIR is accepting feedback submissions on this issues paper until June 30, 2011.
Electronic submissions are preferred and should be forwarded to ccir‐ccrra@fsco.gov.on.ca
Written submissions and questions should be forwarded to:
CCIR Secretariat
5160 Yonge Street, Box 85
Toronto, Ontario M2N 6L9
