This is a Canadian government
statute that defines the acceptable terms and conditions of health insurance
coverage and sets out guidelines to which these policies must conform. It is
now known as the Uniform Accident and Sickness Insurance Act, which is the
model law adopted by the Canadian Council of Insurance Regulators (CCIR).
The model legislation has been
enacted, with minor variations, by all Canadian provinces. In Canada's
extremely competitive life and health insurance market, the enactment of national
laws and the ability to establish uniform standards agreed-to by all the
provincial governments was a feat of great magnitude. It serves as a model for
other nations with decentralized standards and licensing requirements.
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An association that was
created to advocate for an effective regulatory system in Canada. In addition,
the CCIR frequently works jointly with other financial regulators to improve
consumer protection laws and to promote harmonization of regulations across
various jurisdictions. The Canadian Council of Insurance Regulators (CCIR)
represents regulators from the federal government, and each province and
territory. The CCIR works collaboratively with these agencies to create
solutions to regulatory issues in Canada. If it seems like you're always late
to the party when the market is swinging, it's because other investors are
beating you to the news.