CCIR-CISRO Fintech Advisory Hub

Canadian Insurance Services Regulatory Organizations

CCIR-CISRO Fintech Advisory Hub

WELCOME TO THE CCIR-CISRO FINTECH/INSURTECH ADVISORY HUB

The Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) believe in facilitating innovation and the introduction of new products, services and technologies in the insurance marketplace.

One of the ways we hope to achieve this is through the CCIR-CISRO FINTECH/INSURTECH Advisory Hub.

Businesses can use the Advisory Hub to communicate with Canadian regulators and get the information they need to get started. We want to make it easier for businesses to innovate and for example gain approval from regulators in a faster, more efficient way.

Through the Advisory Hub, businesses can explore piloting innovative products, services or technologies in one province or territory, with the intent of potentially rolling out those new products, services and technologies across the country.

What is the Advisory Hub?

Through the Advisory Hub, CCIR and CISRO will help enable the introduction of innovative products, services and technologies to the market.

The Advisory Hub provides:

increased visibility of the regulated insurance sector, to Fintechs and other businesses wishing to develop innovative products and services;
a common access point for all jurisdictions, giving ease of access to all regulators for Fintechs and other businesses; and
a resource for businesses to get clarification and direction about the insurance sector and regulations, prior to launching in individual jurisdictions.

The Advisory Hub does not provide:

Exemptive relief from regulatory/licensing requirements
Financial support
Binding advice

For more information on the Advisory Hub, please review our Frequently Asked Questions

Frequently Asked Questions

Learn more about Canada’s Insurance Regulators

To begin exploring the various regulatory frameworks for insurance in Canada, follow the link to the Canadian Insurance Regulatory Frameworks - Jurisdictional Overview page.

Businesses seeking information on licensing/registration and regulatory requirements are encouraged to contact CCIR-CISRO at cisro-ocra@fsrao.ca.

Complying with licensing/registration and regulatory requirements

All businesses that conduct insurance business in Canada are required to comply with the applicable registration/licensing and regulatory requirements in each jurisdiction.

Your business may be subject to provincial insurance laws if you conduct the following activities (please note – this is not an exhaustive list):

digital platforms that connect consumers with firms that insure risks;
technology and/or data-driven insurance activities or advice, including online advice that leads to the purchase of an insurance policy; or
consumer insurance risk-sharing networks and organizations, and the platforms that support them.

If you are a business that provides technological solutions to regulated insurance businesses (e.g., through outsourcing agreements), you may need to be licensed/registered. Even if you do not need to be licensed/registered, awareness and knowledge of regulatory requirements will help you provide compliant solutions to regulated insurance businesses. It is suggested that such businesses reach out to the CCIR-CISRO Advisory Hub, which will facilitate engagement with regulators if needed.

Whether or not you are required to be licensed/registered under provincial statutes for your activities, you may be required to comply with other statutes such as:

Additional provincial/territorial statutes may also apply.