Both the Investment Industry Regulatory Organization of Canada (IIROC) and the Alberta Insurance Council (AIC) signed a Memorandum of Understanding (MOU) last week that aims to enhance consumer protection and offer more regulation in the region.
The memorandum takes effect February 1.
Under the MOU, IIROC and the AIC have agreed to inform each other when they refuse to register or license an individual who is registered or licensed with the other regulator, or when an investigation is opened related to an individual who is jointly registered to both. Both organizations have also agreed to conduct joint investigations and share relevant records and documents in occasions when both are investigating the same individuals.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
“Investors in Alberta will be better protected by our increased regulatory collaboration and coordination and early detection of wrongdoing,” said IIROC president and CEO Andrew J. Kriegler in a statement. “As a public interest regulator, we believe that investors must be protected from disciplined individuals who seek to avoid sanctions and continue working in another jurisdiction or a different part of the financial services industry.”
“With the evolution of the financial services environment in which agents and advisors can offer a range of products and services, there must be greater cooperation and information-sharing among regulators,” commented Alberta Insurance Council CEO Joanne Abram. “Putting this MOU into effect will help to ensure that only qualified individuals are able to work with Albertans to help them with their financial goals.”
“This is an important step forward to protect consumers in Alberta and it creates a more stable investment climate. I know that those operating in financial services strive to meet the highest established standards and act with integrity and this agreement furthers that goal. Albertans deserve nothing less,” Alberta Finance Minister and President of Treasury Board Joe Ceci added.
In Alberta, insurance intermediaries are regulated by the AIC along with the Life, General and Insurance Adjuster Councils.
Related stories:
IBC applauds Ontario’s decision to create financial services regulator
Provincial government considering private auto insurance regulations
