ON-0002303 - Insurance Assessment

BCFSA is the market conduct regulator for all insurers writing insurance in BC and is the primary prudential regulator for B.C. incorporated insurers. Recently BCFSA imposed the requirement for insurers authorized in BC to adopt and adhere to an Insurer Code of Conduct (Code). The Code is principles based and reflects the objectives set out by International Association of Insurance Supervisors (IAIS) in its Insurance Core Principles (ICP), in particular ICP-19, and by CCIR/CISRO in its Fair Treatment of Consumer Guidance.

As part of BCFSA’s commitment to effective market conduct supervision, BCFSA has identified the need to enhance its market conduct regulatory practices and is seeking to assess and enhance our supervisory approach to more proactively address emerging market conduct risks and issues and to effectively supervise insurers adherence to the Code. BCFSA has identified a number of constraints that impact its current market conduct practices and is seeking an evaluation of its current regulatory architecture and recommendations on how to improve.

BCFSA is seeking proposals from qualified services providers to conduct a comprehensive assessment of its insurance market conduct supervisory approach, propose options for market conduct approach and develop strategic recommendation to support the desired approach.  The assessment should evaluate BCFSA’s current market conduct supervisory approach and methodologies, intelligence gathering capabilities and organizational structure, including governance frameworks, resource allocation and operational processes.

BCFSA anticipates this contract to be from February to June 2025, with two (2) three (3) month options to extend the contract at the sole discretion of BCFSA.  The Proponent must ensure service availability throughout the entire contract period.

Further details as to the scope of this opportunity and the requirements can be found within this RFP.