The Financial Services Regulatory Authority of Ontario (FSRA) announced September 11 that it is establishing a non-auto property and casualty (P&C) insurance supervision technical advisory committee (TAC), made up of the industry’s senior leaders.
Beginning in the fall of 2023 the committee of 14 members will inform the regulator’s direction and decision making by providing expert advice, recommendations and feedback.
“Engaging with industry experts is essential to help ensure the integrity and growth of our regulated sectors and to better protect consumers,” says Beata Morris, director of market conduct, P&C insurance with FSRA. “We’re encouraging professionals in property and casualty insurance to apply to be on our technical advisory committee and provide their perspective on everything from supervision priorities to key risk areas in the sector.”
They add that nominees should be senior members of their respective organizations or professions. “Nominees will represent their organization or profession on relevant issues. Nominees must also have direct and extensive experience in Ontario’s P&C insurance sector,” they write.
According to the committee’s terms of reference, members will also provide recommendations on supervisory efforts to ensure that its approach prioritizes the fair treatment of consumers.
“Successful nominees will be expected to place the public interest ahead of personal and professional interest in the discharge of their committee responsibilities,” the terms state. They add that the Freedom of Information and Protection of Privacy Act will generally apply to information provided to the committee. At the same time, committee members may obtain assistance from co-workers and industry collaborators, but these must maintain confidentiality of all information provided, with the exception of information made public by FSRA.
The regulator is seeking members in the following areas: Customer experience, underwriting, pricing and actuarial, claims, operations, risk management and compliance, managing general agents and underwriters and distribution.
Applications will be accepted until October 11, 2023. Appointees are required to commit to a two-year membership term, which may be renewed by one additional year to allow membership to be staggered and provide continuity.
