Ontario’s Financial Services Regulatory Authority (FSRA) is creating six Stakeholder Advisory Committees (SACs) this fall to serve as consultative bodies to FSRA’s board of directors.
The committees will be established to represent the property and casualty (P&C) insurance, life and health insurance, mortgage brokering, pensions, health service providers and credit union industries.
“The SACs will build upon the success of the pre-launch industry advisory groups and consumer roundtable that informed our 2019 launch,” FSRA said in its statement. “They will also build upon input from our May 2019 stakeholder survey. Our stakeholders highlighted the importance of having regular consultations and recommended that these consultations be separated by sector.”
According to FSRA’s documents, the SACs will inform FSRA’s annual business planning, provide feedback on progress made against priorities set out in previous annual business plans and provide feedback on FSRA’s rule-making activity.
Each SAC will have a target membership of fourteen stakeholder members, including three consumer members with the remainder representing regulated entities and associations. In addition to direct industry representation, FSRA says it will be seeking member representatives from the Insurance Bureau of Canada, the Canadian Association of Direct Relationship Insurers, the Ontario Mutual Insurance Association and the Insurance Brokers Association of Ontario for the P&C SAC. For the life and health SAC it will seek representatives from the Canadian Life and Health Insurance Association, the Canadian Association of Financial Institutions in Insurance, Advocis, Independent Financial Brokers of Canada, and the Canadian Association of Independent Life Brokerage Agencies.
Would-be applicants should be senior members of their respective organizations or professions. Members serve an initial one-year term, commencing in November 2019. Terms may be renewed for one additional year. Deadline for applications is October 25.