Protecting Insurance consumers and promoting a sustainable Insurance sector
The Financial Services Regulatory Authority of Ontario (FSRA) is taking steps to further protect policyholders, members, and subscribers and promote a sustainable sector for Ontario-incorporated Insurance Companies and Reciprocal Insurance Exchanges (Insurers) with the release of two pieces of Guidance.
FSRA’s Corporate Governance Guidance promotes effective and prudent corporate governance practices for Insurers. FSRA’s Operational Risk and Resilience Guidance promotes sound practices to identify, manage and mitigate operational risk and improve Insurers’ resilience by enhancing their capacity to understand their environment, anticipate changes, respond to disruptions, and continuously improve.
To support effective practices, management, and oversight of Insurers, FSRA’s Guidance sets out principles and intended outcomes for both sound corporate governance and operational risk management and resilience.
These two pieces of Guidance are aligned with FSRA’s principles-based approach by allowing for flexibility and applying proportionality when assessing the effectiveness of Insurers in achieving intended outcomes.
The final Guidance was informed by the public consultation, which was held for 60 days from April 17 to June 17, 2024. FSRA thanks all stakeholders who provided feedback and participated in the consultation.
Learn more
- Corporate Governance Guidance for Ontario-incorporated Insurance Companies and Reciprocal Insurance Exchanges
- Operational Risk and Resilience for Ontario-incorporated Insurance Companies and Reciprocal Insurance Exchanges
- Consultation summary report
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at fsrao.ca.