Consultation on Corporate Governance and Operational Risk and Resilience Guidance

Ontario’s financial services regulator (FSRA) is taking steps to protect insurance consumers and promote a sustainable insurance sector by communicating sound corporate governance, and operational risk management and resilience practices.  

To support the prudent oversight, management and practices of Insurers, FSRA is proposing two new pieces of draft Guidance that articulate principles and desired outcomes for both sound corporate governance and operational risk management and resilience. 

The proposed Guidance is aligned with FSRA’s principles-based approach and allows for flexibility and applies proportionality when assessing the effectiveness of Insurers in achieving the intended outcomes.  

The two pieces of Guidance are being posted for a 60-day consultation period, which closes on June 17, 2024. 

Learn more: 

• Risk Based Supervisory Framework for Ontario-incorporated Insurance Companies and Reciprocals
• Proposed Guidance: Corporate Governance for Ontario-incorporated Insurance Companies and Reciprocal Insurance Exchanges
• Proposed Guidance: Operational Risk and Resilience for Ontario-incorporated Insurance Companies and Reciprocal Insurance Exchanges

Before we begin, please make sure you do not include any personal or private financial information. If your inquiry does require this information be shared with us, please call us at 1-800-668-0128 or email us at [email protected] for instructions.

By submitting your content, you agree to have your materials posted on our engagement portal, used in reports and other materials prepared by Financial Services Regulatory Authority of Ontario (FSRA) that may be shared with the public. Content is moderated so that all posts are respectful and professional. The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, applies to all online content.