ID
2024-005

Type
Policy
Sector
Property and Casualty and General Insurance
Status
Public comment closed
Date
Comment Due Date

Thank you for providing your feedback on FSRA’s proposed Guidance on Corporate Governance and Operational Risk and Resilience.

The request for submissions is now closed.

We appreciate the comments and questions received to date and look forward to sharing with you the final Guidance. Stay up to date on Guidance releases on our newsroom. Follow us on LinkedIn and subscribe to our mailing list for quick updates.

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To support the prudent oversight, management and practices of Insurers, FSRA is proposing two new pieces of draft Guidance that articulate principles and desired outcomes for both sound corporate governance and operational risk management and resilience.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

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Sector Comment Date posted
Property and Casualty and General Insurance
[2024-005] Amanda Dean - Insurance Bureau of Canada
Property and Casualty and General Insurance
[2024-005] Tammy Smits - OSBIE
Please see attached letter.
Property and Casualty and General Insurance
[2024-005] Patrick Lundy - CURIE Canadian Universities Reciprocal Insurance Exchange
June 17, 2024
[submitted via FSRA website]
Financial Services Regulatory Authority of Ontario
25 Sheppard Avenue West, Suite 100
Toronto, ON M2N 6S6
RE:
Identifier: No. PC0050INT: Proposed Guidance: Operational Risk and Resilience for Ontario­-incorporated Insurance Companies and Reciprocal Insurance Exchanges (""Risk Guidance"")
Identifier: No. PC0051 INT: Proposed Guidance: Corporate Governance for Ontario-­incorporated Insurance Companies and Reciprocal Insurance Exchanges (""Governance Guideline"")

We are pleased to provide the Financial Services Regulatory Authority of Ontario (""FSRA"") with our comments in connection with the above-noted Proposed Frameworks.

Sincerest regards

Patrick D. Lundy
CEO & Attorney-In-Fact, CURIE
Property and Casualty and General Insurance
[2024-005] Sandra Taylor - CAIR
Please see attached response from the Canadian Association of Insurance Reciprocals (CAIR), Ontario sub group regarding PC0050INT Proposed Guidance Operational Risk and Resilience and Corporate Governance.
Property and Casualty and General Insurance
[2024-005] John Taylor - Ontario Mutual Insurance Association
Submission from the Ontario Mutual Insurance Association
Property and Casualty and General Insurance
[2024-005] Jillian Fernandez - Insitute of Internal Auditors (IIA)
Dear Sir/Ma’am,
On behalf of The Institute of Internal Auditors (The IIA), the international professional organization representing more than 245,000 internal auditors, with more than 7,800 members in Canada, I am pleased to submit the following comments for consideration in relation to FSRA’s proposed Corporate Governance and Operational Risk and Resilience Guidance.

Sincerely,
Jillian Fernandez
Property and Casualty and General Insurance
[2024-005] Glenn Pick - Nova Mutual Insurance
Property and Casualty and General Insurance
[2024-005] John Taylor - Ontario Mutual Insurance Association
Submission from the Ontario Mutual Insurance Association
No questions have been asked about this consultation yet.