FSRA is committed to an open, transparent and collaborative approach that involves stakeholders and ensures broad input and perspectives to inform its direction.
FSRA is considering longer-term mechanisms to ensure improved and more effective stakeholder input and engagement. In the interim, FSRA has struck a number of sector and topic-specific advisory groups have been established to provide industry perspectives:
Sector Industry Advisory Groups (IAGs)
Seven IAGs were established in July 2018 to provide regulated sector industry insight and views to the FSRA management and Board of Directors. To date, the IAGs have been engaged on two key FSRA initiatives: FSRA’s proposed new fee rule and 2019-20 priorities and budget.
The initial (July 2018) invitation and Terms of Reference are listed below. In November 2018 the mandate was expanded to include input on FSRA’s 2019-20 priorities and budget.
- Credit Unions
- General/Property and Casualty Insurance
- Health Service Providers
- Life Insurance Agents
- Life and Health Insurance
- Mortgage Brokers and Agents
- Pension Plans
In November 2018 FSRA re-engaged the IAGs, adapting the mandate to include the development of FSRA’s 2019-20 priorities and budget.
Rate Regulation Advisory Group
FSRA is committed to burden reduction and regulatory effectiveness. In our first year, streamlining the auto insurance rate regulation process is a key priority.
As a first step, and based on our commitment to enhanced stakeholder collaboration, FSRA has established a special purpose Rate Regulation Advisory Group. It will provide input into FSRA’s guiding principles for streamlining rate regulation and on proposed changes based on those principles.