Technical Advisory Committee for Auto Rates and Underwriting Regulation Reform
Summary of the meeting of March 19, 2024
TAC members present:
|
Name |
Organization |
|---|---|
|
Deborah Upton |
Gore Mutual Insurance |
|
Greg Robertson |
Robertson Insurance Broker |
|
Jennifer Power |
Allstate |
|
Julie Nolette |
Intact |
|
Lydia Roy |
TD Insurance |
|
Malcom Winer |
Travelers Canada |
|
Maria Benjamins |
Desjardins |
|
Andrei Belik (delegate) |
Aviva Canada |
|
Edward Lam |
Definity |
|
Sherene Hariprasad |
CAA |
|
Stéphane McGee |
Onlia |
|
Steve Cohen |
Rates.ca |
|
Todd Saunders |
Co-operators |
|
Trevor Foster |
IBC |
|
Warren Ting |
Hamilton Township Mutual Insurance |
FSRA members and external attendees present:
|
Auto/P&C Policy |
Glen Padassery, Chris Georgakopoulos, Jonas Schwab-Pflug, Melissa Grover, Rheena Arthur |
|---|---|
|
Auto/Insurance Products |
Cong Wang, Saad Opal, Eugene Shmeilin, Brian Kogan, Nadine Chang |
|
Consumer Office |
Diana Green |
|
Legal |
Jason Harris |
General comments
This was the third Auto Rates and Underwriting Regulation Reform (ARURR) Technical Advisory Committee (TAC) held by FSRA. FSRA began the meeting by recapping what we learned from the last meeting and inviting further comments on document modernization, consumer experience benchmarking, transparency and informed consumer decision making.
The meeting was focused on engaging committee members on two chapters of the Auto Insurance Rating and Underwriting Supervision Guidance being developed. Committee members first engaged with Chapter 2: Operations, Governance and Controls, and then subsequently engaged with Chapter 3: Assessment and Proactive Supervision.
The meeting concluded with a discussion on one of FSRA’s transparency initiatives - the Rate Comparison Tool.
Supervision Guidance and transparency initiative
Operations governance controls
Discussion centred around proportionality in requirements to obtain the same outcomes. The group discussed the impacts of imposing uniform requirements on insurance companies with varying sizes and complexities. The group also discussed data governance and how to maintain effective model risk management in auto rating and underwriting.
Accreditation assessments
The group discussed how accreditation assessments and proactive supervision will interact to achieve the goal of fairer and faster rates to market. The discussion touched on how long the accreditation status should last for and the frequency of proactive supervision.
Rate Comparison Tool
The group discussed the importance of consumer education and how consumers can get the right information they need to make informed decisions. Discussion also focused on the importance of getting the right coverage as opposed to just seeking the lowest rate and making sure the tool is not misleading.