Technical advisory committee for insurance prudential regulation and supervision


The Technical Advisory Committee for Insurance Prudential Regulation and Supevision (“the Advisory Committee”) in Ontario will facilitate the dialogue with, and seek input from, sector stakeholders on key prudential supervisory initiatives such as guidance related to the new Insurance Prudential Supervisory Framework (IPSF).  The Advisory Committee will play an important role in providing input in order to improve FSRA’s regulatory efficiency and promote safety and soundness of the provincially regulated insurance sector.


  • FSRA is establishing the Advisory Committee that will provide expert insight and advice to FSRA on key sector initiatives as we seek to review supervisory approaches and improve regulatory efficiency. 
  • The Advisory Committee will provide advice to inform FSRA on regulatory initiatives, such as the IPSF and development of supervisory approaches and key issues in the prudential supervision of the provincially regulated sector.

Advisory committee membership

Nomination Process

FSRA will post the open call process for nominating individuals on its website and ask for qualified individuals to apply.


FSRA will appoint members based on the skills and experience of the nominees, with an emphasis on ensuring adequate diversity by geography and organization size for a (2) two-year term.

Committee Size

10-12 members for the Advisory Committee (not including FSRA participants).  FSRA may choose to add or remove a member at any time.

Member Qualifications

Members of the Advisory Committee should be executive or very senior members of their respective organizations or professions within the provincially prudentially regulated insurers, who can represent their organizations or professions on relevant issues related to regulatory compliance, insurance company operations, consumer protection and risk management.

In particular, FSRA is seeking members with direct experience and/ or expert knowledge related to:

  • the legal and regulatory framework for provincially regulated insurance companies
  • insurance company operations, including compliance and risk management practices
  • insurance company strategic management practices, initiatives and undertakings
  • FSRA supervisory practices

FSRA is seeking representation mainly from, but not limited to, insurance companies, industry associations, partners, legal firms, regulatory compliance professionals, consumer advocates (which may include members of FSRA’s Consumer Advisory Panel) and risk management experts.

Member Responsibilities

FSRA expects members to:

  • review background material in preparation for meetings
  • provide advice, proposals and feedback to FSRA
  • use best efforts to, where possible, develop consensus
  • provide feedback to FSRA on the functioning of the committee

FSRA members

Director, Policy Support and Approvals – Credit Union and Insurance Prudential will chair the TAC and other FSRA team members will participate as required.

Advisory committee outcomes

The Advisory Committee is expected to deliver the following outcomes, resulting from the committee meetings:

  • Advice to inform FSRA initiatives which are intended to improve prudential regulation and supervision of insurance companies in Ontario, with a particular focus on guidance, rules and other supervisory and regulatory approaches;
  • Advice on potential implications of regulatory initiatives and promoting a safe, sound, vibrant and sustainable provincially regulated insurance sector.


The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, as amended, will generally apply to information provided to the Advisory Committee and to material prepared by or for the Advisory Committee.

Members of the Advisory Committee are permitted to obtain assistance from co-workers or industry collaborators. However, until the Advisory Committee’s mandate is complete, Advisory Committee members and those that assist them are requested to maintain confidentiality (with the exception of information made public by FSRA).  Following completion of the Advisory Committee’s mandate, an Advisory Committee member may communicate his or her views concerning the work of the Advisory Committee.

Meetings, agendas and deliverables

The Advisory Committee is expected to hold meetings at least four times per year at minimum (with possibility of more as required). Meetings will be held by videoconference, teleconference or in person where appropriate.

FSRA will provide meeting agendas and related materials at least one week in advance of each regular meeting. FSRA will also prepare a summary of each meeting and distribute it, including any accompanying written submissions, to Advisory Committee members no later than three weeks following a meeting. FSRA also intends to publish a high-level summary of the Advisory Committee’s work on FSRA’s website.