FSRA Property and Casualty (P&C) Stakeholder Advisory Committee meeting with the Board of Directors
Summary of the meeting of May 23, 2024
25 Sheppard Avenue West and virtually via Teams
Stakeholder Advisory Committee members present:
Brad Neilson – Intact Financial Corporation
Elliot Silverstein – CAA Insurance
Geoffrey Beechey – Canadian Association of Direct Relationship Insurers (CADRI)
Karin Ots – Aviva Canada Insurance
John Taylor – Ontario Mutual Insurance Association
Greg Smith – Crawford & Company (Canada) Inc.
Stephen Fuller – The Travelers Company Inc.
Amanda Dean – Insurance Bureau of Canada (IBC)
Colin Simpson – Insurance Brokers Association of Ontario (IBAO)
Donna Ince – Definity Financial Corporation
Board members present:
Joanne De Laurentiis – Chair
Lucie Tedesco – Board member
Kathryn Bouey – Board member
Joseph Iannicelli – Board member
Ali Salahuddin – Board member
Dexter John – Board member
Peggy McCallum – Board member
Robert Wellstood – Board member
Management members present:
Mark White – Chief Executive Officer
Andrew Fung – Executive Vice President, Pensions
Glen Padassery – Executive Vice President, Policy/ Executive Vice President, Auto Insurance
Huston Loke – Executive Vice President, Market Conduct
Jordan Solway – Executive Vice President, Legal and Enforcement
Judy Pfeifer – Chief Public Affairs Officer
Mehrdad Rastan – Executive Vice President, Credit Union & Insurance prudential
Paul Reid – Chief Financial Officer
Stephen Power – Executive Vice President, Corporate Services
Chris Georgakopoulos – Director, Auto Policy
Jonas Schwab-Pflug – Senior Manager, Auto Reform, Policy
Melissa Grover – Senior Manager, Auto Strategy, Policy
Cong Wang – Chief Actuary, Auto Insurance Operational Risk Supervision, Auto Insurance Products
Michelle Dodokin – Head, Auto Insurance Supervision, Auto Insurance Products
Eugene Shmeilin – Senior Manager, Operational Risk and Assessment, Auto Insurance Products
Jason Harris – Director, Legal for Policy and Rule Making, Legal and Enforcement
Joelle Dorismond – Director, Product and Approvals, Auto Insurance Products
Erica Hiemstra – Head, Insurance Conduct
Beata Morris – Director, Market Conduct – P&C Insurance
Dan Padro – Head, Policy, Core Regulatory
Saad Opal – Senior Manager, Products and Approvals, Auto Insurance Products
Paul Shires – Director, Data Science, Auto Insurance Products
Parastoo Naghavi – Senior Manager, Data Science, Auto Insurance Products
Tim Miflin – Senior Manager, Insurance Policy
Jelena Pejic – Head, Licensing and Risk Assessment, Market Conduct
Jason Harris – Director, Legal for Policy and Rule Making and Deputy General Counsel, Legal and Enforcement
Elissa Sinha – Director, Litigation and Enforcement and Deputy General Counsel, Legal and Enforcement
Danelle Brown – Board Corporate Secretary
General comments:
The Chair of the Board welcomed the Committee, and provided opening remarks emphasizing the importance of sector engagement and inviting a conversation on future industry trends and key sectoral concerns. Input from the Committee will support the Board and Management in deliberating on their decisions and priorities as they move forward. The Board highly regards the Committee’s candor, expertise, and commitment.
The Executive Vice-President, Policy/Auto Insurance Products also welcomed the Committee and highlighted the importance of consistent engagement with the sector. Acknowledging, that while sector engagement is essential, FSRA recognizes the industry’s constrained capacity attributed to various other priorities and will proceed with a measured approach.
The Committee expressed their support for FSRA’s success, acknowledging the leadership FSRA has shown nationally and emphasizing the importance of planning and alignment. They appreciate FSRA’s collaboration with industry.
The Committee highlighted several important issues, including FSRA’s Auto Insurance Rating and Underwriting Supervision Guidance; the government’s auto insurance reforms; and cost pressures arising from towing, theft, and fraud. The Committee also raised concerns about natural catastrophes and how best to educate consumers about insurance. The Committee urged FSRA to raise the issue of flood planning with the government so that there are complementary efforts at the federal and provincial levels to help mitigate property insurance costs in the future.
The Chair thanked the Committee for the insights they’ve added to these topics, which will continue to help guide FSRA’s strategic direction regarding sectorial issues. The Board values the input received as well as the blend of conventional and innovative perspectives. The Executive Vice-President, Policy/Auto Insurance acknowledged the Committee’s valuable input in shaping strategic priorities. FSRA looks forward to further engagement with the Committee later this year.