FSRA Stakeholder Advisory Committee for the Property & Casualty Insurance Sector
1. Introduction
The Financial Services Regulatory Authority of Ontario (FSRA) is committed to an open, transparent and collaborative approach that involves stakeholders and ensures broad input and perspectives to inform its direction.
Stakeholder Advisory Committees (SACs) will serve as consultative bodies to the FSRA Board as well as FSRA Management. They are an important part of FSRA’s stakeholder engagement process as it relates to FSRA’s supervisory priorities, budget, principles-based regulation and other matters as the Board or FSRA Management deems appropriate.
These Terms of Reference relate to FSRA’s role in the Property & Casualty (P&C) Insurance Sector, which includes:
- ensuring that the distribution structures for property and casualty, and general insurance products comply with Ontario’s laws, including meeting the qualifications and ongoing requirements for a licence, and reflects high standards of business conduct
- licensing insurance agents, corporate agencies, insurance companies, health service providers[1] and external adjusters
- supervising conduct in the P&C Insurance Sector; including distribution, underwriting and policy servicing practices in all lines of business, and rate setting in auto products
- regulating the business and billing practices of licensed service providers and collecting information about licensed service providers’ business systems and practices through an Annual Information Return (AIR)
These Terms of Reference are intended to inform the creation and operation of the P&C Insurance SAC.
2. Mandate of the Stakeholder Advisory Committee
The P&C Insurance SAC will:
- inform FSRA’s annual business plan (ABP), with a focus on the P&C Insurance-related priorities and budget, that guides FSRA’s operations and regulatory activity, before the ABP is published and delivered to the Minister of Finance
- provide feedback on the progress made by FSRA on its P&C Insurance priorities from the previous ABP
- provide input and direction on trends and developments in the P&C Insurance Sector in Ontario with a view to advancing FSRA’s statutory objects
- provide advice and input on convening and coordinating FSRA’s P&C Insurance Sector Technical Advisory Committees to enable FSRA to leverage specialized and technical expertise from the P&C Insurance Sector to support FSRA’s regulatory priorities
- share perspectives, insights and observations on areas for innovation and better consumer outcomes for the Ontario P&C Insurance Sector and where there are opportunities for regulatory harmonization and more effective use of regulatory resources
The Board or FSRA Management may decide to convene a SAC meeting to discuss any other issue related to the regulation of the P&C Insurance Sector and may decide to combine SACs from different sectors for such a meeting.
3. Nomination and appointment of Stakeholder Advisory Committee members
Appointments to the P&C Insurance SAC will be made through an open nomination process posted online. Selections will be made by FSRA, based in part on the background, and experience of the individuals who are put forward, their organization’s role or perspective in the sector and other factors that FSRA in its discretion may determine relevant.
The P&C Insurance SAC will have a target membership of approximately eight (8) to ten (10) stakeholder members representing regulated entities, associations of regulated entities, professionals working in regulated entities, or businesses which support regulated entities. FSRA will select a P&C Insurance SAC Chair from among the Committee membership.
FSRA can, in its discretion, choose to add or remove any member of the SAC at any time, and a SAC member may resign by giving at least thirty (30) days written notice.
FSRA is looking for members for a one-year term commencing in October 2026 and this term may be extended by FSRA for one additional year to allow membership to be staggered to provide continuity to the Committee.
FSRA will publish the names of the members of the P&C Insurance SAC on its website.
4. Members of the Stakeholder Advisory Committee
Stakeholder nominees to the P&C Insurance SAC should be executive level members of their respective organizations or professions and be able to provide feedback on various P&C Insurance Sector issues, trends or developments.
Successful nominees shall be expected to place the public interest as reflected in FSRA’s statutory objects ahead of personal, business and professional interests in the discharge of their committee responsibilities.
Responsibilities of P&C Insurance SAC members will include:
- working with FSRA to identify agenda items and topics for SAC input
- reviewing background material in preparation for meetings
- attending meetings (delegation is not permitted if a member is unavailable, but FSRA may appoint another P&C Insurance SAC member on an interim basis if a member is unavailable due to incapacity or other justifiable temporary cause)
- providing advice, information and feedback to FSRA
- using best efforts to develop consensus and to identify any issues where stakeholder consensus does not exist, and the reasons for an absence of consensus
- providing feedback to FSRA Management on the effectiveness of the P&C Insurance SAC
Industry members will be selected with an emphasis on ensuring adequate representation of the P&C Insurance Sector by geography and organization size. FSRA will also support diversity, equity and inclusion when selecting members.
In addition to direct industry representation, FSRA will be seeking representatives from relevant industry associations or businesses which support regulated entities within and related to the P&C Insurance Sector.
5. Public process, input from others and disclosure
The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, as amended, will generally apply to information and material provided to and prepared by or for the P&C Insurance SAC.
Members of the P&C Insurance SAC are permitted to obtain assistance from co-workers or industry collaborators. However, members and those who assist them are required to maintain confidentiality of all information provided to the P&C Insurance SAC or prepared by or for the P&C Insurance SAC for presentation or delivery to FSRA (with the exception of information made public by FSRA, including any submissions by the P&C Insurance SAC or its members as part of a public comment process sponsored by FSRA).
6. Meetings, agendas and deliverables
It is expected that the members of the P&C Insurance SAC will participate in the following two-hour meetings:
- with Management on FSRA priorities (a progress meeting in the spring and then consultation on the draft priorities and budget in September/October)
- additional meetings which may be scheduled as per the terms of reference
Membership and participation on the SAC is purely voluntary; FSRA does not provide remuneration.
Members may be asked to prepare material for consideration by FSRA or for presentation to the Board.
Meeting agendas will be jointly prepared by FSRA Management and the P&C Insurance SAC Chair. FSRA Management shall endeavour to provide meeting agendas and related materials at least one week in advance of each regular meeting. FSRA Management shall prepare a summary of each SAC meeting and distribute it, including any accompanying written submissions, to members, following a meeting. As part of these meetings, FSRA will communicate recommendations or feedback that has been adopted and what has been considered but not adopted.
FSRA also intends to publish a high-level summary of the P&C Insurance SAC’s work on FSRA’s website following each meeting of the SAC.
7. Media inquiries / Public appearances
Members of the Committee are not authorized to engage with the media or conduct media interviews in their capacity as Committee members. If contacted by the media, Committee members must direct all inquiries to FSRA’s Senior Manager, Media Relations, who will determine the appropriate spokesperson and/or response. Committee members do not represent FSRA publicly; their role is to provide confidential advice and feedback to FSRA Management and the Board.
FSRA’s Senior Manager, Media Relations, in consultation with the Chief Public Affairs Officer and the EVP P&C, will determine the most appropriate spokesperson and/or response to any media inquiries or public speaking requests related to the Committee.
[1] Health service providers are licensed service providers that bill auto insurers directly for medical and rehabilitation services provided to automobile insurance accident benefits claimants.