FSRA Stakeholder Advisory Committee for Life and Health Insurance

Summary of the Meeting of November 25, 2020
Via Teleconference

Stakeholder Advisory Committee Members Present:

Susan Allemang – Independent Financial Brokers of Canada
Nancy Carroll – McCarthy Tetrault
Dennis Craig – RBC Insurance
Chris Donnelly – Manulife Financial
Lyne Duhaime – CLHIA
Keith Martin – CAFII
Rosie Orlando - Primerica
Neil Paton – The Third Party Administrators' Association of Canada
Doug Paul – SSQ
Russell Purre – Sun Life Financial
Greg Pollock – Advocis, The Financial Advisors Association of Canada
Eric Wachtel – CAILBA / IDC Worldsource Insurance Network Inc.
Timothy Witchell – HUB International

Board Members Present:

Bryan Davies – Chair of the Board
Blair Cowper-Smith – Director
Joanne De Laurentiis – Director
Brigid Murphy – Director
Brent Zorgdrager – Director

Management Members Present:

Mark White – Chief Executive Officer
Huston Loke – Executive Vice President, Market Conduct
Glen Padassery – Executive Vice President, Policy & Chief Consumer Officer
Stephen Power – Executive Vice President, Corporate Services
Joel Gorlick – Director, Market Conduct Policy

Corporate Secretary’s Office:

Alena Thouin – Corporate Secretary and Deputy General Counsel
Margaret Kingerski – Assistant Corporate Secretary

General Comments

The Chair of the Board called the meeting to order and provided introductory remarks. The members were advised that the FSRA Board of Directors had resolved to extend their term for an additional year.

The Committee inquired about the regulatory sandbox referenced in the Ontario Budget, specifically its availability to the life and health insurance sector. FSRA management advised that it is reviewing opportunities for innovation in all sectors.

Feedback on Draft F2021–22 Priorities and Business Plan

The Committee provided feedback and overall support on the draft F2021-2022 Priorities and Business Plan. The Committee expressed its appreciation for FSRA’s willingness to understand the industry. There were no comments on the proposed budget.

The Committee discussed the priorities outlined for the Consumer Office, specifically research on consumer perspectives. FSRA management advised that the Consumer Office has developed product journey maps for the regulated sectors and is now in the process of identifying vulnerabilities at different points. FSRA management agreed to share the customer journey maps and offered to meet with the Committee again to specifically discuss them.

The Committee was appreciative of the direction taken by FSRA on the Financial Planners and Financial Advisors initiative to implement the Financial Professionals Title Protection Framework.