FSRA Life & Health Insurance (L&H) Stakeholder Advisory Committee (SAC) meeting with FSRA Board of Directors
Summary of the April 27, 2026 meeting
25 Sheppard Avenue West
SAC members present:
Alexis Landrevlle – Sun Life
Cathy Hiscott - PPI
Dean Chambers – Wawanesa Insurance
Dennis Craig – RBC Insurance
Eric Wachtel – Canadian Association of Independent Life Brokerage Agencies (CAILBA)
Jamie Greenfield – HUB Financial Inc
Keith Martin – Canadian Association of Financial Institutions in Insurance (CAFII)
Kim Hayes - Manulife
Lyne Duhaime – Canadian Life and Health Insurance Association (CLHIA)
Nancy Allan – Independent Financial Brokers of Canada (IFB)
Nina Chiarelli – Canada Life
Pierre Vincent – iA Financial Group
Rosie Orlando – Primerica
FSRA board members present:
Rob Wellstood – Director (Meeting Chair)
Ali Salahuddin – Director
Joseph Iannicelli – Director
Lawrence Ritchie - Director
Lucie Tedesco – Director
Peggy McCallum - Director
Steve Geist – Director
FSRA management members present:
Dexter John – Chief Executive Officer
Antoinette Leung – Executive Vice Present, Market Conduct
Glen Padassery – Executive Vice President, Policy
Jeff Kehoe – Executive Vice President, Legal and Enforcement
Meghan Kilty – Chief Public Affairs Officer
Danelle Brown – Corporate Secretary & Deputy General Counsel
Jelena Pejic – Head, Licensing and Risk Assessment
Swati Agrawal – Head, L&H Insurance Market Conduct
Tim Miflin – Director, Market Conduct Policy
General comments:
The Meeting Chair welcomed SAC members and emphasized the importance of their engagement. The Meeting Chair said it was important for the Board members to receive honest feedback as it helps FSRA improve as a regulator. FSRA’s CEO also encouraged an open dialogue at the meeting, particularly in relation to any concerns the SAC members have.
Orphan clients
SAC members raised challenges relating to the level of service received by insurance policyholders who have a valid life insurance contract but lack an active advisor to manage/service their policies (so-called “orphan” customers). They requested regulatory action to address some of the industry root causes. Other SAC members commented that MGAs provide advisory services to customers when requested. It was also noted that complaints from this customer group are not high relative to other causes of complaints.
Advisor numbers
SAC members shared insights and comments on the proportion of advisors that are active in the market which was referred to as a key measure of capacity in the sector for servicing customers and access to advice. Members also commented that entering the Ontario market as an advisor is currently too easy and appropriate barriers are needed to ensure a larger proportion of advisors operate full time.
Cyber security
SAC members raised the increasing level of cyber security risk, which they said is heightened by use of Artificial Intelligence. SAC members highlighted the importance of advisor education, cyber insurance and security measures to protect customers data. SAC members requested FSRA consider how it could support industry efforts to strengthen cyber security controls.
Quality of advice
SAC members discussed the quality of the advice provided to consumers. They also discussed the existing insurance gap, particularly in relation to younger consumers, and potentially due to insufficient financial knowledge.
SAC members discussed the risks associated with receiving advice from non-licensed individuals. They also spoke about the importance of consumer education and having regulatory requirements that support needs-based selling. The National Consolidated Segregated Funds Guidance, recently published by the Canadian Council of Insurance Regulators (CCIR) and Canadian Insurance Services Regulatory Organizations (CISRO), was raised as a positive step.
One SAC member also noted that an aging population and stronger understanding of mental health considerations may lead insurers to make changes to products and coverages.
Harmonization
SAC members encouraged FSRA to play a leadership role in harmonizing regulatory requirements across provinces. One member said there should be an increased commitment to CCIR and CISRO funding in order to support efforts to harmonize. SAC members also stressed the need to continue supporting labour mobility efforts across the country.
Relationship between the sector and FSRA
SAC members provided positive comments about their relationship with FSRA. Members complimented FSRA on the level of engagement and communication. They also said there is a general willingness to collaborate and address issues. One member referred to the recent pause of the implementation of the Proposed L&H MGA Rule as evidence that the regulator listens to stakeholder feedback.
Closing remarks from the meeting chair
The Meeting Chair thanked the SAC members for their input. The Meeting Chair encouraged continued open and frank dialogue between the SAC and FSRA.