FSRA Life & Health Insurance (L&H) Stakeholder Advisory Committee (SAC) meeting with FSRA Board of Directors

Summary of the May 8, 2025 meeting
25 Sheppard Avenue West

SAC members present:

Andrew Fitzpatrick – Canada Life
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)
Lyne Duhaime – Canadian Life and Health Insurance Association (CLHIA)
Nancy Allan – Independent Financial Brokers of Canada (IFB)
Pierre Vincent – iA Financial Group
Rosie Orlando – Primerica
Dean Chambers – Wawanesa Insurance

FSRA board members present:

Joanne De Laurentiis – Chair of the Board
Joseph Iannicelli – Director
Ali Salahuddin – Director
Lucie Tedesco – Director
Rob Wellstood – Director
Steve Geist – Director
Doug Turnbull – Director

FSRA management members present:

Dexter John – Chief Executive Officer (regrets)
Huston Loke – Executive Vice Present, Market Conduct
Glen Padassery – Executive Vice President, Policy
Jordan Solway – Executive Vice President, Legal and Enforcement
Meghan Kilty – Chief Public Affairs Officer
Danelle Brown – Corporate Secretary & Deputy General Counsel
Erica Hiemstra – Head, Insurance Conduct, Market Conduct
Daniel Padro - Head, Policy - Core Regulatory
Swati Agrawal – Director, Life and Health Companies & National Supervision
Debbie Scott – Senior Manager, Life and Health Agents
Deepa Dey – Senior Manager, Life and Health Companies
Kevin Lim – Senior Manager, Life and Health Companies
Thera Medcof – Senior Manager, Life and Health Agents

General comments:

The Chair of the Board welcomed SAC members and emphasized the importance of their engagement. The Chair highlighted how SAC feedback and insights directly support FSRA’s regulatory work and inform the advice FSRA provides to the Minister of Finance.

FSRA’s EVP of Market Conduct outlined several key initiatives aimed at strengthening consumer protection.

  • The proposed Managing General Agent (MGA) framework to enhance oversight and accountability in insurance distribution.
  • FSRA collaboration with the Canadian Council of Insurance Regulators (CCIR) on Total Cost Reporting to improve transparency for consumers.
  • CCIR’s forthcoming guidance on the distribution of segregated funds to ensure fair treatment of consumers.
  • CCIR continued to work with insurance Ombudservices to improve dispute resolution and consumer outcomes.
  • Enhancements to FSRA’s licensing services to streamline processes and improve service delivery.

Regulatory harmonization and removal of trade barriers across Canada

SAC members emphasized the importance of harmonizing regulatory frameworks across provinces and removing interprovincial trade barriers. They encouraged FSRA to take a leadership role in these efforts, given Ontario’s position as the largest province and the opportunity given the current trade environment. Members stressed the need for mutual recognition of licensing and continuing education requirements across jurisdictions. They also noted that differences in legislative frameworks present challenges and suggested that regulators reflect on the powers and resources of the CCIR.

Industry demographics and impacts from proposed regulatory changes

SAC members shared their views on the potential impacts of current regulatory initiatives on the industry’s workforce and business models. They pointed to advisor demographics and the implementation of the proposed MGA framework, incentive management guidance, and segregated fund distribution guidance as key factors driving change. Members emphasized the importance of FSRA supporting the industry through these transitions. They recommended that FSRA consider providing clear regulatory guidance to advisors to help ensure strong consumer protection. Additionally, members advised FSRA to avoid introducing further regulatory changes until it fully implements the current initiatives, assesses their impacts, and identifies any remaining gaps.

The use of data and systems to support outcomes

SAC members discussed how systems like APEXA could enhance compliance outcomes across the industry. They encouraged exploring opportunities for data sharing—both within the industry and between industry participants and FSRA—as the new regulatory frameworks are implemented. Members viewed this as a critical area for ongoing dialogue to support effective oversight and streamlined compliance.

Consumer education

SAC members highlighted the critical role that advisors play in educating and protecting consumers. The Chief Public Affairs Officer will meet with SAC members to explore how FSRA could better leverage the advisor channel to target and enhance its consumer education initiatives. Members encouraged FSRA to align its outreach efforts with the trusted relationships advisors have with consumers.

Closing remarks from the Chair

The Chair thanked the SAC members for their input. The Chair encouraged continued open and frank dialogue between the SAC and FSRA.