FSRA Stakeholder Advisory Committee for Life & Health Insurance

Summary for the Meeting of November 23, 2021
Via Zoom

Stakeholder Advisory Committee members present:

Susan Allemang
Nancy Carroll
Dennis Craig
Chris Donnelly
Lyne Duhaime
Ali Ghiassi
Moira Gill
Keith Martin
Glenn O’Farrell
Rosie Orlando
Douglas Paul
Greg Pollock
Russell Purre
Eric Wachtel

Board members present:

Joanne De Laurentiis – Chair of the Board
Kathryn Bouey - Director
Joseph Iannicelli - Director
Dexter John - Director
Stewart Lyons - 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
Jordan Solway – Executive Vice President, Legal and Enforcement
Judy Pfeifer – Chief Public Affairs Officer
Randy Nanek – Chief Financial Officer
Swati Agrawal - Senior Manager, Market Conduct
Erica Hiemstra – Head, Insurance Conduct
Heather Kay – Senior Manager, Strategic Policy

Corporate Secretary’s Office:

Clint Savary – Assistant Corporate Secretary
Ligia Simoes – Assistant Corporate Secretary
Demola Oloyede – Board Administrator

General comments

The Chair of the Board called the meeting to order and provided introductory remarks. She thanked the Committee members for taking the time to participate in the discussion with the Board.

Discussion with the board:

  • the Committee discussed the Principles Based Regulation (PBR) approach that FSRA is beginning to take and how it will impact this sector
  • the Committee discussed the cost of regulatory dis-harmonization, capital requirements, and new accounting standards as factors that may impact consumers in terms of access to insurance, product changes, and product affordability
  • the idea of FSRA hosting more public events was raised
  • the Committee discussed the need for FSRA to continue conduct and oversight activities and to set expectations to ensure a fair and consistent approach for all industry channels, including Managing General Agents (MGA’s)
  • two Committee members raised concerns about the introduction of new requirements as a barrier to entry for new advisors that could impact consumer access to insurance
  • innovation and consumer education were raised as areas that the Committee would like to see more work on in the future