L&H insurance technical advisory committee (TAC) on insurer oversight of managing general agencies (MGAs)
Meeting summary
Date: December 16, 2020
Time: 9:00 a.m. – 10:00 a.m.
Location: Videoconference
This summary sets out the key points discussed at the December 16, 2020 meeting.
TAC terms of reference & mandate
Committee members discussed its mandate and expectations of members.
Insurer-MGA relationship
The committee discussed the predominant distribution channels in life and health insurance, key trends, and the current regulatory structure in Ontario which does not provide for specific insurer expectations in relation to oversight of MGAs.
FSRA’s work to understand the MGA channel supports FTC principles and FSRA’s strategic priority to consider new oversight guidance to strengthen the entire distribution chain.
FSRA staff discussed its Insurer-MGA Relationship Review. As part of the review, FSRA is gathering information through a detailed questionnaire program. FSRA expects that the study and observations will have application across all channels.
TAC timelines
The committee discussed key consultation points for providing insights on review observations, key themes and supervisory options.
FSRA will reconvene the TAC early in the new year.
Attendance record
|
Invited/Attended |
Company Name |
Attendance Status |
|---|---|---|
|
Earleen Moulton |
BFG Financial/CAILBA |
A |
|
Mari-Jayne Woodyatt |
BFG Financial |
A |
|
David Sutton |
The Edge Benefits |
A |
|
Mary Ingarao |
SunLife |
A |
|
Kim Hayes |
Manulife |
A |
|
David Stewart |
Financial Horizons Group |
A |
|
Brent Mizzen |
CLHIA |
A |
|
Todd Hynes |
Ivari |
A |
|
Sean Sorensen |
Walker Sorensen LLP |
A |
|
Paul Holba |
Empire Life |
A |
|
Andrew Fitzpatrick |
Canada Life |
A |
|
Leanne Winter |
Equitable Life |
A |
|
Sheldon Stier |
Stier Financial Advisors |
A |
|
Terri Botosan |
Hub Financial Inc. |
A |
|
Huston Loke |
FSRA |
A |
|
Erica Hiemstra |
FSRA and TAC Chair |
A |
|
Swati Agrawal |
FSRA |
A |
|
Rosemary Steffler |
FSRA |
A |
|
Kevin Lim |
FSRA |
A |
|
Thera Medcof |
FSRA |
A |
|
Joel Gorlick |
FSRA |
A |
|
Chris Caldarelli |
FSRA |
A |
|
Laura McLellan |
FSRA |
A |
|
Beth Elder |
MoF |
A |
|
Jessica Harper |
MoF |
A |