Technical Advisory Committee on Insurer Oversight of Managing General Agencies
Introduction
The Financial Services Regulatory Authority (FSRA) plans to develop a proposed regulatory framework and supervisory approach for distribution channels that rely on Managing General Agents (MGAs). The Life and Health Insurance Technical Advisory Committee on Insurer Oversight of Managing General Agencies (Committee) will assist FSRA to develop better processes, guidance and approaches in regulating the insurance sector.
TACs are different from Stakeholder Advisory Committees (SACs). Technical advisory groups and committees provide advice, input and feedback to FSRA management on matters related to the Rules of Practice and Procedure, Filing Requirements, Guidelines, operational policies and other matters. SACs serve as consultation bodies to the FSRA Board on FSRA's priorities and budget and other matters as the Board deems appropriate.
Mandate
FSRA is establishing the Committee to provide technical input and expert advice to FSRA from an industry perspective regarding trends and issues related to MGAs.
The Committee will also provide advice on emerging topics in life and health insurance distribution that could impact consumer protection/confidence.
Committee Membership
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Nomination Process |
The nomination period is now closed.
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Appointments |
FSRA will appoint members based on the skills and experience of the nominees, with an emphasis on ensuring adequate diversity by organization size. |
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Committee Size |
FSRA is seeking 10 – 14 members for the Committee (not including FSRA participants). FSRA may choose to add or remove a member at any time. |
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Member Qualifications |
Committee members will comprise extensive professional experience:
Committee members will represent:
Organizations cannot have more than one representative as a member at any time. However, if a representative is unable to attend a Committee meeting, the representative can send a delegate to attend. |
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Member Responsibilities |
FSRA expects members to:
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FSRA Members |
FSRA’s Head, Insurance Conduct will chair the Committee. |
Committee Outcomes
The Committee will provide, for FSRA’s consideration, advice and recommendations that may or may not result in action or policy change.
The Committee will provide advice and recommendations on:
- FSRA rule-making, policy initiatives and business planning related to life and health insurance distribution;
- a proposed regulatory framework, which may include advice for government consideration;
- FSRA’s overall strategy and implementation of its supervisory approach for distribution channels that rely on MGAs; and
- emerging trends and issues that may impact consumer protection in life and health insurance distribution.
Confidentiality
The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, as amended, will generally apply to information provided to the Committee and to material prepared by or for the Committee.
Members of the Committee can obtain assistance from co-workers or industry collaborators. However, until the Committee’s mandate is complete, Committee members and those that assist them must maintain confidentiality (except in regards to information made public by FSRA). Once the Committee’s mandate is complete, a Committee member may communicate his or her views concerning the work of the Committee.
Meetings, Agendas and Deliverables
The Committee is expected to hold meetings on at least a semi-annual basis. Individual working groups within the Committee are expected to meet quarterly, or more frequently based on need. Meetings will be held by videoconference, teleconference or in person where appropriate.
FSRA will provide meeting agendas and related materials at least one week before each regular meeting. FSRA will also prepare and distribute meeting summaries and any accompanying written submissions, to Committee members no later than three weeks following a meeting. FSRA also intends to publish a high-level summary of the Committee’s work on FSRA’s website.