FSRA Technical Advisory Committee for Non-Auto Property & Casualty (P&C) Insurance Supervision
The Financial Services Regulatory Authority of Ontario (FSRA) is committed to an open, transparent and collaborative approach that considers stakeholder’s input and perspectives to inform its direction.
FSRA is establishing a Technical Advisory Committee (TAC) for Non-Auto Property & Casualty (P&C) Insurance Supervision, as a forum to provide expert advice, recommendation and feedback to FSRA on its supervisory priorities and activities.
This Committee is an important part of FSRA’s stakeholder engagement process. It will support FSRA in its efforts to improve its policy and supervisory approach for the Non-Auto P&C sector; stay current on developments and issues facing the sector; and enable timely advice and feedback from its stakeholders.
The Terms of Reference is intended to inform the creation and operation of the Non-Auto P&C Insurance Supervision TAC. It will outline FSRA’s role in the supervision of Market Conduct, as follows:
- licensing insurance agents, corporate agencies, insurance companies, adjusting companies and external adjusters
- working with industry partners to ensure conduct of licensees and others involved in the Non-Auto P&C sector is aligned with relevant regulations, with an emphasis on ensuring fair outcomes for consumers
- collecting information about Non-Auto P&C Insurance sector business practices and internal controls, as well as industry trends
2. Mandate of the Technical Advisory Committee
The Non-Auto P&C Insurance Supervision TAC will provide:
- expert insight, recommendation and advice on key regulatory initiatives and industry trends impacting the Non-Auto P&C Insurance sector
- timely and value-added feedback and recommendation on FSRA’s supervisory efforts, to ensure its approach prioritizes fair treatment of consumers
3. Nomination and appointment of members
The selection and appointment of TAC Members will be conducted through an open nomination process posted on FSRA’s website. FSRA will oversee this nomination process and determine the selection criteria based on the pool of candidate’s experience, sector affiliation, and other factors FSRA deem relevant to achieve the mandate of the TAC.
Appointees are required to commit to a two (2) year membership term, commencing in Fall 2023. This term may be renewed by FSRA for one additional year, to allow membership to be staggered and provide continuity to the Committee.
FSRA will target fourteen (14) TAC Members representing regulated entities, associations of regulated entities or professionals working in regulated entities (based on qualifications set out in Appendix 1).
FSRA may choose to add or remove any member of the TAC, at any time and a TAC member may resign by giving written notice.
FSRA will publish the names of the members of the Non-Auto P&C Insurance Supervision TAC on its website.
4. Members of the Technical Advisory Committee
Stakeholder nominees to the Non-Auto P&C Insurance Supervision TAC should be senior members of their respective organizations. Successful nominees will be expected to place the public interest ahead of personal and professional interests in the discharge of their committee responsibilities. See Appendix 1 for specific experience FSRA is seeking to have represented through the stakeholder members of the Non-Auto P&C Insurance Supervision TAC.
Responsibilities of Non-Auto P&C Insurance Supervision TAC members will include:
- reviewing background material in preparation for meetings
- attending meetings (delegation, if a member is unavailable, is subject to FSRA approval)
- providing advice, information, and feedback to FSRA
- providing feedback to FSRA on the functioning of the Non-Auto P&C Insurance Supervision TAC
5. Public process, input from others and disclosure
The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, as amended, will generally apply to information and material provided to and prepared by or for the Non-Auto P&C Insurance Supervision TAC.
Members of the Non-Auto P&C Insurance Supervision TAC are permitted to obtain assistance from co-workers or industry collaborators. However, members and those who assist them are required to maintain confidentiality of all information provided to the Non-Auto P&C Insurance Supervision TAC or prepared by or for the Non-Auto P&C Insurance Supervision TAC for presentation or delivery to FSRA (with the exception of information made public by FSRA, including any submissions by the Non-Auto P&C Insurance Supervision TAC or its members as part of a public comment process sponsored by FSRA).
6. Meetings, agendas and deliverables
The Advisory Committee is expected to hold meetings at least four times per year (with possibility of more, as required). Meetings are anticipated to be 2 hours in duration and may be held by videoconference, teleconference or in person, where appropriate.
FSRA will provide meeting agendas and related materials in advance of each meeting. Members may be asked to prepare material for consideration by FSRA.
Appendix 1: Industry member qualifications
FSRA is seeking members who are senior members of their respective organizations that have direct experience in one or more of the following functional areas within the Non-Auto P&C insurance sector:
- Customer experience
- Pricing and Actuarial
- Risk Management & Compliance
- Managing General Agents / Managing General Underwriters
- Distribution (agents and brokers)