FSRA executive vice-president to lead Canada’s insurance regulators
Huston Loke is committed to enhancing the fair treatment of consumers
Huston Loke, Executive Vice President, Market Conduct at the Financial Services Regulatory Authority of Ontario (FSRA) has been appointed the new chair of the Canadian Council of Insurance Regulators (CCIR). CCIR is a national organization that includes all the provincial and territorial regulators, along with the Federal Office of the Superintendent of Financial Institutions. Together they work to enhance the fair treatment of consumers while ensuring an efficient and effective regulatory framework for the insurance sector.
“Like FSRA, CCIR’s number one priority is protecting consumers,” said Loke. “Insurance is something Canadians count on for their financial security and piece of mind. I’m looking forward to sharing perspectives with our regulator partners to help make a difference for individuals and families across the country.”
Loke has been with FSRA since the regulator’s launch in 2019 and has nearly 30 years of leadership in financial services regulation. As CCIR chair, he is well positioned to facilitate and promote efficient and effective insurance regulation in Canada to better protect consumers and develop solutions to common regulatory issues.
Recently, CCIR has urged insurers to stop new deferred service charge sales in segregated fund contracts, proposed changes aimed at helping investors better understand the fees and costs they pay on mutual funds, and shared recommendations with insurers to help homeowners protect their property against the risks posed by climate change.
Future efforts will focus on improving the way regulators work together nationally in order to protect Canadian consumers, and build on the success of a recent FSRA-led review of Managing General Agencies that identified potential consumer harm in life insurance sales.
“With the help of our colleagues across the country, CCIR will work to ensure that all Canadians get the insurance products that are right for them and their families”, said Loke. “Regulators are stronger when we work together, and all Canadians will benefit from this collaboration.”
FSRA continues to work on behalf of all stakeholders, including consumers and pension plan members, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.
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Financial Services Regulatory Authority