FSRA, Ontario’s financial services regulatory authority, has established a technical advisory committee dedicated to the non-auto property and casualty (P&C) insurance sector.
The new committee was formed to provide advice, input, and feedback on supervision priorities and key risk areas within the sector.
The committee will also support FSRA’s broader objective of enhancing supervision and staying informed about sector trends and risks, FSRA said.
Beata Morris, FSRA’s director of market conduct for P&C insurance, described the move as an opportunity to engage with industry professionals to understand critical sector issues and strategically allocate supervision efforts.
“This collaboration will provide a measured and predictable regulatory environment for the P&C sector,” said Morris. “It also provides us with an opportunity to hear about the latest trends and developments within the insurance industry.”
Listed below are the appointed members of FSRA’s new technical committee. The members were selected based on their experience and qualifications following a public call for applications.
The committee is slated to convene in early 2024. FSRA said updates will be provided regarding its progress.
Commenting further on the committee’s formation, Morris highlighted FSRA’s remit to protect the “rights and interests of consumers and said the move promotes “high standards of business conduct and public confidence in the P&C sector.”
Last week, FSRA launched a consumer education campaign regarding life and health insurance purchases.
Aimed at vulnerable consumers and their families, the campaign is part of FSRA’s efforts to address “troubling” business practices related to agent recruitment, training, and conduct that it uncovered through a review earlier this year.
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