FSRA Stakeholder Advisory Committee for Life & Health Insurance

Summary for the Meeting of November 28, 2019
At the FSRA Offices, 5160 Yonge Street, 14th Floor 

Stakeholder Advisory Committee Members Present:

Susan Allemang – Independent Financial Brokers of Canada
Nancy Carroll – McCarthy Tetrault
Dennis Craig – RBC Insurance
Chris Donnelly – Manulife Financial
Lyne Duhaime – CLHIA
Ali Ghiassi – Canada Life
Keith Martin – CAFII
Rosie Orlando – Primerica
Neil Paton – The Third Party Administrators' Association of Canada
Douglas Paul – SSQ
Russell Purre – Sun Life Financial
Ed Skwarek – Advocis, The Financial Advisors Association of Canada
Eric Wachtel – CAILBA / IDC Worldsource Insurance Network Inc.
Timothy Witchell – HUB International

Board Members Present:

Bryan Davies – Chair of the Board
Kathy Bouey – Director
Blair Cowper-Smith – Director
Joanne De Laurentiis – Director
Brigid Murphy – Director
Lawrence Ritchie – Director
Brent Zorgdrager – Director

Management Members Present:

Mark White – Chief Executive Officer
Glen Padassery – EVP, Policy
Stephen Power – EVP, Corporate Services
Huston Loke – EVP, Market Conduct-

Corporate Secretary’s Office

Alena Thouin – Corporate Secretary and Deputy General Counsel
Margaret Kingerski – Assistant Corporate Secretary

General Comments

The Committee advised that the sector was pleased with FSRA’s approach at launch and welcomed dialogue with the Board. They felt it was very important, are pleased with the work management has completed to date and believe that it is very timely.

Feedback on F2020-2021 Draft Priorities and Business Plan

The Committee provided feedback with respect to FSRA’s F2020-2021 Draft Priorities and Business Plan. They support enhancements to the licensing system, which has been a historical area of weakness. The Committee also noted that harmonization is very important and should be approached from a burden reduction perspective. The industry does business across multiple jurisdictions and this is key for them. When FSRA builds its systems, it should consider the ability to connect to other jurisdictions. Coordination with other regulators is very important and the Committee also reflected that FSRA should consider connecting with regulators at the international level. The Committee advised that it would be pleased to support such activities.

The Committee noted that benefits fraud is of particular concern in the industry. They advised that the industry takes a cautious and thorough approach with respect to decisions impacting health service providers (HSPs). The Committee supported future communication opportunities with the HSP sector.