Consultation now open! FSRA releases its proposed Corporate Governance and Operational Risk and Resilience Guidance for Ontario Insurers
Ontario’s financial services regulator (FSRA) is taking steps to protect insurance consumers and promote a sustainable insurance sector by communicating sound corporate governance, and operational risk management and resilience practices.
To support the prudent oversight, management and practices of Insurers, FSRA is proposing two new pieces of draft Guidance that articulate principles and desired outcomes for both sound corporate governance and operational risk management and resilience.
The proposed Guidance is aligned with FSRA’s principles-based approach and allows for flexibility and applies proportionality when assessing the effectiveness of Insurers in achieving the intended outcomes.
The two pieces of Guidance aim to:
- provide FSRA’s interpretation of corporate governance, operational risk management, and resilience requirements and articulate common industry practices for Insurers
- promote effective corporate governance, operational risk management, and resilience for Insurers
- articulate FSRA’s approach for assessing how effectively Insurers achieve the intended outcomes.
FSRA is consulting on both pieces of Guidance for 60 days and welcomes all stakeholders to submit their feedback by June 17, 2024.
Learn more:
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.