FSRA seeking new members for stakeholder advisory committees

FSRA seeking new members for stakeholder advisory committees | Insurance Business Canada

Insurance News

FSRA seeking new members for stakeholder advisory committees

Applications are open until July 11

Insurance News

By
Terry Gangcuangco

The Financial Services Regulatory Authority of Ontario (FSRA) is inviting new members to join its stakeholder advisory committees (SACs) for a two-year term starting in September.

According to FSRA, the move aims to gain fresh insights, in line with the regulator’s open, transparent, and collaborative approach, which actively involves stakeholders to ensure diverse input and perspectives in its decision-making process.

The watchdog has several SACs and a consumer advisory panel (CAP), covering auto insurance (including health service providers), property and casualty insurance, life and health insurance, pensions, mortgage brokering, credit unions, and financial advisors/financial planners.

Detailed information on each committee’s mandate and selection criteria can be found in the updated Terms of Reference on FSRA’s website.

Committee updates

To sharpen their focus this year, FSRA has established separate committees for property and casualty insurance and auto insurance. Each committee will target specific insurance-related priorities.

The property and casualty SAC will guide FSRA’s operations and regulatory activities concerning non-auto property and casualty insurance, while the auto insurance SAC will concentrate on priorities related to automobile insurance, including health service providers.

Meanwhile, the pensions SAC, which has staggered membership, will be seeking new members this fall and will offer terms of two to three years. Additionally, five new CAP members were announced in April for a two-year term.

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