CLHIA Comments on FSCO Mandate Review June 2015Release Date: 06/05/2015 Staff Reference: Leslie Byrnes
June 5, 2015
Expert Advisory Panel – FSCO/FST/DICO Mandate Review
Ministry of Finance
95 Grosvenor Street, 4th Floor
Toronto, ON M7A 1Z1
The Canadian Life and Health Insurance Association (CLHIA) is pleased to have the opportunity to provide comments on the Ontario Ministry of Finance's paper, "Review of the Mandates of the Financial Services Commission of Ontario, Financial Services Tribunal and the Deposit Insurance Corporation of Ontario". The CLHIA is a voluntary trade association that represents the collective interests of member life and health insurers which, together, account for 99% of the life and health insurance in force in Canada. 87 life and health insurance companies and 16 fraternal benefit societies are licensed to conduct business in Ontario; over two-thirds of them are headquartered in the province.
Our comments are attached and focus primarily on the FSCO mandate review. We have provided background information about regulatory structures and the distribution of life insurance, as well as preliminary markers for future discussion. We expect to build on the ideas that are introduced as the consultation process proceeds. In the meantime, we would be pleased to provide the panel with any additional information that it would find useful.
Vice President, Distribution and Pensions