Insurance Council year in review

Published October 15, 2024

^{Photo (L-R): Council Members: Nicole Federucci, Barbara Price (Chair), Donna Thorne; Janet Sinclair, Insurance Council CEO}
Last month, the Insurance Council held its Annual General Meeting (AGM) and Regulatory Forum. The AGM is an opportunity for Council members to meet in person and get an overview of the progress the Insurance Council has made over the past fiscal year on its strategic goals and regulatory work. Barbara Price was also announced as the newly elected incoming Chair for the 2024-2025 year.

The Regulatory Forum held the following day, was a full day of information sessions designed to provide Council members insights to the current state of the insurance industry. Attendees heard from the BC Financial Services Authority (BCFSA) and how their work relates to the regulation of insurance intermediaries; they also heard from our Practice and Quality Assurance team about high-level audit findings; and they learned how behavioural insights can impact regulation.

There were also panel discussions with experts representing the Canadian Association of Direct Relationship Insurers (CADRI), Canadian Association of Managing General Agents (CAMGA), Canadian Independent Adjusters Association (CIAA) and Insurance Brokers Association of BC (IBABC) on general insurance and adjusting; and the Canadian Association of Independent Life Brokerage Agencies (CAILBA), Canadian Life and Health Insurance Association (CLHIA), Canadian Association of Financial Institutions in Insurance (CAFII) and Advocis on life insurance. The panelists provided perspectives from their respective organizations and the importance of increasing regulatory harmonization across the country. 

The two-day event provided Council members an increased understanding of the impact of the Insurance Council’s regulatory work on consumers, the industry and its stakeholders.

Interested in learning more about the Insurance Council’s key initiatives and regulatory activities? Attend our 2024 Regulatory Update this month by registering here.