Message From the Chair
 
 

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Message From Chair

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I have taken on the position of Chair of Council at a challenging time. Council is commencing the work necessary to find a successor to its Executive Director, who is retiring at the end of 2017. The passing of our Deputy Executive Director required changes to our staffing hierarchy and, on July 1, 2016, Council implemented a new licensing management system.

In preparing for the change of its Executive Director, Council commenced a review of its strategic plan this past June, with a follow up session in November 2016 to complete the process. Council has identified a number of issues critical to the insurance industry that it needs to address. These include a review of the licensing criteria, including both education and experience requirements for general insurance agents and salespersons; a review the effectiveness of the continuing education programs for all licensees; and the introduction of a system that will eventually allow applicants and licensees to file electronically.

At the same time, Council is also developing a succession plan to assist in its search for, and hiring of, a new Executive Director. Council is one of the leading financial regulators in Canada and will be looking for the individual that will continue to assist Council in working with the insurance industry while maintaining industry standards that ensure the public is well served by insurance licensees that are competent and professional.

Operationally, Council continues to experience a high demand for its services. For the fiscal period ending May 31, 2016, Council issued more than 5,000 new insurance licences; handled 31,000 annual filings from existing licensees; issued a record number disciplinary decisions; and, as a result, is dealing with a high demand for hearings.

To assist with these issues and, ultimately, to provide licensees and applicants the ability to make electronic filings and submit licence applications electronically, Council has undertaken an upgrade of its licence management system. The work on this project has been underway for one year, resulting in the conversion to the new licence management system on July 1, 2016. As with many conversions of this nature, post implementation has created a number challenges which are impacting Council's operations. Council is aware of the fact that the conversion process is affecting its licensees and the public and is monitoring the situation closely.

Staff is working hard to limit the impact on the insurance industry while the conversion moves forward. Council appreciates the patience of its stakeholders during this process and wants to assure everyone that every effort is being made to return to normal service levels as quickly as possible.

As Chair I know that with the hard work of Council staff and Council members, it will be a productive and worthwhile year.

Dr. Eric Yung

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