Ontario announces board directors for new insurance regulatory authority | Canadian Insurance

Ontario announces board directors for new insurance regulatory authority

The new regulator replaces FSCO and DICO

The Ontario government has appointed two former deputy ministers and a former commissioner of the province’s securities regulator to the board of directors of the Financial Services Regulatory Authority (FSRA) of Ontario.

Bryan Davies will chair the board. He was the founding deputy minister of Ontario’s former Ministry of Financial Institutions before serving as the deputy treasurer and the deputy minister of economics.

His public sector experience also includes serving as CEO and superintendent of the Financial Services Commission of Ontario (FSCO) before becoming chair of the Canada Deposit Insurance Corporation.

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Kathryn Bouey also joins the board. She is president and founder of management-consulting firm, TBG Strategic Services. Her career in public service includes time as deputy minister of Ontario’s Management Board Secretariat. Her experience includes pension and automobile insurance initiatives and organizational start-ups. She currently serves on the Canada Revenue Agency’s board of management.

Judith Robertson is the third appointee. She most recently served as commissioner for the Ontario Securities Commission from 2011 to 2017. Earlier positions include serving as president and CEO of Belzberg Technologies Inc., executive vice president with Perimeter Financial Corp., CEO of Markets Inc. and Managing Director with Barclays Global Investors.

The development of FSRA follows recommendations from a government-appointed expert panel that proposed that FSCO and the Deposit Insurance Corp. of Ontario (DICO) merge into a single regulatory agency. The new authority will regulate property and casualty insurance, life and health insurance, credit unions and caisses populaires, mortgage brokers and pension plan administrators.