17th Annual Regulatory Compliance for Financial Institutions

Day Two: Thursday, November 17, 2011
Insurance Track

(Note: This track will not be available during the live webcast. )

1:15

Managing the Impact of Recent Regulatory and Legislative Changes on the Administration of Insurance

Legislative update: Overview of key new and anticipated federal and provincial proposals
Practical guidelines to meet OSFI's enhanced oversight of reinsurance agreements
- Addressing the unique challenges accompanying each of Guideline A, Minimum Continuing Capital and Surplus Requirements; Guideline B-3, Unregistered Reinsurance; and Guideline D-1A, Annual Disclosures
- Analyzing key changes between the Guideline and the Guidance
- Developing and implementing a solid and comprehensive reinsurance risk management policy (RRMP) to reflect changing market conditions
- Establishing protocols in a cost-eff ective and timely fashion for adherence to the implementation timetable
Bancassurance trends: Increasing efficiencies between banks and insurers for compliant co-existence
- What are the limitations, including with respect to internal transfer of information?
Selling in a rapidly advancing technological world: Instituting procedures and safeguards to integrate new technologies
Strategic Plan for FSCO: Overview of the annual priorities and initiatives to meet changing economic and marketplace conditions
- Leveraging risk based delivery
- Fostering a coordinated national approach to regulatory issues
- Continuous service improvement
- Long term initiatives for auto insurance reform
- Considering the prospect of administrative penalties in insurance and their effect
- Preparing for the market conduct review of suitability of product recommendations
- Enhanced risk based regulation for pension plans
- Increasing compliance for key players in mortgages

2:15

Networking Refreshment Break

2:30

Moving Towards Standardization and Future Trends for Outsourcing to Managing General Agents

Guidelines for evaluating MGAs:
- Guidelines to assess reputation, profitability and reliability of MGAs
- Instructing your Agency force to identify the most appropriate MGA
- Maximizing the synergies between brokers and MGAs to increase productivity
- Special considerations for Life insurance versus Accident and Sickness carriers: Are the higher premium volume and increased production targets of Life carriers squeezing out smaller MGAs, and what is the effect on competition?
- How will increased acquisitions and consolidation of MGAs affect insurers?
- Is the slow pace of industry-wide technological advances detrimentally affecting profits, and how can an MGA counteract those effects?
- Growing the future of business development: How to recruit, hire and train new staff from the shrinking pool of talent?
CCIR's initiatives to overhaul the MGA model of insurance distribution: Anticipating the effects of change to the 30-year old system
- Highlights from the CCIR "issues paper"
- Preparing for heightened regulatory oversight in the system, including review of contracts between MGAs and carriers, and who is responsible for the actions of advisors
Overview of the anticipated BC final regulations in regulating MGAs: What can be learned from the pacific region?