The Financial Services Regulatory Authority of Ontario has released final Corporate Governance Guidance and Operational Risk and Resilience Guidance for Ontario-incorporated Insurance Companies and Reciprocal Insurance Exchanges. The guidance sets principles and intended outcomes for corporate governance, operational risk management and resilience, aimed at strengthening insurer oversight and improving the ability to identify, manage and mitigate operational risk and respond to disruptions. Both measures follow FSRA’s principles-based approach, with flexibility and proportionality in how insurers are assessed against the intended outcomes. The final guidance was informed by a 60-day public consultation that ran from April 17 to June 17, 2024, and FSRA also published a consultation summary report.
Financial Services Regulatory Authority of Ontario2026-06-01
Financial Services Regulatory Authority of Ontario issues final corporate governance and operational risk and resilience guidance for Ontario insurers
The Financial Services Regulatory Authority of Ontario has issued final Corporate Governance Guidance and Operational Risk and Resilience Guidance for Ontario-incorporated insurance companies and reciprocal insurance exchanges. The principles-based guidance sets expectations for governance, operational risk management and resilience to strengthen oversight and improve insurers’ ability to manage operational risk and respond to disruptions, informed by a prior public consultation and consultation summary report.