Auto Insurance Regulatory Specialist

2 days ago

Toronto, Ontario, Canada Financial Services Regulatory Authority of Ontario Full time
Job Description:

Job Summary:

The Financial Services Regulatory Authority of Ontario (FSRA) is seeking a highly skilled and experienced professional to join our team as an Auto Insurance Regulatory Specialist. In this role, you will be responsible for monitoring, assessing, and approving the regulation and supervision of auto insurance industry rates, rules, products, and other insurance products.

Key Responsibilities:

  • Rate and Underwriting Regulation: Responsible for the rate and underwriting regulation supervisory process, including accreditation applications, underwriting rules, forms, product approvals, and actuarial reviews in adherence with FSRA's performance measures, standards, and best practices.
  • Risk Assessment: Responsible for risk assessment of insurers, including assessing insurer accreditation applications, and ongoing monitoring of insurer adherence to eligibility conditions and criteria.
  • Filing Submissions: Responsible for the review and assessment of filing submissions (e.g., rate and risk classification systems, rating errors and their resolution, forms) and to make recommendations regarding approval or decision, consistent with requirements under the Insurance Act and FSRA guidance.
  • Analysis and Reporting: Conducts analysis and reviews (e.g., self-assessments, thematic reviews, market intelligence, monitoring tools and reports) to analyze and report on the performance of insurers, the market and product to assess risk and identify issues.
  • Guidance Development: Participates and contributes to the development and maintenance of Guidance that is the responsibility of Auto/Insurance Products.
  • Subject Matter Expertise: Provides subject matter expertise and support of government-led auto insurance product reforms.
  • Relationship Management: Manages the relationship for an assigned and diverse portfolio of P&C Insurers in respect of their automobile line of business, to communicate consistent messaging of FSRA's regulatory requirements, expectations, and the remediation of regulatory and risk management issues.
  • Stakeholder Management: Works cross-functionally with FSRA areas to manage relationships with stakeholders, the identification and management of potential violations to the auto insurance legislative requirements related to rates and underwriting, and the coordination of enforcement/legal actions by the regulator, as required.
  • Strategic Direction: Assists the Senior Managers, Directors, and Head in developing and applying the overall strategic direction for the regulation and supervision of auto insurance industry rates, rules, products, and other insurance products to enable FSRA to supervise insurers writing automobile insurance.
  • Collaboration: Collaborates with internal stakeholders, including insurance prudential and market conduct, to address property and casualty insurance companies' issues and concerns on operational risk, governance, solvency, and market conduct.

Qualifications:

  • Education and Experience: Diploma or degree in business administration, risk management, finance, law, economics, public policy, analytics (e.g., actuarial science, mathematics) or a related field. 10 years' recent and relevant experience in auto insurance business of pricing, risk selection, product, or related work.
  • Knowledge and Skills: Exceptional written and verbal communication skills, skills and ability to manage and coordinate the use of vendors and experts (e.g., lawyers, risk consultants), skilled in developing and managing complex relationships with sophisticated stakeholders, demonstrated skills/knowledge of the business of insurance, demonstrated critical thinking and problem-solving, working knowledge of risk and controls, skills to work effectively in a matrix structure involving expert collaboration and judgement in use of escalation.

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