June 2005, Toronto – This is FSCO�s eighth Statement of Priorities. It identifies key challenges facing FSCO, outlines proposed strategic priorities, highlights initiatives, and notes recent progress on significant projects.
FSCO is comprised of three parts: the five-person Commission or Board; the Superintendent of Financial Services and staff; and the Financial Services Tribunal. FSCO regulates insurance, pension plans, loan and trust companies, credit unions/caisses populaires, mortgage brokers and co-operative corporations in Ontario.
As of April 1, 2005, FSCO regulated 399 insurance companies, 8,642 pension plans, 242 credit unions and caisses populaires, 680 mortgage brokers, and 1,742 co-operative corporations, as well as approximately 34,630 insurance agents, 3,780 corporate insurance agencies and 1,273 insurance adjusters. The regulated sectors represent a large, dynamic and evolving industry that plays a vital role in the provincial economy and the financial security of individuals and families.
This year, FSCO continues to take into account the following key challenges in the environment:
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Convergence
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Market Conditions
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Evolving Regulatory Environment
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Impact of Technological Change
To meet these challenges we are guided by established strategic priorities. These priorities build on the delivery of the core business activities we carry out to achieve our mission. As each is significant, FSCO�s strategic priorities are not ranked in any particular order:
I. Promote a coordinated national approach to regulatory issues.
II. Enhance the risk-based approach to regulation.
III. Review and recommend amendments to the regulatory framework to keep up with changes in the marketplace.
IV. Improve delivery of services.
Read the full document – 16 pages, pdf.
