The Canadian Council of Insurance Regulators (CCIR) has appointed Huston Loke as chair, the regulators said in a release on Monday.
Loke, executive vice-president of market conduct with the Financial Services Regulatory Authority of Ontario (FSRA), takes over as CCIR chair from Prince Edward Island superintendent of insurance Robert Bradley.
Loke brings nearly 30 years of experience, including as director of the corporate finance branch with the Ontario Securities Commission, advisor to the CEO with the Canada Mortgage and Housing Corporation and president of DBRS Ltd.
“As CCIR chair, he is well positioned to facilitate and promote efficient and effective insurance regulation in Canada to better protect consumers and develop solutions to common regulatory issues,” FSRA said in a release.
Janette Seibel, deputy superintendent of insurance with the Financial and Consumer Affairs Authority of Saskatchewan, is the CCIR’s new vice-chair. Continuing as vice-chairs are Manitoba superintendent of financial institutions Scott Moore, and Nathalie Sirois, senior director of prudential supervision with the Quebec Autorité des marchés financiers.
“I look forward to working collaboratively with CCIR members to enhance consumer protection, conduct effective supervision, and engage with stakeholders,” Loke said in a release.
The CCIR is pushing for a Canada-wide ban on segregated funds with deferred sales charges (DSCs). FSRA sent final rules to ban DSCs to Ontario’s finance minister for approval last week.
The release said Loke and the CCIR would look to build on FSRA’s review of managing general agents, which found some life insurance agents were paid for sales made by agents they recruited.