In 2017, we submitted a paper to the federal Department of Finance with our recommendations on enhancing the current process for solvent resolution of federal life insurers. We will continue our focus on solvent resolution by developing solvent resolution options. This focus includes updating intervention guidelines and developing a deep understanding on how Quebec’s receivership legislation can be used for the solvent resolution of a member company.
In 2017, we focused on identifying the key resolution information and developing a framework to assess the resolvability of large internationally active Canadian life insurance companies. In 2018, we will complete resolvability analysis and prepare a summary report to be shared with the supervisor. This initiative will help identify the information needed from companies, as part of their regular filings, and areas where resolvability can be improved.
To ensure Assuris remains a strong organization in the future, it is important to develop a strong managerial group. This goal requires the executives to support staff in developing their skills and to ensure the transfer of knowledge through documentation and discussions with staff. The management team will become involved in operational and administrative decision-making processes. The evolution of the roles will be detailed in the three-year development plans.
As part of developing staff and succession planning for executives, the newly formed management team has prepared and will implement the 2018 Annual Plan. This plan will provide the management team, under the direction of the executives, the opportunity to develop the corporation’s annual plan and ensure that it advances the corporation’s mission.
Assuris is implementing a progressive human resources strategy to continue to attract and retain staff and to promote a collaborative work environment. As such, Assuris’ current office space has been reconfigured. Assuris’ work is project focused, team-based and collaborative in nature, so the new work environment will be better suited for staff to complete and excel in their work.
Assuris shared, with the Federal Department of Finance, our paper outlining our recommendations on enhancements to the life insurance resolution framework. Assuris wants the system to evolve in a sensible manner. The industry, through Assuris, should retain control of resolution for life insurance companies. This resolution structure will allow costs to be kept low and the industry’s reputation to be upheld. Strengthening and clarifying the resolution powers will ensure that Canada continues to have a robust resolution system for life insurers in Canada in the interest of the industry and the protection of policyholders.
Assuris developed a framework to understand the potential risks and assess the resolvability of life insurance companies. We also identified the key information needed to understand the risks in resolution. This framework will give us a basis to develop a resolvability report to discuss these risks with the supervisors.
Assuris finalized the implementation of its technology platform to enhance security and increase remote accessibility so that staff can work from anywhere at any time. This innovation improved the organization’s productivity and cost effectiveness. The technology platform is also focused on collaborative communication and flexibility while remaining highly secure.
Assuris prepared development plans focused on growth and opportunities for all Assuris employees. Development plans are critical in attracting, developing and retaining a small number of highly skilled staff to build a successful team to better serve the organization and our stakeholders.
Assuris is implementing a progressive human resources strategy to continue to attract and retain staff and to promote a collaborative work environment.
Gordon M. Dunning
President & CEO, Assuris