The Canadian Council of Insurance Regulators (CCIR) has named Huston Loke as chair, the regulators said in a statement on Monday.
Loke, executive vice president of market behavior at the Financial Services Regulatory Authority of Ontario (FSRA), takes over as CCIR chair from Prince Edward Island Insurance Superintendent Robert Bradley.
Loke brings nearly 30 years of experience, including as director of the corporate finance division of the Ontario Securities Commission, advisor to the CEO of Canada Mortgage and Housing Corporation, and president of DBRS Ltd.
“As chair of the CCIR, 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 challenges,” the FSRA said in a release.
Janette Seibel, deputy insurance officer at the Saskatchewan Financial and Consumer Affairs Authority, has been named the new vice-president of CCIR. Manitoba director of financial institutions Scott Moore and Nathalie Sirois, senior director of prudential supervision at the Quebec Autorité des marchés financiers, will continue as vice-chairs.
“I look forward to working with CCIR members to improve consumer protection, conduct effective supervision and engage with stakeholders,” Loke said in a statement.
CCIR is calling for a Canada-wide ban on segregated deferred sales charge (DSC) funds. Last week, the FSRA sent the final rules banning DSCs to the Ontario Finance Minister for approval.
The release said Loke and CCIR would seek to build on the FSRA’s review of general agent management, which found that some life insurance agents were paid for sales made by agents they recruited.
