CCIR appoints new chair

CCIR appoints new chair | Insurance Business Canada

Insurance News

CCIR appoints new chair

Council also names new vice chairs

Insurance News

By
Mika Pangilinan

The Canadian Council of Insurance Regulators (CCIR) has appointed Huston Loke, the executive vice president of market Conduct at the Financial Services Regulatory Authority of Ontario (FSRA), as its new chair.

Loke (pictured above) has been with FSRA since its launch in 2019 and has nearly three decades of experience in leadership positions in financial services regulation.

Leveraging this experience in his new role, Loke will help facilitate and promote effective insurance regulation in Canada, protecting consumers and developing solutions to common regulatory issues.

“Like FSRA, CCIR’s number one priority is protecting consumers,” said Loke. “Insurance is something Canadians count on for their financial security and peace of mind. I’m looking forward to sharing perspectives with our regulator partners to help make a difference for individuals and families across the country.”

As an inter-jurisdictional association of insurance regulators, CCIR has recently been active in urging insurers to halt new deferred service charge sales in segregated fund contracts, proposing changes to improve investors’ understanding of the fees and costs they pay on mutual funds, and recommending measures to help homeowners protect their property against climate-related risks.

A press release about Loke’s appointment as CCIR chair said the council’s future efforts will focus on improving the way regulators work together nationally to protect Canadian consumers, building on the success of a recent FSRA-led review of managing general agencies that identified potential consumer harm in life insurance sales.

“Regulators are stronger when we work together, and all Canadians will benefit from this collaboration,” Loke said further. “With the help of our colleagues across the country, CCIR will work to ensure that all Canadians get the insurance products that are right for them and their families.”

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