Ontario mutuals should take note of the new draft federal regulations on demutualization even though, as currently published, they do not apply to provincially chartered mutuals, John Taylor, president and CEO of the Ontario Mutual Insurance Association (OMIA), suggested last week.
The recent federal announcement has moved the issue of demutualization to centre stage, Taylor told attendees of OMIA’s annual general meeting in downtown Toronto. “OMIA recognizes the importance of being vigilant and proactive at the provincial level. It’s the federal regulations, no doubt, that may form the blueprint for any future provincial demutualization initiatives,” he said.
That is just one more reason for Ontario mutuals to get to know and maintain contact with elected government representatives. “Ultimately, there is no absolute protection against demutualization. In my opinion, the best defence is for all of us to become leaders in maintaining our mutual culture and values,” Taylor emphasized.
Angela Stelmakowich – CANADIAN UNDERWRITER.CA – MARCH 29, 2015.
Want More Investigative Content?
