Financial Review Committee Member
Are you an experienced insurance professional interested in helping maintain the financial strength of a unique organization?
The Ontario Mutual Insurance Association (OMIA) is the trade association for 37 independent mutual insurance companies, known as Ontario Mutuals. Each of these is 100% Canadian and owned by its policyholders, and each is more than a century old.
OMIA’s function is to share resources, discuss issues of common concern, and explore opportunities for growth and development among our member companies. At OMIA, we enable our member companies to achieve and maintain a high level of excellence, by providing leadership through education, training, marketing and support services. As a result, Ontario Mutuals are among the most financially secure insurance networks in the world.
OMIA has a unique partnership with the Fire Mutuals Guarantee Fund. The Fire Mutuals Guarantee Fund guarantees policyholders’ outstanding claims and unearned premium. As part of that function, an independent Financial Review Committee monitors the financial position of member companies to ensure each mutual remains strong. We now have an exciting opportunity for the right person to join the Financial Review Committee.
In this role you would be responsible, on a confidential basis, to monitor financial results and submit examination reports for each company to the Financial Services Regulatory Authority of Ontario (FSRA). The committee works as a team to review information, including P&C1 annual returns and auditor reports, P&C1 quarterly returns, early warning tests and annual summary data. From time to time, the committee will also require reporting from companies on compliance related areas such as corporate governance and enterprise risk management.
This is a team, like all the other teams in the mutual system, that works together to maintain the strength of this unique system.
Skills, Knowledge and Personal Competencies
- You know the rules - Expert knowledge of regulatory and financial requirements for property casualty insurance companies, specifically related to prudential matters and financial solvency;
- You know insurance – Experience in and understanding of the property/casualty insurance industry in Canada, including basic business models, economic trends and industry trends;
- You’re a communicator - Superior written and verbal communication skills;
- You like a challenge- - Flexibility and willingness to accept new assignments and undertake research as required to complete assignments;
- You’re a numbers person - A significant level of numeracy including basic accounting ratios and other calculations related to financial reporting;
- You’re a team player - Respect for team members and respect for mutual values;
- You’re wise and professional-- Accuracy and attention to detail with a practical orientation, tact, diplomacy and confidentiality;
- You’re independent- Not affiliated as an employee or director of a property casualty insurance company, brokerage or other connected business.
Work Experience and Education
- Twenty years plus in a property/casualty insurance or regulatory role with a focus on accounting, solvency and general management.
- Undergraduate or graduate business or commerce degree;
- CPA or other accounting designation;
- Financial Analysis certification or training;
- Certified Insurance Professional (CIP);
- Fellowship – Certified Insurance Professional (FCIP);
- Canadian Risk Management designation (CRM);
- Governance Training.
Environment and Travel
This is a part time position. Work takes place in a home-based office environment, but meetings requiring in-person attendance occur periodically. Total work days are estimated at 30-40 per year, including travel days of 5-10 per year. Work days may vary based on projects and regulatory developments.