Date: December 4, 2025
Location: CIBC Square – 81 Bay St., Toronto, ON M5J 0E7
On December 4, 2025, CAFII hosted its December Board Reception at the CIBC Tower in downtown Toronto. SVP and Head of TD Insurance Life, Health, and Credit Protection Business, and Chair of CAFII’s Board, Val Gillis, began the reception with a land acknowledgement. She thanked CIBC and then highlighted CAFII’s year-in-review. CAFII conducted its biannual regulatory tour, visiting every province in Canada. These meetings, numerous as they were, all fostered engaging discussions on regulatory initiatives, harmonization, financial literacy, and Artificial Intelligence. V. Gillis spoke about CAFII’s research initiatives, particularly the recently published research study with Pollara on CPI ownership among Canadian homeowners. In 2025, CAFII held six webinars, all of which saw strong attendance. V. Gillis concluded her speech by welcoming the AVP of Creditor Insurance at CIBC, and CIBC’s Board representative with CAFII, Konstance Allain, to make some opening comments.
On behalf of CIBC, K. Allain welcomed attendees. She discussed the bank’s long and notable history, emphasizing the importance of insurance and CIBC’s support for Canadians. K. Allain then spoke about CIBC Square and its enduring history. She also reiterated the significance of CIBC’s relationship with CAFII. She then asked Mark Hardy, Vice President of Insurance at CIBC, to introduce the night’s keynote speaker, Janet Sinclair, CEO of the Insurance Council of BC.
After a brief introduction by M. Hardy, J. Sinclair began her speech. She thanked CIBC and CAFII for the opportunity to talk to industry members about the Insurance Council of BC’s many regulatory initiatives and priorities. So, how does the Insurance Council approach regulatory issues? J. Sinclair explained that the answer can be found in the balance between industry and government, innovation and discipline. This dichotomy is crucial to the Insurance Council’s governance philosophy.
In 2025, the Insurance Council carried out numerous practice and compliance audits to assess whether all requirements were being met and to identify areas where licensees lacked understanding. These audits facilitated additional training and, when necessary, disciplinary action. The Insurance Council then used the results from its audits to create guidance.
J. Sinclair stated that the Insurance Council will keep working with industry to share vital information to promote success. Improving communication channels is very important to the Insurance Council.
In short, the Insurance Council wants to be proactive rather than reactive. It wants to move beyond disciplinary actions to provide supportive options.
As a regulator, the Insurance Council faces a few challenges. The rapid pace of change and the rise of AI require the government to reconsider its definition of effective regulation. The Insurance Council does not want to stifle innovation; however, it must maintain consumer protection. J. Sinclair asked how government can adapt to support industry and consumers without creating gaps in protection. She noted that, when done correctly, leveraging new technologies can help with risk management.
J. Sinclair stated that, as a regulator, there is always work to be done. This year, internal trade barriers have become a growing concern. Inefficiencies in the insurance industry are another issue. The Council is working closely with industry to ensure that government supports rather than hinders competition. Additionally, engaging stakeholders remains a key goal.
Harmonization continues to be a growing topic of interest across Canada. The Insurance Council understands this and is working to develop a clearer understanding of what it entails for the industry. Recently, the Insurance Council concluded a consultation on a set of rules that will be presented to the minister. J. Sinclair stated that when discussing harmonization, its challenges must also be acknowledged. Different jurisdictions have access to varying levels of resources; smaller ones often face greater difficulties in terms of finance and personnel. Supporting smaller entities is crucial to facilitating labour mobility. All of this requires the government to amend legislation to promote greater consistency and harmonization across the country.
The RIA Regime is another area of interest. J. Sinclair mentioned that it has been a work in progress for six years, with the Insurance Council responsible for its development and implementation. Government must determine which businesses and insurance policies are covered under the regime. The regime needs to be comprehensive. While there is no official publication date, the Insurance Council anticipates a one-year implementation timeline. Once finalized and approved, the Council is confident it can roll out the Regime quickly.
In addition to labour mobility and the RIA Regime, the Insurance Council is developing a travel insurance-only license. Consumers want to buy a complete package rather than multiple individual policies; the Council seeks to facilitate providing this to BC residents.
J. Sinclair concluded her speech by noting that the insurance industry is dynamic and constantly evolving. The Insurance Council recognizes this dynamism and wants to honour it.
V. Gillis thanked J. Sinclair, emphasizing the commonality between government and industry.
At this point, the Q&A session began. The first question was asked by CAFII’s Executive Director, Keith Martin, who inquired about how the insurance council might use AI and new technologies. J. Sinclair responded that, although emerging technologies are increasingly incorporated into the workplace, the Insurance Council always relies on humans to verify any AI work. She explained that the regulator employs AI for investigative tasks; when dealing with a document hundreds of pages long, AI can assist with sorting and summarizing relevant information. Drafting extensive reports is another area where AI is beneficial. Finally, it can increase the organization’s capacity to support employees.
An attendee asked about the seemingly prescriptive approach to the drafted RIA Regime and if J. Sinclair could comment on this decision. J. Sinclair explained that the Insurance Council consulted the four other RAI regimes already in place to assess what has been successful and what has been burdensome. It concluded that standardized training must be mandatory and that the regulator must establish those necessary standards. Consistent principles across training are essential to maintain consumer protection.
V. Gillis thanked J. Sinclair. She then pulled names for the holiday draw. The evening resumed with drinks and appetizers.
