Assuris needs to ensure the retention of corporate knowledge and expertise in the resolution of life insurance companies. As experts, Assuris understands the importance of transferring knowledge to all employees to ensure the organization is prepared for future challenges.
Every three years, Assuris updates its strategic direction. The strategic direction provides strong and effective guidance to management from the Board of Directors. Over the next three-year planning cycle, the implementation of IFRS 17 will be a strong focus of the strategic direction as it will have a major impact for the industry and Assuris. The strategic direction will also integrate other areas of focus for the organization which includes advocating for solvent resolution options and succession planning.
Assuris is working with l’Autorité des marchés financiers’ on a revision of the Guide to Intervention for Quebec-Chartered Life Insurers and Assuris Member Companies. Assuris will develop a better understanding with l’Autorité des marchés financiers receivership legislation that can be used for the solvent resolution of a member company in Quebec.
Assuris has been meeting and consulting member companies and other stakeholders to get a better understanding of IFRS 17 and its impact on the life insurance industry. The transition to IFRS 17 will bring challenges for the industry and potential new solvency concerns for Assuris.
Assuris implemented a progressive human resources strategy to attract and retain staff and to promote a collaborative work environment. Assuris reconfigured its office space to aid in the implementation of this strategy. Assuris’ work is project focused, team-based and collaborative in nature, the new work environment is better suited for staff to complete and excel in their work.
As part of developing staff and succession planning for executives, the management team prepared and implemented the 2018 Annual Plan. This plan allowed the management team, under the direction of the executives, to develop the corporation’s annual plan and ensure that it advances the corporation’s mission.
Assuris completed a resolvability analysis and prepared a summary report to be shared with the supervisor. This initiative helped identify the information needed from companies, as part of their regular filings, and areas where resolvability could be improved.
Develop an implementation plan for the transformation of industry information – IFRS 17 including the redesign of the risk detection and resolution analysis, the advocacy with regulators and members and, the human resources strategy for training and education of Assuris employees, managers, executives and directors.
Assuris developed an implementation plan to address the tasks and issues that will arise with the implementation of IFRS 17. This plan involves implementing redesigned risk detection and resolutions analysis, advocating with regulators and members for good risk disclosure and, training and education of Assuris employees, managers, executives, and directors.
Assuris developed a Cooperation Agreement with the Property and Casualty Insurance Compensation Corporation (PACICC) to encourage the cooperation between the two organizations. The Cooperation Agreement outlines a framework for Assuris and PACICC to discuss the principles of resolution as well as provide the opportunity to share non-company specific information and discuss general approaches to resolution.
Assuris’ work is project focused, team based and collaborative in nature, the new work
environment is better suited for staff to complete and excel in their work.
Gordon M. Dunning
President & CEO, Assuris