Governance

 

      

BACKGROUND

GENERAL INSURANCE STATISTICAL AGENCY (GISA)

THE AGENCY

The GENERAL INSURANCE STATISTICAL AGENCY/AGENCE STATISTIQUE D'ASSURANCE GENERALE was incorporated as at June 28, 2005 as an independent legal entity under the Canada Corporations Act – Part II to carry out the activities of a statistical agent on behalf of all participating Canadian jurisdictions.

In this capacity, GISA has the ability to enter into contracts, collect revenue and incur operating and capital costs related to the activities of a statistical agent. 

 

GISA’s Mandate

The mandate, or purpose, of GISA is to collect, and make available, required statistical information to support a healthy, accessible and responsive marketplace for property & casualty insurance.  GISA’s mission is to provide effective oversight of the statistical plans and related insurance data,  and to ensure that timely, reliable and accurate information is efficiently produced.

 

GOVERNANCE

GISA has established the following governance structure to fulfill its mandate and carry out its activities:

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Board of Directors

GISA’s governance structure consists of a tripartite Board of Directors of up to 13 members comprising of regulators, industry representatives and public representatives.  

 

Board Committees

Three Board committees, an Executive Committee, a Finance and Audit Committee, and a Statistical Plan Committee, have been established to provide stewardship and strategic management of the agency.  In addition, and Industry Advisory Committee has been established reporting to the Statistical Plan Committee.

 

 

Executive Committee

The Executive Committee provides ongoing oversight and direction in the operation of the agency and the Secretariat.

 

Finance & Audit Committee

The Finance & Audit Committee reviews, provides advice and makes recommendations to the Board of Directors on:

a)     External Audit

        The Committee is responsible for overseeing the external audit process, including:

              i)       Recommending the appointment of an external auditor and the terms of  the engagement to members;

              ii)      Reviewing any non-audit services provided to the Agency or its service provider by the auditor;

              iii)     Discussing the audit plan and scope with the external auditor and management;

           iv)Receiving the external auditor’s report and meeting with the external auditor and management to discuss

                  audit findings and management responses;

b)     Internal Control and Risk Management

     The Committee assesses and makes recommendations regarding:

           i)      The significant operation and financial risk exposures faced by the Agency,

            ii) The adequacy and effectiveness of the internal control system maintained by management to ensure the

                      efficiency and effectiveness of operations;

               iii)     The reliability of financial report, and compliance with legislation and regulation;

 

 c)     Financial Performance and Planning

         The Committee reviews financial plans and results with management and any relevant exgternal parties to ensure that

         they reflect Board policies and priorities.  Responsibilities include:

              i)       Recommending the annual budget to the Board and reviewing proposed in-year changes;

              ii)      Reviewing with management its performance targets,operating and capital budgets, and assessment of

                      results compared to budget;

              iii)     Reviewing the terms of the contract with the serviceprovider, the performance under this contract, and

                       management’s recommendations for anyperformance sanctions;

              iv)     Reviewing the terms of staffing arrangements for  the Agency Secretariat;

              v)      Recommending and reviewing a mechanism for recovering costs of the Agency’s operation;

              vi)     Reviewing officers’ and directors’ expense summaries;

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Statistical Plan Committee

The Statistical Plan Committee oversees, provides advice and makes recommendations to the Board of Directors on:

1.               GISA’s Data Rationalization Strategic Initiative;

2.               GISA’s Data Collection, Analysis and Reporting Strategic Initiative;

3.               the non-financial aspects of the Technology Renewal Program; and

4.               any other issues as requested by the Board of Directors.

The Statistical Plan Committee functions both in response to requests from the Board, and on a proactive basis providing advice and recommendations on the operation of the statistical plans and on data requests.

  

Industry Advisory Committee

The Industry Advisory Committee, established by the Statistical Plan Committee, operates as an ad-hoc Committee. 

The Committee’s mandate is to provide advice on technical and business issues pertaining to the mandated statistical plans (Automobile Statistical Plan, the Commercial Liability Statistical Plan for Ontario, and the Ontario Statutory Accident Benefits Statistical Plan) and other statistical data as requested by the Statistical Plan Committee.

 

This governance approach establishes a direct accountability link between the statistical agency, the provider of statistical plan services to the agency and its stakeholders.  It provides provincial and territorial regulators with control over the Statistical Plans and clarifies that the integrity of the data assembled is ratified by a body independent of the industry. In short, this governance structure best serves the industry and the public interest.  

 

 


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