Insurance Committee

The purpose of the Insurance Committee is to monitor the RECO professional liability insurance program (Errors and Omissions Insurance, Consumer Deposit Insurance, and Commission Protection Insurance), including claims experience, program coverage and administration. It shall also monitor the insurance trust funds created as part of the RECO insurance program — including the Program Stability Fund, Premium Fund and Administration Fund — ensuring that the use of these funds is transparent to RECO registrants on an ongoing basis.

Chair and Membership

The Insurance Committee consists of a Chair and at least two other directors. This Committee normally has at least 5 members. The Committee may recommend the appointment of non-directors to the Committee.


Ashwani Bhardwaj
Frank Dattilo
Tony Ma
TBD, Non-Director/Registrant
Jody Lavoie, Ex-officio

Staff Participation:
Michael Beard, CEO
Logan Atkinson, General Counsel & Corporate Secretary
Ruth Garrett, Director, Insurance Programs
Siân Williams, Corporate Counsel
Andria Cordovez Mulet, Manager, Board Operations

Duties, Functions or Responsibilities

    • To recommend policy changes related to the insurance program to the Board of Directors
    • To recommend, as required, potential changes to REBBA 2002 regarding insurance requirements for the Board’s consideration as potential consultation items
    • To monitor changes in the insurance marketplace and the insurance regulatory environment for potential impact on the insurance program and report to the Board of Directors
    • To review claims experience on a regular basis, and to evaluate claims trends with the insurance brokers, underwriters, claims counsel and claims adjusters or other program partners as required
    • To monitor changes in the real estate environment, its potential impact on the insurance program, develop a risk management strategy for RECO registrants, and coordinate education initiatives focusing on loss prevention
    • To consider insurance program renewal strategies and recommend coverage, contribution and rate changes to the Board of Directors on an annual basis
    • To review insurance program related issues from consumers, RECO registrants or other program stakeholders
    • To continue review of the insurance program, including long-term objectives and options
    • To monitor the activities of the insurance program trust accounts including the Program Stability Fund, the Administration Fund and the Premium Fund following the issuance of the Annual Financial Statement
    • To recommend the annual contribution amounts per registrant to be attributed towards the Program Stability Fund and Administration Fund, for Board approval
    • To recommend target amounts for funds within the Program Stability
    • To develop criteria for use of the money within the Program Stability, for Board approval
    • To recommend when Program Stability should be used to offset premium increases or reduce (or even eliminate) insurance premiums paid by program participants, for Board approval
    • To engage consultants, advisers and actuaries as required, with Board approval
    • To liaise with RECO’s insurance consultants, brokers, advisers and actuaries regarding all of the above
    • To report to the Board of Directors on its activities in a timely manner, and to take direction from the Board


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