Insurance Committee

The Insurance Committee is a Board Committee established pursuant to Section 2.11 of By-Law No. 1. The Committee shall 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 Premium Stabilization 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 appointed by the Board of Directors and at least one other director. The Chair may recommend the appointment of non-directors to the committee.

Ashwani Bhardwaj

Steve Bailey
Steve Boxma
Rose Leroux – Non Director
Harjit Singh Khalsa – Non Director

External Consultant(s):
Joe Tontini, Alternative Risk Services
Ryan Durrell, Alternative Risk Services

Staff Participation:
Michael Beard, CEO
Mike Prime, Vice President, Corporate Services (Interm)
Ruth Garrett, Director, Insurance Programs
Andria Cordovez Mulet, Manager, Office of the CEO/Executive Assistant

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 regulations 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 (preferably quarterly), 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 opitions
  • To monitor the activities of the insurance program trust accounts including the Premium Stabilization 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 Premium Stabilization Fund and Administration Fund, for Board approval
  • To recommend target amounts for funds within the Premium Stabilization Fund
  • To develop criteria for use of the money within the Premium Stabilization Fund, for Board approval
  • To recommend when Premium Stabilization Funds 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

Facebook Twitter Addthis Google+ LinkedIn Email Print PDF Online
  • Look up a Real Estate Salesperson, Broker or Brokerage

  • MyWeb Login

  • Submit your nomination for RECO