I am delighted to be joining the Assuris team at this important time for the life insurance industry. This past year tested our resilience and responsiveness – as an industry and as individuals. We all adapted and innovated to deal with the uncertainty created by the global pandemic and anticipated changes within our industry. Throughout this difficult year, our members continued to serve and support their customers, helping millions of Canadians deal with the health and financial challenges they face in these difficult times. These realities are, of course, still with us in 2021. But I am confident that our industry will continue to do its utmost to help and protect Canadians.
I am very proud of our team at Assuris, who have risen to the challenges of the past year while continuing to deliver flawlessly on our mission to protect policyholders in the unlikely event that their life insurance company fails. Equipped with our internal expertise and strong partnerships with stakeholders, we are well-positioned to continue to meet the needs of members, regulators and Canadian policyholders.
I began my tenure as President & CEO meeting with member companies, regulators and other stakeholders to better understand their needs and priorities. At these meetings, I also shared Assuris' priorities for the coming year, including our commitment to achieving the appropriate diversity among our employees and our Board of Directors.
Equipped with our internal expertise and strong partnerships with stakeholders, we are well-positioned to continue to meet the needs of members, regulators and Canadian policyholders.... including our commitment to achieving the appropriate diversity among our employees and our Board of Directors.
While Assuris has always had strong support from our industry and regulatory partners, we are committed to further strengthening these relationships. We believe there is an opportunity for Assuris to be a conduit for industry information and best practices on solvency-related matters among members, such as the transition to IFRS 17 and cyber risk. We will continue to build trust and confidence with our stakeholders and contribute to a more effective and robust system to protect Canadian policyholders.
Like all our members, we at Assuris are also preparing for IFRS 17. We are identifying potential solvency issues under these new standards and the potential impact on our members. We are also developing our understanding and training our team on the new accounting standards. Assuris is ready to help facilitate the industry’s transition to IFRS 17.
Finally, Assuris remains focused on being resolution ready. This means that, should the need arise, we will respond quickly to support a low-cost timely resolution that maintains confidence in the industry and protects Canadian policyholders from significant financial losses. We are always testing and improving our resolution strategies and developing and strengthening our resolution options and tools. We also regularly develop case studies and conduct simulations with our Board and regulatory partners to test our knowledge and identify any potential gaps in an already robust system.
These priorities guide our work in the year ahead. Together with our members and regulatory partners, we will continue to protect Canadian policyholders.
In closing, I want to say a heartfelt thank you to my predecessor, Gordon Dunning, for his unparalleled contributions to the success of Assuris since its inception over 30 years ago. I would also like to express my gratitude to the Board and staff at Assuris for their warm welcome and support as I assumed the role of President & CEO.
President & CEO