Industry veteran no longer with insurance regulator

Industry veteran Tim Bzowey, most recently executive vice president of auto/insurance products with the Financial Services Regulatory Authority of Ontario (FSRA), is no longer with the regulator.

“We would like to express our sincere thanks to former executives Caroline Blouin (executive vice president of pensions) and Tim Bzowey (executive vice president of auto/insurance products), who both made valuable contributions that were instrumental in the launch of FSRA and the development of our regulatory approaches,” FSRA said in a statement Monday. “We wish Caroline and Tim all the best in their future endeavours.”

FSRA did not provide a reason for Bzowey’s departure.

FSRA announced Glen Padassery as acting executive vice president of auto/insurance products and Andrew Fung as acting executive vice president of pensions.

Bzowey was a member of the inaugural executive team co-leading a cultural transformation at FSRA, which took over regulatory insight from the Financial Services Commission of Ontario June 2019.

Prior to that, he was a member of Aviva Canada’s executive committee as senior vice president of RBC partnership from 2016 to 2018. Aviva Canada and RBC Insurance signed a 15-year strategic agreement, which included Aviva’s purchase of RBC General Insurance Company, in January 2016.

Bzowey also spent more than 12 years at RBC Insurance, as well as years in sales roles with RBC and RBC Wealth Management.

During the transitional period, Padassery will serve as acting executive vice president (EVP) of auto/insurance products and EVP of policy and chief consumer officer.

“Glen is the new acting EVP, but he has been overseeing auto policy, including acting as a key liaison to the Ministry of Finance, since FSRA was launched,” the regulator told Canadian Underwriter. “He has led the auto/insurance policy team since the launch and has been actively involved in key elements of the [auto/insurance policy] work during that time (strategy, rules, guidance, etc.).”

In addition to acting as the key liaison to the finance ministry, Padassery is also the primary liaison with external regulatory stakeholders. He has extensive policy and consumer protection expertise and experience in the public sector, formerly as assistant deputy minister of Consumer Protection Ontario with the Ministry of Government and Consumer Services.

Throughout his career, Padassery has held senior leadership roles with several provincial ministries. His responsibilities spanned the policy spectrum — from provincial policy and execution, to overseeing administration of consumer protection and public safety legislation, to leading consultations and policy recommendations.

FSRA told CU it “will be engaging in an external recruitment process.” It added it “will not be commenting beyond our statement.”

Asked for further information about the executive changes, in its statement, FSRA said “these changes address our perceived needs for organizational development, but do not alter our commitment to our plans and strategies to forge a strong path as an effective regulator.”

The regulator told CU its operational priorities for the 2023-24 year remain the same. It will continue to implement its key initiatives and priorities — including the auto insurance rating/underwriting strategy, fraud and abuse strategy, and supporting the government on its budget commitments to auto reform.

 

Feature image by iStock.com/alexsl