Terms of Reference
The Board of Directors (the Board) of the General Insurance Statistical Agency (GISA) has established a Statistical Plan Committee (the Committee) to assist the Board in fulfilling its oversight responsibilities pertaining to the collection, analysis and reporting of the statistical plan data and financial information.
B. FUNCTIONS OF COMMITTEE
The Committee will oversee, provide advice and make recommendations to the Board on:
B.1 Oversight of GISA’s Data Collection, Analysis and Reporting of Statistical Plan Data and Financial Information
• Reviewing the Quarterly Report on data management and exhibit production provided by GISA’s statistical service provider;
• Providing recommendations and feedback on projects established to improve the quality, accuracy, accessibility, reliability and timeliness of the statistical plan data and financial information;
• Providing feedback on the action plans and assessment/evaluation tools related to the Data Quality Processes, Actuarial Resources, and Technology components of strategic initiatives or projects;
• Ensuring collaboration, as required, with appropriate GISA Board Committees regarding the procurement of any necessary consulting services;
• Ensuring that project plans and terms of reference for the initiatives or projects reflect the Board’s objectives; and
• Providing advice and recommendations to the Board based on the implementation of initiatives and overseeing the implementation of recommendations approved by the Board.
B.2 Oversight of the GISA’s Technological Projects and Issues
• Monitoring progress of the GISA’s technological projects as it relates to the collection, analysis and reporting of statistical plan data and financial information;
• Providing advice and recommendations to the Board on the projects and overseeing the implementation after the Board’s approval; and
• Providing advice and recommendations to the Board on systemic issues affecting statistical plan data and financial information integrity.
The Committee shall be responsible for any other duties requested by the Board.
The Committee will be comprised of seven members, including: (a) five Board Directors, at least three of whom are Member Directors; and, (b) two representatives of Rate Boards or a regulatory authority responsible for rate review or approval in jurisdictions participating in GISA.
C.2 Working Groups and Ad Hoc Sub Committees
The Committee may establish working groups and ad hoc sub committees, as necessary, in the performance of their responsibilities.
As required, the Committee will seek advice from the Industry Advisory Committee to bring required industry expertise.
C.3 Committee Appointment
The Chair of the Committee will be appointed by the Board, from among the members of the Committee that are Board Directors, for a term not exceeding three years, and may be reappointed.
Members of the Committee will be appointed by the Board for terms not exceeding three years pursuant to the following nomination process, and may be reappointed:
• Nominations for Committee membership will be made by members of the Board.
• Nominations for membership of representatives of Rate Boards and regulatory authorities responsible for rate review or approval will be made by members of the Board who are Member Directors in consultation with the Rate Boards or other regulatory authority in their jurisdiction.
The Secretary of the Committee will be the GISA Statistical Data Lead.
C.4 Quorum and Voting
Four members of the Committee shall constitute a quorum and decisions shall be made by majority vote.
C.5 Meeting Schedule
The Committee will meet or participate by conference call on a quarterly basis or more often if requested by the Board or Committee Chair. The GISA Statistical Data Lead, as Secretary of the Committee, will notify members of the timing of meetings.
The Chair will present regular reports on the outcome of meetings and Committee recommendations to the Board.
C.6 Attendance and Substitution
Substitutes may attend meetings of the Committee with the consent of the Chair but will not be able to vote.
D.1 Conflict of Interest
Every member who is in any way in a potential or actual conflict of interest must declare such interest and refrain from voting. Conflict of interest includes, but is not limited to, any situation or circumstance where a member has, directly or indirectly, any interest in a contract or arrangement or proposed contract or arrangement with the Corporation, or where the member’s other commitments, relationships or financial interests could or could be seen to exercise an improper influence over the objective, unbiased and impartial exercise of his or her independent judgment.
Members of the Committee may be asked to hold certain information confidential. When asked to do so, all information and material provided by the Board of Directors or other party shall not be discussed with or disclosed to any third party who is not a Committee member or Chair approved substitute.
The Committee, ad hoc sub committees, and Working Groups will be governed by the principles articulated in the Board-approved Code of Conduct for Directors posted on GISA’s website.
D.3 Amendment of Terms
These Terms of Reference may be amended from time to time, if necessary (e.g., based on legislative or regulatory changes or a development in a strategic initiative plan). Any changes to the Terms of Reference must be approved by the Board of Directors.
E. PERFORMANCE REVIEW
At least once a year, the Committee shall review the Terms of Reference and assess individual and collective effectiveness in the performance of the Committee’s duties.
Approved April 2017