A Year in Review: Commitment to Self-Governance and Due Diligence
As we reflect on 2024, SSRU remains committed to upholding the highest standards of self-governance and due diligence. As an intermediary, we recognize the importance of trust in every transaction. Our role requires accountability, transparency, and adherence to best practices that align with the expectations of our industry partners.
Adherence to Regulatory Standards
SSRU aligns with the regulatory expectations of our partners as reflected in OSFI’s B-10 Outsourcing Guideline. Comprehensive assessments evaluate potential risks associated with critical outsourcing, including data security and service continuity. Our due diligence processes ensure that all service providers meet established standards, with contractual provisions addressing risk management, regulatory compliance, and audit rights to maintain oversight and accountability.
Sanctions screening protocols are fully integrated into underwriting and claims processes, ensuring compliance with international regulatory frameworks. We conduct sanctions checks against globally recognized lists from Canadian, U.S., U.K., and United Nations authorities, mitigating exposure to restricted entities and reinforcing adherence to industry standards.
At the provincial level, SSRU voluntarily maintains licensing across all Canadian jurisdictions, including Quebec and the territories. This commitment to licensing reflects our dedication to regulatory alignment, transparency, and self-governance. Through ongoing education programs, we ensure our team remains informed on evolving industry best practices and regulatory developments.
Internal Compliance Framework
Compliance is embedded in every aspect of our operations. SSRU maintains a structured compliance library, regularly updated to align with evolving regulations and best practices. Every team member is held to the highest ethical and regulatory standards, ensuring that we meet and exceed industry expectations.
All underwriters and executive staff complete specialized training in key areas such as Anti-Money Laundering (AML) and Ethics in Underwriting, as well as technical and management courses designed to enhance critical skill sets. These programs complement our existing training initiatives, reinforcing our commitment to continuous learning and regulatory awareness.
Financial Transparency & Trust Account Management
SSRU employs both a CFO and a Financial Controller, who together have over 40 years of experience in the financial services industry and hold, respectively, a master’s degree in international finance and a CPA designation.
SSRU upholds the highest fiduciary standards, ensuring the integrity and protection of client funds through clearly segregated trust accounts. Our Premium Trust Accounts, Claims Trust Accounts, and Operating Accounts are closely managed, with monthly reconciliations and detailed financial reporting shared with stakeholders. As part of our commitment to financial diligence, we maintain dual signature requirements for transactions meeting established thresholds.
We prioritize the accurate and timely remittance of premiums to carriers and the prompt payment of claims. Automated systems reduce errors, ensuring precision and efficiency in reporting. Transparent, comprehensive premium and claims bordereaux are provided to our partners, reinforcing our commitment to financial integrity.
Operational Excellence & Oversight
In 2024, SSRU underwent six audits conducted by insurers, reinsurers, and a standard RIBO Spot Check. These audits examined underwriting, systems, claims, reporting, and financial controls. Each concluded with positive findings, reaffirming the strength of our governance and operational practices.
Fraud prevention and internal controls remain a core focus. Our processes are designed to detect and mitigate risks, prevent mismanagement, and ensure financial stability. These controls are continuously reviewed and strengthened to uphold the highest standards of governance.
Additionally, we continue to invest in our proprietary Foundation™ system, which provides full transparency across all business functions, from quoting and binding to claims management and accounting. By integrating these operations within a single platform, we enhance oversight, efficiency, and accountability.
Looking Ahead
As we move into 2025 and beyond, SSRU’s commitment to self-governance, regulatory alignment, and operational excellence will continue to define our approach. We remain dedicated to ethical business practices, investing in our team, and ensuring that every decision reflects the highest industry standards.
Our role as an intermediary is to provide value through expertise, diligence, and responsible management. The strength of our foundation allows us to navigate industry challenges while maintaining a focus on continuous improvement.
We appreciate the trust our partners place in us and look forward to continuing this journey together.
Stephen Stewart
President and CEO