The Canadian Association of Insurance Reciprocals has recently formed to serve as the collective voice of insurance reciprocals across Canada.
The not-for-profit association's mandate includes raising awareness of the value of insurance reciprocals and representing its members' interests to governments, and others.
The founding members include:
- the MEARIE Group;
- Ontario Municipal Insurance Exchange;
- Canadian Universities Reciprocal Insurance Exchange;
- Ontario School Boards' Insurance Exchange; and
- Healthcare Insurance Reciprocal of Canada.
At its first board meeting on Nov. 1, 2010, the association elected its executive:
- Chair: Peter Flattery, president and CEO of Healthcare Insurance Reciprocal of Canada; Vice chair: Charlie Macaluso, CEO of the MEARIE Group; and
- Secretary-treasurer: Jim Sami, CEO and attorney-in-fact, Ontario School Boards' Insurance Exchange.
Membership in the association is open to all not-for-profit insurance reciprocals that are licensed to operate in Canada.
An insurance reciprocal is an unincorporated group of organizations, in a similar sector or industry, with similar risks that agree to share those risks and to share in each other's losses. They are provincially licensed insurers and, as not-for-profit organizations, do not pay income tax or brokerage fees.