FSCO restrictions part of Kistruck departure: Star

Restrictions placed by Ontario’s insurance regulator were part of the decision by York Fire & Casualty CEO Stu Kistruck to exit his job, says Bill Star. Kistruck’s departure, which became official on Friday, leaves Star, CEO of parent company Kingsway Financial as CEO of the subsidiary in the interim.
Kistruck currently faces charges from provincial regulator the Financial Services Commission of Ontario (FSCO) stemming from his former role as CEO of Pilot Insurance Co., when the company had to restate its financials after a reserve shortfall was discovered during an audit investigation.
“Stu was very restricted by FSCO and also he would be required to take a lot of time off to defend himself [against the charges],” explains Star of Kistruck’s reasons for leaving. As a result of the FSCO charges, Kistruck was restricted in his ability to do such things as sign-off on financial statements.
However, former Pilot CFO Colin Simpson, who is also facing FSCO charges related to the same investigation, will be staying on in his new role at York, Star confirms. Simpson is facing much less restrictions on his ability to do his job, Star explains, adding that he is very happy with Simpson’s work.