2023 P&M Book : simplebooklet.com

Greetings & Welcome to the2023 Presidents & Managers MeetingChair, Neil Shay’s theme this year is Always Building. Wherever you and your organization t into the grand design of the mutual system, chances are you have built (or rebuilt) some part of it. It might be more accurate to say that you have worked with others to brainstorm, plan, fund, research, test, or pour the foundations for something uniquely “mutual” that benets mutuals and their policyholders.The reality is that as much as we take pride in our independence and our own mutual story, we don’t have to read too far into our history before the theme of cooperative values and working together becomes clear. During the Presidents & Managers Meeting, we’ll put these values back to work. In the pages that follow, you’ll see detailed information on a wide range of efforts from our members, our association, our reinsurer, and our partners in 2023 to keep mutuality alive and well.In our sessions and time together, we hope you’ll renew acquaintances, strengthen connections, stay informed, and add your voice to discussions on important issues.When speaking on his theme, Neil often also uses the term “relentless optimism”. This hopeful attitude is a vital part of any “building” project; It’s also an attitude that grows best with support and teamwork.Whether this is your rst P&M, or whether you’ve been to so many you have lost count, we hope you are here to help build something we can all be proud of.See you in London!Mutually yours,John TaylorPresident, Ontario Mutual Insurance Association

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The Fire Mutuals Guarantee Fund (FMGF) was formed in 1976. The creation of this fund enabled farm mutuals to discontinue use of the premium note.The FMGF is directed by a board of trustees elected by its members. The voting membership for the FMGF is the same as OMIA’s voting membership. The FMGF trustees are as follows: • Chair, Sharon Hollister (Germania)• Jodi Rich (Howard)• Glenn Taylor (Halwell)• Ross Lamont (Trillium)• Eric Harrop (Nova)The fund is an open-ended fund with a statutory minimum limit of $1M. The current balance is approximately $2 Million. In 2021, the members endorsed a proposal to create a funding target for the fund to grow to $3M. In the event of an insolvency, members would be assessed for the funds, over and above the balance, as necessary to meet the insolvent member’s obligations to policyholders. There has never been a call on the Fund.The fund agreement places the surplus of all 36 participating farm mutuals and Farm Mutual Re behind any one participant.Participants in the FMGF are exempt from the insurance industry guarantee fund PACICC (Property and Casualty Insurance Compensation Corporation). The FMGF provides a broad guarantee in that:• There is no deductible. • It covers all lines. • There are no caps on unearned premiums or claims.Guarantee Fund members are subject to a solvency protection process that has developed over 20 years with the cooperation of member companies. The process includes a series of solvency tests and quarterly reviews administered by the Financial Review Committee. Elements of this process, relating to reporting to FSRA is currently evolving as the FMGF Trustees and OMIA work with the Financial Services Regulatory Authority (FSRA) to determine how the mutual solvency regime will integrate with FSRA’s new Risk Based Supervisory Framework.October 2023

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Financial Review CommitteeNote: Due to the IFRS Accounting rules, the prior year data for Salus Mutual only contains that of Howard Mutual. Comparisons to prior year for Salus are not accurate. This factor also impacts slightly the aggregate comparisons.SummaryThe 2023 Returns are based on the new IFRS 17 accounting standard. As we gain further details of the results for the FMGF members, we are noting a number of matters that will be dealt with in accounting roundtables in September and October. The AAC is working diligently on the agenda items, with input and assistance from E&Y and PwC. Net Income for the rst six months of 2023 for the FMGF members was $24 million, for a Return on Equity of 3.4%. Although this is considerably improved over the Net Loss of $95.8 million for the same six-month period of the prior year, the ROE is lower than for the rst quarter of 2023. Insurance Result was positive in the second quarter rising to $27 million for the six-month period, with the gain for the last three months of $10 million. The Investment Result was almost unchanged at $44 million, compared to $41.8 million at March 31. Not included in either Insurance or Investment results are General and Operating Expenses of $41 million and Income taxes of $4.7 million. The change in the reporting of General and Operating Expenses results in a company possibly reporting both a positive Insurance Result and Investment Result but a Net Loss.Impact of IFRS-17There are several major changes resulting from the adoption of IFRS 17, specically:• Reduced Assets – Insurance Receivables and Deferred Acquisition Costs are no longer reported as Assets. Thus, Total Assets for the mutuals at year end 2022, on an IFRS 4 basis were $2.93 billion. This amount was reduced by approximately $450 million, to $2.48 billion on an IFRS 17 basis.• Reduced Liabilities - A similar, though slightly less reduction of $400 million in Liabilities was reported.• Total Equity, Residual Interest, was increased by approximately $50 million due to the accounting change.• Prot & Loss Statement – a large proportion of expenses that were included in the Underwriting Account under IFRS 4 are not part of the Insurance Result.As mentioned above, the second quarter generated a Net Loss of $7 million while the rst quarter was a Net Prot of $31 million. During the second quarter, the Insurance Result was $9.7 million while the Investment Result was $2.2 million. These positive results were offset by General and Operating expenses of $20.4 million. Other Revenue and a Recovery of Income tax accounted for the remainder. September 13, 2023To: Fire Mutual Guarantee Fund MembersFrom: Catherine MacLellan, Chair, Financial Review CommitteeSubject: FMGF - 2023 Second Quarter Results

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Financial Review Committee If General and Operating Expenses were included in the Insurance Result similar to prior years when included in the Underwriting Account the Insurance Result would have been a Loss for the first six months of the year of 13 million Insurance Results Under the new accounting standard the Insurance Result was a positive 27 million for the first six months of the year The first quarter accounted for 17 4 million while the second quarter was 9 6 million The estimated combined ratio year to June 30 is 95 36 Insurance Revenue gross was 583 million Reinsurance Premiums Paid were 70 million with an estimated Net Insurance Revenue of 513 million Insurance Service Expenses were 524 million with a 27 million positive Insurance result In comparison in 2022 the Insurance Result on an IFRS 17 basis was a positive 40 million Insurance Revenue is comprised of Premiums Received Change in UEPR and Service charges The P C return does nor provide a breakdown of the amounts but Direct Premiums Written were 611 million to June 30 2023 The Ratio of Direct Premiums Written to Equity is an estimated 0 85 to 1 0 Insurance Service Expenses for 2023 were 524 million compared to 518 million for the first six months of 2022 a marginal increase Gross Claims Incurred were 375 million in 2023 The following table outlines the Claims by major class of business for the first six months of 2023 Numbers except Ratios are in thousands of dollars Insurance Revenue Incurred Claims Reinsurance Premiums Recoverable Claims Net Premiums Received Net Claims Incurred Est Claims Ratio Insurance Service Result Property 331 406 233 620 51 080 37 007 280 326 196 613 70 3 270 Auto 204 180 131 191 21 473 4 908 182 707 126 283 69 12 704 Other 47 483 23 926 6 543 4 841 40 940 10 085 46 11 065 Total 583 069 388 737 79 096 46 756 503 973 341 981 68 27 039 Excluding Claims Insurance Service Expenses were 185 million for the first six months of the year Investment Result IFRS 17 was not related to the reporting of Investments or Investment income However another standard IFRS 9 which did relate to investments was applicable on January 1 2023 for those companies that had not previously adopted this standard Several FMGF members had delayed the adoption of IFRS 9 to coincide with IFRS 17 The impact of this standard is not expected to be material in terms of Income One of the options under IFRS 9 was to report Investments as Fair Value through Other Comprehensive Income No FMGF member selected this option

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Financial Review CommitteeThe Investment Result increased slightly to $44 million, from $41 million at the end of March. The Investment account includes Interest and Dividend Income, Fair Value Gains and Realized Gains. Investment Return was $51 million but was reduced by other components of the Investment account specically Net Finance Income (expenses) from Insurance Contracts and from Reinsurance Contracts held. Net Finance Expenses Insurance were reported by approximately half of the companies and totaled $9.3 million. Again, half the companies reported positive Net Finance Income from Reinsurance Contacts which totaled $1.97 million. Some details on the Investment Income are:Realized Gains FV Option Dividends Interest Net Investment IncomeBonds* -1,265 11,024 Incl. with FVEquities 2,500 21,635 8,255Other 105 831Total 1,120 33,490 8,255 48,336For Bonds, the FV Option Includes Interest Income as well as Unrealized Gains and losses for the bulk of the companies’ bonds which are valued at FV through P&L> In addition to the foregoing, Interest Revenue on Bonds not valued as Fair Value through Prot & Loss of $1.6 million. Ratio Analysis The FRC is reviewing the draft Early Warning Tests set for 2023 based on the IFRS 17 standard. We are also reviewing ratios used by insurance agencies such as MSA Research. We will be adopting and modifying the ratios for the third and fourth quarters. Minimum Capital Test The MCT Ratio at June 30, 2023 was 457%, down slightly from the rst quarter at 476%. Capital Required increased to $296 million, from $287 million, while Capital Available declined slightly to $1.35 Billion. The largest component is Capital Required for Market Risk at 48%. Insurance Risk increased slightly to $172 million, or 39% of the total. ConclusionIf you have any questions, do not hesitate to contact the FRC.

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Catherine MacLellan leads the solvency review process and reports to the Fire Mutual Guarantee Fund Trustees. She also reports at regular intervals to members. Catherine MacLellan is principal of her own consulting rm, Catherine MacLellan & Associates Inc. which was established in 1987. Clients have included both public and private organizations, including Statistics Canada, the Ofce of the Superintendent of Financial Institutions (OSFI), Financial Services Commission of Ontario (FSCO), IBM, the Ontario Mutual Insurance Association (OMIA), several private insurance and trust companies, and PricewaterhouseCoopers (PwC). In a joint project with PwC since 1989, Catherine has worked on the development, maintenance, and servicing of the various P&C Pro, Life Pro and Pension Pro products. Catherine began her career at OSFI where she spent thirteen years in the banking and property and casualty insurance sectors. She followed this with several years in a public nancial services company.Catherine began her work with Ontario Mutuals in 1994 as one of the inaugural members of a solvency monitoring committee created by the Guarantee Fund companies. This role evolved in 2001 to leadership of the Financial Review Committee (FRC). Working with FSCO and mutual system stakeholders, Catherine has been integral in developing and improving solvency monitoring and reporting for the Guarantee Fund companies. In 2023, Cathrine has provided in depth research into the reporting impacts of IFRS-17 conversion.Her research and analysis has been foundational in creating a stable conversion environment for statutory reporting. Catherine has been a member of OMIA’s Accounting Advisory Committee and has been an important contributor to the mutuals adoption of Prudent Person Portfolio, IFRS, Enterprise Risk Management, and Own Risk Solvency Assessment. In 2018 Catherine was recognized with OMIA’s Presidential Merit Award.Catherine MacLellan has an Honours Bachelor of Commerce degree from the University of British Columbia and is a Chartered Professional Accountant.Solvency Review

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In fact, your Mutual belongs to one of the most ﬁnancially secure networks in the world.The FMGF forms the bedrock of the Mutuals system in Ontario. Together with Farm Mutual Re and OMIA, the Fund delivers a unique and extremely secure business model.Through the values of “strength in unity” and “neighbour helping neighbour,” the Fire Mutuals Guarantee Fund guarantees all policyholders’ outstanding claims and unearned premiums in the event that any Mutual cannot honour them. This fund is backed by each of the Mutuals and Farm Mutual Re, thereby placing the surplus of all Member Mutuals behind any one. Policyholder protection is the Mutuals’ foremost goal.From Premium Notes to a Sophisticated Funding ModelFor more about the Fire Mutuals Guarantee Fund write to information@omia.com.THE PREMIUM NOTE FARM MUTUAL RE FMGF SOLVENCY EXAMINATIONPolicyholders may be assessed an additional amount on their premium if a Mutual’s annual losses are high. Concern: cumbersome for the Mutual; uncertain for the policyholder.Farm Mutual Re is established to spread risk and create ﬁnancial stability and underwriting capacity. Mutuals can now insure larger risks and grow with their policyholders. The Mutuals establish a $1,000,000 fund. Its purpose: to protect any Mutual policyholder in the event of any Mutual’s insolvency. The premium note can now be eliminated.The Mutuals and the regulator create an arms-length solvency self examination process. This proactive process provides a clear picture of solvency across the mutual system and strengthens policyholder protection.The underlying principles of the Mutuals have not been of proﬁt, but of cooperation and self-reliance. This theme has endured for well over 100 years and continues to this day.1800s to 1970s 1959 1976 2000In fact, your Mutual belongs to one of the most ﬁnancially secure networks in the world.The FMGF forms the bedrock of the Mutuals system in Ontario. Together with Farm Mutual Re and OMIA, the Fund delivers a unique and extremely secure business model.Through the values of “strength in unity” and “neighbour helping neighbour,” the Fire Mutuals Guarantee Fund guarantees all policyholders’ outstanding claims and unearned premiums in the event that any Mutual cannot honour them. This fund is backed by each of the Mutuals and Farm Mutual Re, thereby placing the surplus of all Member Mutuals behind any one. Policyholder protection is the Mutuals’ foremost goal.From Premium Notes to a Sophisticated Funding ModelFor more about the Fire Mutuals Guarantee Fund write to information@omia.com.THE PREMIUM NOTE FARM MUTUAL RE FMGF SOLVENCY EXAMINATIONPolicyholders may be assessed an additional amount on their premium if a Mutual’s annual losses are high. Concern: cumbersome for the Mutual; uncertain for the policyholder.Farm Mutual Re is established to spread risk and create ﬁnancial stability and underwriting capacity. Mutuals can now insure larger risks and grow with their policyholders. The Mutuals establish a $1,000,000 fund. Its purpose: to protect any Mutual policyholder in the event of any Mutual’s insolvency. The premium note can now be eliminated.The Mutuals and the regulator create an arms-length solvency self examination process. This proactive process provides a clear picture of solvency across the mutual system and strengthens policyholder protection.The underlying principles of the Mutuals have not been of proﬁt, but of cooperation and self-reliance. This theme has endured for well over 100 years and continues to this day.1800s to 1970s 1959 1976 2000

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Committee MembersChristine Van Daele, Westminster • Dave Paterson, Ayr • Kevin Konecny, K&E Jim DeJeu, Lambton • Catherine MacLellan, FRC • Bob Brown, Farm Mutual Re Amy Butler, Farm Mutual Re • Sharon Dittmer, OMIA • Susan Baker, OMIAAccounting Advisory Committee ReportChair, Andrea Schaefer, Axiom MutualMandate - To assist member companies in meeting requirements for audit and nancial reporting.Committee FocusThe Accounting Advisory Committee monitors the accounting and nancial reporting environment and develops solutions and approaches for member companies to address new and changing requirements. The areas covered include International Financial Reporting Standards (IFRS), statutory nancial reporting forms required by the regulators, requirements of the General Insurance Statistical Agency (GISA), taxation (both federal and provincial) – essentially any topic where the information required must be delivered to, or extracted from, the member company accounting and nancial systems. The committee is a liaison with the Financial Review Committee, the Accountants’ Roundtable, and key partners and nancial reporting experts. The Roundtable is composed of those member company staff and management who are responsible for nancial reporting and compliance.The committee also works closely with the Financial Review Committee in reviewing changes to solvency rules such as revised MCT calculations. This collaborative approach helps ensure that the implications of changes are understood and implemented consistently.In 2023, much of the committee focus continued to be on implementation of IFRS-17. IFRS-17 – “Going Live” The development of IFRS-17 has been a long, challenging, and often frustrating experience for Canadian insurance accounting professionals, as regulatory and standards bodies wrestled with creating the coherent and timely guidance required for implementation. While effective dates were pushed back several times, January 1 2023 became the critical milestone date for the insurance industry to be able to report under IFRS-17. As a result, 2023 has been a year of maximum effort for the Accounting Advisory Committee and mutual accountants in ensuring the mutuals’ IFRS-17 reporting is accurate, compliant, and valid for users including boards, management, policyholders, and regulators. The road to January 1, 2023 included a collaborative approach for mutuals, recognizing that the resources required for conversion were beyond the scope of individual companies. This collaborative approach included doing extensive research on how key decisions would be made and captured in position papers. This included grappling with new concepts and terminology such as policy aggregation, onerous contracts, liability for incurred claims, and liability for remaining coverage. Accounting Advisory 2023

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By working together, the Accounting Advisory Committee and Roundtable utilized their own experience as well as expert resources such as EY to create the foundation for successful implementation. Another important joint effort included creating a model for accessing group actuarial services. With innovative work from the OMIA Statistics team in formatting and pulling premium and claims data, it was possible to streamline and optimize the actuarial reporting required for each company under IFRS-17. Other important work in 2023 has included ongoing liaison with policy management system vendors, accountant’s workshops on P&C 1 preparation, creating IFRS-17 education and training, and ensuring two-way communication with the Financial Review Committee, the Financial Examination Committee, and FSRA on solvency reporting. In summary, 2023 has been an “all hands on deck” year for mutual accountants. There is more work to come, but the committee will continue to champion an “open source’ approach to the transition process.The committee’s example of leadership, collaboration, and accounting system process innovation was recognized at the Canadian Insurance Accountants Association (CIAA) 2023 Annual Conference when the Ontario Mutual Insurance Association - Accounting Advisory Committee was awarded the ‘Transformation Award’ for their work on IFRS-17 Implementation with the member companies of OMIA.Accounting Advisory 2023

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Committee MembersPaul Burns, Tradition • Shelley Deyo, North Blenheim • Marg Torrance, Halwell Tracy MacDonald, Trillium • Jodi Meiering, Ayr • Brenda Brooks (Kent & Essex) Tyler Kroetsch, OMAP • Jeff Ferguson, OMIA • Christine Senior, OMIABackgroundThe Auto Rate Filing Committee represents the group of OMIA companies that underwrite automobile insurance in Ontario and have elected to do a common ling with Financial Services Regulatory Authority (FSRA). This approach is a successful example of mutuals working together to pool expertise and leadership, create economies of scale, and make decisions in the best interest of member companies and policyholders.Mission: We provide auto insurance solutions and services uniquely tailored and priced to the need of customers in the mutual community Vision: To enable our member companies to be the insurer of choice in their respective communities Strategic Directions1. Grow Protably Increase Auto GWP and PIF, reduce Auto Loss Ratio by supplementing our expertise in our mutual communities with data-driven underwriting and rate segmentation insights using the combined scale of our member insurers. Improving the accessibility of our products to customers, agents, and brokers, while retaining our protable target customer base.2. Trusted Partner Maintain our role as a trusted partner to our policyholders with best-in-industry retention rates. Build on our reputation in our mutual communities through offering a thorough suite of automobile insurance products that meet the unique and diverse needs of our neighbours. Integrate OMAP within the Ontario Mutuals as a center of excellence for everything Auto – related.3. Strengthen People, Communication, and Culture Create and grow a best-in-class Auto team that supports our member mutual insurers. Perpetuate a strong feedback loop with our member mutual insurers and their distribution networks to facilitate business management and ensure our rates and rules reect our culture, values, and strategy.4. Adapt for the Future Invest in the technology required to be a leading insurer and develop a foundation to continue to evolve. Build exibility that enables a fast-follow strategy and supports increasing the scale of mutual auto business. Be willing to innovate in our target market, leading the industry with products for rural auto business.Auto Rate Filing 2023Auto Rate FilingCommittee ReportChair, Warren Ting, HTMMandate - To lead Member Companies in working together to create a sustainable and protable auto product offered at competitive rates to meet the unique needs of mutual policyholders.Rule #4In October 2022, OMAP was notied that our Rule #4 (Persons who will reside in areas not serviced by the company) was not in compliance with the Insurance Act. OMAP has applied for an exemption to the Superintendent of Insurance. To date, we continue to wait for a response from the regulators.

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Projects & Rate FilingsDate ActionsFebruary 1, 2023 Private Passenger, Commercial 0.0%September 1, 2023 Private Passenger 2.5%, Introduce Go Mutual rating factorFuture Dates ActionsJanuary 1, 2024 Private Passenger, 2.5%, Mandated OPCF 49 “Agreement Not to Recover for Loss or Damage from an Automobile Collision” (ling not yet approved)Looking Ahead2023 has been a busy and ambitious year for the Auto Rate Filing Committee. Research on a telematics insurance product for our mutuals is well underway with plans to introduce a telematics product in 2024. Rate lings continue to position us to remain competitive in the marketplace with an emphasis on improving growth and protability. There’s been an upgrade to our Individual Rated Commercial Automobile (IRCA) modelling to catch up to private passenger. We’ve also introduced the underwriting exceptions framework for members and increased emphasis on using documented exceptions to write good risks.In 2024, we’ll expand on data improvements including new opportunities to understand competitor rating intel through the purchase of Applied’s Data Warehouse, accessing closing rate data to better understand the types of business we are writing and not writing, along with gaining improved access to new business transactional data. Rate lings will continue including an IRCA rate ling using the updated modelling. Following FSRA’s guidance, work also continues on developing an Operational Risk Management Framework for OMAP that will trickle down to assist members as they develop their internal frameworks. Auto Rate Filing 2023

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Committee MembersKelly Jackson, Westminster • Linda Pereira, Lambton • Rocco Neglia, Dumfries Lisa Fazzari, Farm Mutual Re • Jon Hodson, Farm Mutual ReJanet Schmidt, OMIA • Susan Baker, OMIA • John Taylor, OMIAAutomobile 2023BackgroundThe Automobile Insurance Committee provides formal input to government consultations on potential changes to Ontario’s automobile insurance product. In reforms dating back over 30 years, Ontario’s automobile insurance product has been affected, often radically, by changes to either statute or regulation. Each of these changes has required detailed study and comment from the insurance industry, including OMIA.Many of the initial reforms in the 1990s focused on enrichment of statutory accident schedule benets and creating more stringent claims handling regulations, while at the same time creating a “no-fault” regime that placed limits on the right to sue for damages in tort. At the time this was seen as an attempt to shift more claims dollars to injury victims for direct treatment and out of pocket losses. Some described this as evolving the Ontario auto insurance system towards becoming a “social safety net”. Over time this has created a very generous insurance product with benets that exceed those of any other province in Canada. In addition, the stringent rules governing pricing, selection, policy terms, and claims processes have created a highly complex environment for both insurers and policyholders. This in turn has led to more involvement of legal counsel on behalf of policyholders and an adversarial environment for auto claims. The pandemic period from 2020 to late 2022 created a temporary downward “adjustment” to normal driving patterns, accident rates, and claims volume. This allowed the price of automobile insurance to remain stable and in some cases decrease. Nonetheless, the cost of auto insurance remained a signicant expense for Ontario households and drivers, and the affordability of auto insurance remained a public and political ashpoint.As the pandemic faded in late 2022 and into 2023, new threats to making auto insurance affordable emerged led by rampant ination on the cost of vehicle repairs and replacement, the advent of increased costs associated with new automotive “smart” technology, and a booming trend in vehicle theft and claims costs. These developments, and a return to pre-pandemic driving patterns and claims volumes, has kept the pressure on the government to continue to look for ways to “x” Ontario Auto. These efforts have crossed various ministries and have been less of a system-wide approach to reform than a narrow “issue by issue” approach. The report that follows summarizes the committee’s analysis and input to these issues in 2023.The License Appeal TribunalSeveral years ago, dispute resolution moved from the Financial Services Commission of Ontario (FSCO) to the License Appeal Tribunal (LAT). The LAT was an existing provincial body that adjudicated a wide range of disputes outside the court system. AutomobileCommittee ReportChair, Terry Knight, North BlenheimMandate - To develop OMIA’s position on auto insurance issues and communicate with the industry, regulators, and legislative ministries.

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Automobile 2023This move followed a recommendation from Justice Cunningham’s review of automobile insurance dispute backlogs and was seen as a positive move that could improve the effectiveness and speed of dispute resolution.Unfortunately, signicant issues arose following the move to the LAT, primarily related to delays in having cases dealt with, and the development of a huge backlog. The backlog was estimated at 17,000 cases at one point.From our standpoint, these delays were driven by parties bringing claims before the LAT being unprepared to exchange information, late production of witness lists, and half-hearted efforts to make pre-hearing case conferences effective. Adjudicators seemed to have limited ability or tools at their disposal to hold parties accountable to production schedules. A perception also developed that adjudicators were not as effective at dealing with the complex technical elements of statutory accident benet disputes, as opposed to other matters. OMIA has actively participated in the Insurance Bureau of Canada’s (IBC) LAT Working Group, which has put forward detailed recommendation to expedite dispute resolution. Given that much of this is outside the control of insurers, it remains essential that adjusters and counsel proactively investigate and settle cases, particularly those involving serious injuries. Being proactive and open to settlement in early stages typically can result in better long-term results and more effective reserve management.Territorial Rating In Ontario insurers are allowed to charge differential rates based on “territories”. They can only use a limited number of territories and must dene these in rate lings made with FSRA. The use of territories has always been considered an appropriate and fair way to identify and charge for the higher risks associated with driving in areas where accident frequency and severity is higher. Over the last several years there has been a loud debate led by MPPs representing the higher cost Toronto and GTA areas for auto insurance. The government has repeatedly indicated they wish to address territories but have not been specic as to whether this will involve banning the use of territories or whether it will allow an expanded and exible use of territories that might better represent risk allocation. OMIA has strongly advocated for the continued use of territories, as banning them will undoubtedly result in drivers in rural, lower trafc, areas subsidizing drivers in higher risk urban areas. We continue to await news on the direction the government will pursue.Towing and Storage – Fraud and AbuseExorbitant towing and storage fees following an accident have long been a concern to both vehicle owners and insures. This has only escalated in recent years with highly publicized incidents of coercion and illegal activity in the towing sector. In 2022, the Ministry of Transportation introduced a series of pilot measures in Toronto and the GTA to address concerns over fraud when towing and storage services are forced upon drivers at accident scenes. In 2023, further draft regulations to the Towing and Storage Safety and Enforcement Act were developed. OMIA’s feedback to the Ministry strongly supported these measures and encouraged a vigilant approach to enforcement. We continue to monitor these patterns closely and are hopeful that progress is being made on this longstanding problem. In a separate consultation on FSRA”s proposal to have more fraud data collected and submitted by insurers, OMIA called upon Tom Seaman of Halwell Mutual and Daryl Stevenson of South Easthope Mutual to provide input on the signicant burden in cost this would impose on small insurers. Optional Coverage for Direct Compensation Property DamageDirect Compensation Property Damage (DCPD) is a straightforward and mandatory coverage in Ontario auto insurance policies. The government felt that making this an optional coverage would allow consumers more choice and give them the potential to reduce the overall cost of their insurance.When this was proposed, OMIA strongly expressed concerns that allowing optionality would not save signicant costs for drivers and would result in consumers who may most need the coverage, deleting it without understanding the implications. Nonetheless, the Government has moved ahead, and OMIA has provided members with the required support in adapting forms and processes. A province-wide OMIA education roadshow in late 2023 will provide agents, underwriters, and adjusters with training on how to work

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with policyholders in understanding the new optional coverage environment. Driver and Auto Search History (DASH)For many years, the insurance industry relied upon a third-party information technology vendor to provide driver records and other information required to underwrite and price auto policies. This records access was commonly referred to as Auto Plus. Due to concerns with that system, the Insurance Bureau of Canada led a cooperative insurance industry effort to create a non-prot equivalent to obtain the same underwriting information. OMIA subscribed to this on behalf of members. DASH was launched in early 2023 and is a positive step in record security and cost efciency. “Take-All-Comers” In 2020, FSRA initiated a major supervisory initiative with a directive to the industry that they would strictly monitor and enforce the interpretation of the “take all comers” rule. This rule requires all insurers in Ontario to offer insurance to any qualifying applicant based on the insurer’s led rates and underwriting rules. In early 2022, all insurers were required to self-evaluate their compliance with Take All Comers. Twelve insurers who represented the bulk of the auto insurance premium written in Ontario were further tasked with a more detailed internal review and reporting protocol on ndings. While not part of the “top” twelve insurers cohort, Ontario Mutuals were expected to conduct a self-review and the Ontario Mutual Automobile Insurance Plan (OMAP) and the Auto Rate Filing Committee put together a toolkit and approach that allowed each mutual to understand their own compliance with Take-All-Comers and make an appropriate self-assessment. In August 2023, FSRA published the nal Take-All-Comers Thematic Review Report. This report reached the conclusion that there were marketplace practices that were longstanding and non-compliant and that, over time, this non-compliance became systemic. FSRA indicated that the sector had been largely successful in remediating identied non-compliance, but through enforcement actions FSRA levied signicant monetary penalties against two insurers. In the section of the report signaling FSRA’s future expectations, the regulator referenced its Operations Risk Management Guidance, the need for accountability at the leadership level, and the role of Principles-Based Regulation in ensuring fair treatment of consumers.Fair Treatment of Consumers – Market Conduct Examination for Automobile Insurance In conjunction with their efforts on Take-All-Comers, FSRA launched insurer examinations in 2022. This involved requesting comprehensive documentation from selected insurers with an assessment of the adequacy of each insurers policies, procedure, and controls as related to ensuring that all aspects of automobile insurance from application through to termination were fairly handled. The scope of this was broader than the more limited focus of the Take-All Comers Thematic Review. An Ontario mutual was selected as one of the companies to be assessed. With that assessment now complete, there has been an opportunity to share the lessons learned through the process and this has been extremely helpful for fellow mutuals in identifying opportunities for improved practices, processes, and documentation. Emerging Vehicles – Pilot Program In late 2022, the Ministry of Transportation launched a pilot program in some municipalities to allow automated vehicles such as 3-wheelers, electric low-speed vehicles, e-scooters, cargo-e-bikes, golf carts and large quadrant cycles to operate more freely on public roadways. In some specic pilot areas, the requirement for mandatory automobile insurance was exempted. There were several anecdotal reports of misperceptions that certain property coverages could be extended to these vehicles while on public roadways. In response to member concerns, OMIA provided written input to the Ministry pointing out the issues with the exemption and urging its reconsideration in the review process. Looking AheadOntario’s automobile insurance market remains uncertain, with protability challenges on many fronts. Changes to automobile insurance to reduce costs and improve consumer affordability have a long implementation period due to complexity and the need to ensure an orderly transition. The committee has discussed a range of potential reforms and will continue to provide a mutual perspective on any proposals for reform brought forward.Automobile 2023

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Committee MembersSteve Quinn, Cayuga • Jeff Howell, Bay of Quinte • Jennifer Allan, Farm Mutual Re Sharon Dittmer, OMIA • John Taylor, OMIAChair, Tracy Wintermute, WestminsterThe following chart summarizes the participation level in OMIA programs as at September 1, 2023.Individuals # CompaniesEmployees Life package –Life/LTD/AD&D1,383 46Short Term Disability 182 5Critical Illness 1,025 31Directors Life 176 25Dependant Life - Employees 1,128 46Dependant Life - Directors 168 25Directors AD&D 260 35Health Spending Account (HSA) 761 17Health & DentalPlan A - BasicPlan B - Basic & MajorPlan C - Basic & Major and Child OrthoTOTAL Health & Dental1001551,1931,4483123045PensionDened BenetDened Contribution3859823142Directors & Ofcers - with ICPP 0 39Directors & Ofcers - without ICPP 0 1Bond 1,912 38E&O - P&C Agents 349 42Cyber Liability 0 32Benets 2023Pension PlanAsset Liability Modelling and Plan Design ChangesThe Plan is wrapping up a multi-phase asset liability modeling (ALM) study to optimize asset allocation against plan liabilities considering plan funding requirements over the longer term. This includes forecasts and modelling using varied economic scenarios over a ten-year basis. The initial scope of this study was to determine how efciently the assets in the Plan were matched against the Plan’s liabilities. The second phase of the study looked at the design of the Plan based on how contributions funded the Plan and how pensions were “earned” by beneciaries. As a result of the second phase of the study, changes to the OMIA Dened Benet (DB) Pension Plan were made effective January 1, 2022. In the nal stages of the study, BenetsCommittee ReportMandate -To provide guidance on issues related to employee benet programs and company benet programs that are available to the membership through OMIA.

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Benets 2023asset allocation is being changed and asset cases such as long-term bonds, infrastructure, and private debt are being introduced to best match the assets in the Plan against anticipated liabilities of the Plan.Pension Plan TextThe Plan Text was restated January 1, 2021, incorporating all prior amendments to the previous plan text. In addition, we claried terms and references with the text to ensure compliance with Canada Revenue Agency interpretations on payment of pension benets.Annual Plan Review – Dened Benet Pension PlanThis review is completed by OMIA, as Plan Administrator, and TELUS (previously LifeWorks), as Plan Actuary. The annual plan review ensures that the OMIA Plan is compliant with Ontario pension statutes and regulations. It also provides a formal review of governance practices to measure the Plan’s policies and processes against best practices in the pension eld. Member companies were provided with written conrmation of the OMIA Plan’s compliance in September 2023. Stewardship Review – Dened Contribution Pension PlanOMIA, as Plan Administrator, and Canada Life, as Plan Manager, review the Dened Contribution (DC) Plan for stewardship and compliance annually. This report provides feedback to OMIA on the design of the Plan and the services available to employees in the Dened Contribution Plan, as compared to pension industry trends and best practices. The review completed in November 2022 conrmed OMIA’s DC Plan design and processes meet best practices. The next review is scheduled to take place in October 2023. Pension ValuationIn 2022, the OMIA Board of Directors elected to le an “early” valuation due to the signicant improvement to the funded position of the Plan based on guidance from the actuaries, interest rate environment, the Plan membership information as of December 31, 2021, and various other actuarial assumptions and legislative changes with respect to the funding of pension plans. Results of that valuation revealed a small surplus on a solvency basis, therefore, no special payments were required. The December 31, 2021 valuation also indicated a required decrease to the employer normal cost, effective January 1, 2022, to 4.82% bringing the total employer contribution rate to 13.82% (9.0% + 4.82%) down from 14.08% (9.0% + 5.08%). The next mandated valuation must be led in 2025 based on the period ending December 31, 2024. Transfer Status of Dened Benet Pension PlanIn 2020, at the onset of the COVID-19 pandemic, nancial markets suffered a decline in equity values. As Dened Benet pension plans have signicant exposure to equity markets, the decrease in underlying asset values reduced the funded status of pension plans. The Financial Services Regulatory Authority of Ontario (FSRA) reacted by introducing regulations that restricted the ability of any plan to transfer lump sum pension entitlements to terminating members. The purpose of the regulation was to ensure plans have sufcient capacity to protect all members following signicant declines in funded status. One of the regulations stipulated that if the transfer ratio of a pension plan at the end of a quarter deteriorated by more than 10% since the last valuation led with the regulator, a plan could not process the payment of lump sum pension entitlements for terminating members without rst obtaining approval from FSRA. The OMIA plan was subject to that restriction initially but is not currently affected. Our plan actuaries continue to monitor our transfer ratio quarterly.Rate of Return – Dened Benet Pension PlanThe 2022 annual return on assets as at December 31, 2022 was -5.93%. Assets Under Management currently total $212,223,056.Employee BenetsHealth and Dental CoverageThe OMIA Health and Dental Plan operates as an ASO (Administrative Services Only) model. In an ASO model, participating companies essentially self-insure and fund claims through direct premium assessment to member companies. Services to administer claims under the plan are purchased from a life and health insurer. This model provides the most cost-effective basis for the benet plan, while also ensuring claims are adjudicated at arm’s-length on a condential basis.

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The OMIA Benets Committee monitors the ASO claims experience history, changes in participation levels, and claims utilization data. The committee also provides input on benets issues that are brought forward by member companies and monitors the ASO target reserve. In 2021, the committee reviewed the target reserve set in 2019 and recommended increasing the current target level over the next ve years. Items and trends of interest this year have been:• Long Term Disability (LTD) rates decreased by 15% at the 2023 renewal. Sun Life instituted a new disability incidence factor in 2021 for calculating LTD rates, and OMIA experienced a rate decrease even with the inclusion of the new incidence factor. The incidence factor accounts for the signicant increases in LTD claims across Sun Life’s block of business, largely related to mental health claims. OMIA’s overall LTD claims experience continues to be better than the experience in Sun Life’s block of business.• The OMIA Benets Plan experienced a decrease in health and dental claims in the rst half of 2020 due to the COVID-19 pandemic, however by December 2020, claims were trending to pre-pandemic levels. By December 2021, Health and Dental claims increased back to 2019 levels. Claims continue to increase in 2023 and are expected to continue increasing in future years. • Health and Dental claims costs have increased substantially in 2023 and are expected to continue to rise, especially with the continued increases in CPI. The Benets Committee closely monitors this trend and potential methods to reduce claims costs, while still providing a competitive benets package. OMIA continues to use the ASO reserve to offset increased claims costs.• The Employee Family Assistance Program (EFAP) continues to be well utilized by members. The program provides employees and their families with support in times of need. The program is completely condential. • Health and Wellness education continues to be a major focus through wellness newsletters and by providing information on lifestyle choices that promote long-term health.Lumino Health Virtual Care Effective January 1, 2023, Lumino Health Virtual Care was added to the Health and Dental coverage. Lumino Health Virtual Care gives members and eligible dependents (including spouses) access to healthcare professionals via a mobile or web app. Members can talk with a nurse for any health questions or consult a doctor via a secure video if a diagnosis or prescription is required, completely free of charge. Members can also consult other health professionals (e.g., nutritionists) for an additional fee that may be covered by insurance. This service is available 24/7. Health Spending Account (HSA) Effective January 1, 2021, companies were given the option to enroll in a Health Spending Account (HSA) through Sun Life and the OMIA Benets Department. Many companies have taken advantage of this option. The overall experience for those that offer the HSA has been positive, with companies and members appreciating the ease of administration and claims submission. Companies have the option to enroll their staff in the HSA every January 1st. Please contact the OMIA Benets Department for additional information.Member Education SessionsOMIA provided virtual benets and pension education sessions to employees, agents, and directors throughout 2023. Additional education sessions included webinars about the Sun Life member’s website and mobile app, and presentations on the Employee and Family Assistance Plan (EFAP) and the Lumino Health resources available on the Sun Life member’s website. OMIA will continue monitoring the needs of our members and is open to scheduling education sessions on additional topics. OMIA staff are available to provide virtual or in person presentations on the OMIA Benets and Pension plans at no cost to your company. Companies continue taking advantage of this option. To date in 2023, the OMIA Benets Department scheduled presentations for six member companies. Companies wishing to schedule a presentation should contact the OMIA Benets Department.Benets 2023

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Company BenetsAgents Errors and OmissionsThe Agents Errors and Omissions program renewed with no increase in premium rates in 2023. It should be noted that OMIA’s E&O program has received “as-is” premium renewals since the 2015-2016 renewal. Please refer to the E&O renewal mailout in August 2023 for complete details. Directors and Ofcers InsuranceThe Directors and Ofcers Insurance program continues to be well utilized with 40 companies participating in 2023. Cyber Liability InsuranceCyber Liability Insurance was introduced late in 2015. Currently, 32 companies have added this coverage. In 2019, a new Cyber ERM policy was introduced. The Cyber ERM policy is designed to address evolving regulatory, legal, and cyber security standards. In addition, a new short-form application was introduced for those companies renewing their coverage. OMIA will continue to share policies and templates on cyber protection and security measures as they are developed. Implementing and documenting these measures is a key factor in being eligible for the more comprehensive levels of coverage available through Chubb. We continue to see an increase in premiums due to the frequency and severity of cyber events in general.Docusign ApplicationsIn 2023, the OMIA Benets Department introduce Docusign applications for both Employee Benets and Pension. These applications are available on the OMIA member’s website, omia.com. Compensation and Benets SurveyThe bi-annual Compensation and Benets Survey was completed in 2023 and results were shared among participating companies prior to September 30, 2023. A total of 45 companies participated in 2023. The survey will be offered again in 2025. HR RoundtableThe Association provides members the opportunity to participate in an HR Roundtable that is held twice a year. The HR Roundtable provides education and discussions on HR trends and challenges. Over the last couple of years, topics covered at the HR Roundtable include building a culture of safety as employees return to the workplace, psychological health and safety in the workplace, managing virtual teams, and employer accommodation requirements during the COVID-19 pandemic. OMIA WebsiteSome key features of the OMIA member’s website include the ability to send a secure message directly to the OMIA Benets Department without going over the worldwide web, a library of application forms, HR document samples, HR manual samples, company administration manuals for benets and pension, HR Leadership Forum newsletters, prior mailouts and links to various government and benet carrier websites.The company administration manuals for Benets and Pension are also available on the website. Both manuals are updated annually and can be found on the OMIA member’s website under Member Resources > Information for HR Administrators.Looking AheadThe Benets Committee monitors and provides guidance on issues relating to programs that are currently offered. The three primary strategic priorities developed by the committee, and incorporated into OMIA’s organizational strategic plan are:• Evaluating and enhancing plan user knowledge of the benets program;• Providing cost-effective, labour market competitive benet plans for member mutuals;• Upgrading OMIA’s current benet software to improve efciency, adopt best practices, and meet data reporting requirements.Benets 2023

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Data Strategy 2023Committee MembersChristine Van Daele, Westminster • Shelagh Cleary, Usborne & Hibbert Tracy Campbell, Germania • Garth Driedger, My Mutual • Karen Byrne, Trillium Shawn Zhang, OMIA • Jeff Ferguson, OMIAChair, Neil Shay, CTMVision: Better Data. Better Decisions. Knowledge Beyond Intuition.Mission: To facilitate data driven decision makingThe Data Strategy Committee is comprised of representatives from member companies using each of the different computer systems in place in the mutual system. This ensures the committee is aware of the potential scope and effect of its decisions on statistical reporting requirements. Strategic PrioritiesThe committee engages in strategic planning and oversight on data related issues. Our current strategic priorities are listed below and form part of OMIA’s overall strategic plan. 1. Determine feasibility of a Property Rate Working Group model• Companies have reafrmed their interest in using our collective data to advance property rating.2. Increase, maintain, and govern the OMIA centralized database for the benet of members, regulators, and Farm Mutual Re• Enhanced data collection and improving member experience• A dedicated collection process for IFRS 17 and P&C 1 lings• Ongoing improvements to the OMIA centralized database, software, and hardware3. Improve data utilization and analysis for business intelligence needs• Improvements to business intelligence solutions including leveraging 3rd party data• Working to provide predictive analytic capabilities across all lines of business4. Enable member company efciencies on data collection and reporting • Work to eliminate any manual reporting• Look for alternate methods of capturing data to bring efciencies to member company reportingImprovements to Residential RatingEarly in 2023, a successful pilot project was completed with two member companies to examine the feasibility of incorporating residential rating improvements. Some of the key ndings include:• It is challenging to identify a predictive signal on an individual’s own data; However, the aggregate data is sufcient. • Property data capture at both the individual policy management system and the aggregate data appears to be insufcient. More data needs to captured.• The efforts of Farm Mutual Re and their peril scoring research are compelling. Peril scoring likely needs to form a part of each companies rating methodology. • Current rating algorithms are likely too simple and could be improved just by adding in additional rating variables such as peril/credit score, a geographic component, or additional building attributes.To date over 20 members have, or are going through, a diagnostic review of their residential rating algorithm, through an actuarial lens, with the help and support of Clyde Analytics. Data StrategyCommittee ReportMandate - To provide guidance for the development of OMIA’s statistical collection system.

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Data Strategy 2023IFRS-17 Transition SupportThe OMIA Statistics team continues to support various compliance related initiatives such as the move to IFRS-17 and changing FSRA requirements related to P&C 1 reporting. Statistics in the CloudOMIA is in the early stages of transitioning its IT infrastructure to the cloud. Anticipated benets include greater up-time, security, exibility, and improvements to disaster recovery. 2024 Data Collection ProjectIn 2024, we are anticipating in the collection of additional data elds to support the ongoing needs of Farm Mutual Re (Reinsurance, Underwriting, Claims, Reinsurer partners) and to support the work many companies are undertaking on increasing the sophistication of residential rating algorithms. Many companies have already taken the plunge in daily reporting of premiums and claims for all lines of business, and we encourage those who have not to begin as soon as possible.Importance of Timeliness of Data Submissions to OMIAOver the last decade, OMIA’s collection of property, liability, and automobile premium and claims transactional information continues to be the optimal way for the mutual system to aggregate data for a variety of stakeholders The ease and timeliness of data collection ebbs and ows for several reasons, and in 2023 we slid into a pattern of multiple companies being late to report on a somewhat regular basis. The reasons for late reporting are generally related to issues with policy management system conversions, updates to policy management systems or amalgamations. We truly appreciate the efforts companies are making to ensure that stats are reported on time. IBC is a key stakeholder in the collection of data for regulatory reporting. To date we have incurred several thousand dollars related to late or resubmitted data and data that fails quality checks. To put this into context, after the rst ve months of 2023 we have already exceeded what we would typically pay in a full year! OMAP is another key stakeholder requiring correct and current auto data to proceed with the actuarial work they complete on behalf of the membership. Decision making is driven by data. Farm Mutual Re is also a key stakeholder in the need for accurate and timely data collection. Data is used for a variety of reinsurance activities:• Preparation for renewals• Paying premiums and claims for various reinsurance related programs such as HSB or Sovereign• Reinsurance modelling• Updating and maintaining peril and water scoring • Managing signicant or catastrophic events OMIA is often called upon to source data from the aggregate database for a variety of reasons. Whether it be working with regulators, government or other industry groups, data is again key to providing accurate intelligence.And nally, you, the members. Ensuring accurate and timely data is available is essential in running your business.

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Training - Information Transfer - An Important Service AreaOMIA’s Strategic Plan recognizes the work of the Education Committee as a key priority of our Resource Centre strategic goal. The committee is attentive to our responsibility to move information out to member companies in an effective and timely manner. Knowledge is shared through the collaborative efforts of OMIA, OMAP, and Farm Mutual Re teams, as well as staff from member companies and third-party subject matter experts. Topics cover the full gambit of insurance-related subjects, human resources issues, regulatory requirements, and information technology support. We appreciate the generosity of member companies in supporting their staff as roundtable chairs and knowledge providers.Demand for OMIA led training courses is strong in 2023 with an increase in attendance of over 10% compared to last year. On-Demand CoursesWe continue to grow our portfolio of On Demand Courses with 21 available and several more underway. There are now seven courses available within the Directors Certication Program to allow directors to accelerate their learning. Several companies are also using the On Demand courses when onboarding new staff. A full listing of courses is available on the website omiaelearning.com.Certicate ProgramsOMIA administers several certicate programs and has been working hard to refresh and keep them up to date. The Directors Certicate continues to be popular, along with several discipline-based approaches. In 2022, the updated Agents, Underwriters, and Accident Benet Adjusters certications were released. OMIA will continue developing certications in 2024. Next Generation of Mutual Professionals ConferenceA new conference was hosted by OMIA this year with the purpose of providing a forum for the next generation of mutual professionals to network and develop their skills while promoting the mutual philosophy to the membership. Content for this conference was established by a committee of mutual members. The event was a success, with lots of participation and communication among the group. Planning is already underway for a session in 2024.2024 Education ProgramOver 150 sessions covering a large breadth of subjects will be available next year. Please consult the education calendar on OMIA’s website. We will also be delivering more in person training as people become comfortable gathering in groups. Virtual and hybrid training will, however, remain a key component of knowledge transfer. On–Site & Multi-location TrainingOMIA staff are pleased to bring training programs to your company ofce, either virtually or in-person. With few exceptions anything we have done in person or online can be replicated or modied to meet your particular need. In the fall of 2023, OMIA training staff will be delivering a roadshow at several mutuals discussing upcoming changes to the auto product. Committee MembersJerrod Boyse, Ayr • Dan Hill, Germania • Bil Graham, Howick • Dave Rutherford, HTM Elizabeth Baker, Farm Mutual Re • Christine Senior, OMIA • Susan Baker, OMIAChair, Steve Quinn, CayugaEducation 2023EducationCommittee ReportMandate - To determine the courses that OMIA will provide and to deal with other issues related to training.

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Legislative Affairs at OMIAThe Ontario Mutuals have a unique place in the insurance landscape in Ontario. This is demonstrated by our mutuals’ commitment to the economic health of rural Ontario, local community causes, and direct policyholder participation in their mutual. Our commitment and mutual value system are well recognized, as MPPs see mutuals as an important part of a healthy and sustainable insurance system. The Legislative Affairs delegate at your mutual has an important role in maintaining our prole with MPPs and MPs. These delegates act as ambassadors to the legislature and communicate effectively on the impact of proposed legislation. In some cases, our delegates provide an informal sounding board for MPPs and provide feedback on how government policies relating to insurance will affect policyholders. This is especially important during difcult markets, or when the availability and affordability of insurance coverage becomes an issue. Legislative Affairs delegates also provide information back to OMIA and fellow mutuals on important issues in their ridings that will have an impact either locally or provincially. These early discussions on local issues can lead to broader discussions as issues migrate to other areas of the province. Local road safety concerns and trespass and activism on family farms are good examples of this type of issue. Delegates participate in two roundtables each year. The spring event takes place in early March with a visit to Queen’s Park. Roundtable topics focus on areas of developing interest. In addition to roundtables, individual delegates are also expected to be active in attending local political events within their communities. An effective Legislative Affairs delegate has a keen interest in the democratic process, a down to earth approach in communicating with MPPs, and a sincere interest in promoting mutual insurance.Queen’s Park Day SummaryOn March 7, OMIA returned to Queen’s Park for the rst time since 2020. Space availability was limited in the Legislature and our usual program format was amended to a lunch hour/early afternoon reception for MPPs and staff. Forty-eight mutual delegates made the trip to take part. Ahead of the reception, the delegates received an update on provincial issues with a focus on Ontario automobile insurance, Ontario’s building code review, climate resiliency, tort reform, small insurers, and burden reduction. The Minister of Finance, the Honourable Peter Bethlenfalvy thanked the mutuals for attending and spending time at Queen’s Park educating MPPs and staff on mutual insurance. He also provided a high-level overview of current initiatives including a review of the Corporations Act. The Minister’s Parliamentary Assistant, Stephen Crawford, MPP, Oakville also attended the reception. Our Legislative host for the day was Guelph MPP Mike Schreiner, Leader of the Green Party. He recognized the contributions mutuals make to policyholders across Ontario, and particularly the cooperative nature of the mutual business model and the impact mutuals have on their communities. The luncheon reception had an excellent turn-out of MPPs and staff. At least 28 MPPs from across the province attended but the number was likely higher, as many do not pre-register. Committee MembersAllan Hedley, Cayuga • Brad Vanstone, West Wawanosh • Doug Crockett, Westminster Ross Lamont, Trillium • Scott Roung, Dumfries • Dave Leyser, Tradition Ed Forbes, Dufferin/Farm Mutual Re • John Taylor, OMIAChair, Kevin Inglis, HowickLegislative Affairs 2023Legislative AffairsCommittee ReportMandate - To communicate the association’s position on legislative issues to our elected representatives.

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Legislative Affairs 2023Delegates had excellent conversations with MPPs particularly on the role of regulation in the current environment, issues around automobile theft and fraud, considerations in green construction, revamping the Building Code for climate resilient construction, public education on preventing water damage arising from overland ood, and mutual involvement in community issues.We will return to Queen’s Park on March 5, 2024.Corporations ActSeveral years ago, member companies identied a restriction within the Corporations Act that was hindering their attempts to modernize their governance structure. Specically, the Act required all mutuals to have a board size of 6, 9, 12, or 15 members, with no ability to reduce or add to board size in complements less than 3 in number. This made governance planning and director transition problematic when trying to “right size” a board for cost and governance effectiveness and efciency. In conjunction with the Regulatory Review Committee, OMIA submitted a request to have the Act amended for greater exibility, while still maintaining board stability.Having amendments adopted into an Act is a long and arduous process, dependent upon the timing of ofcial reviews of Acts, a government ministry’s appetite for legislative amendments, the input from other ministries and stakeholders, and the strength of the case for making a change. We began our work on this in 2019 with limited impact.Much changed in 2020 with the onset of the pandemic. With in-person meetings prohibited, outdated sections of the Corporations Act (and other similar Acts) put organizations such as mutuals in a non-tenable position as electronic meetings were not allowed under the Act. The government had to scramble and include Emergency Measures to allow electronic meetings. It also spurred a more detailed review of the Corporations Act. We provided detailed feedback on meeting format in the consultation but also re-introduced our proposal to lift restrictions on board size. Over the next three years, we continued to make submissions, created an impact analysis, and suggested wording for amendments to the Act.In the spring of 2023, the government passed Bill 91: Less Red Tape; Stronger Economy Act 2023. The passage of this Bill and subsequent proclamation has resulted in a modernized Corporations Act that allows electronic meetings and allows mutual insurers to determine the optimal number of board members for effective and cost-efcient governance. Private Members’ Bill 56: Fewer Floods, Safer Ontario Act 2022At the request of Beaches-East York MPP, Mary Margaret McMahon we provided a letter of support for her Private Members’ Bill that includes a recommendation for a Flood Awareness Day and consistent information on water loss prevention for homeowners on municipal web sites.Provincial IssuesOMIA’s core provincial issues remain:• Ontario Automobile Insurance• Ontario Building Code Review• Tort Reform• Small InsurersThese are longstanding issues and issues relating to automobile insurance and tort reform should be familiar to many MPPs as these have been public policy topics for many years. As related to automobile insurance, our key message continues to be that true cost containment or improved affordability for Ontario drivers can only take place with signicant product reform. This has been a consistent industry message. With cost pressure due to rising ination and accident frequency this will continue to be a challenging topic for both insurers, regulators, and MPPs. Tort Reform is an extension of this same dynamic.

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As related to the Ontario Building Code, our message continues to be that the province must take a leadership role in putting climate resilience features within the Building Code. This remains a difcult “sell” as there are other stakeholders who resist even nominal changes to the Building Code that may be seen to increase building complexity or impact the cost of housing. Climate related severe weather events however are beginning to create more urgency within the government. OMIA’s creation of a provincial issue relating to small insurers reects the pressure felt both nationally and provincially as regulators continue to make more demands on data, governance, and operational reporting. In addition, regulators appear to be increasingly proactive in requiring insurers to “prove” governance and market conduct controls without consideration to an insurer’s previous exemplary behaviour in these areas. The increased pressure on small insurers can be seen in many ways, such as regulatory cost assessment almost doubling between 2020 and 2021. In addition, to meet increasing demands for reporting insurers must add signicant additional resources. Mutuals also report concerns with having to choose between focusing on policyholders and meeting regulatory expectations.While there is room for improvement and progress in any sector, our key message is that additional costs brought by regulation will be borne by the policyholder and must be justied with a resultant benet to policyholders. Fall RoundtableA 2023 fall roundtable will be scheduled closer to year end.Looking AheadAs noted, we head back to Queen’s Park in March 2024, but in the interim we will continue to push for action on key provincial issues. We urge each mutual to do their part by staying involved locally, getting to know your MPPs, and continuing to inform and educate on the important role of mutuals in local economies. Legislative Affairs 2023

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Committee MembersEd Forbes, Dufferin • Rob Moorehead, McKillop • Pam Marson, GrenvilleLee-Ann Vansteenkiste, Salus • JP Gagnon, Farm Mutual Re Sharon Turnbull, Farm Mutual Re • Tia Milnes, Farm Mutual ReSusan Baker, OMIA • John Taylor, OMIAChair, Marg Torrance, HalwellThe Market Issues Committee identies and researches issues that affect how, where, and when insurance products are sold to policyholders.The committee’s discussions on issues are shared with the membership through the MarketWatch bulletin. The committee also helps OMIA plan subject matter and topics of interest for meetings, roundtables, and conferences. Perhaps the most important part of the committee’s process is to provide insight on what each emerging issue might mean to your mutual. In 2023, the marketplace and society have fully emerged from the pandemic environment, but lingering issues related to the pandemic including supply chain pressure, ination, tight labour markets, and changes in the workplace have continued to cast a shadow. In addition, the historically severe Canadian catastrophe season in 2022 created record breaking claims payouts for insurers and reinsurers. With signicant uncertainty in the global reinsurance market and a higher cost for capital, this has unsettled the Canadian insurance market. Ination, Pricing, and Insurance to ValueInation and its impact on insurance is a two-fold threat that dominates discussion in both underwriting and claims. The issue in claims became acute in 2022 with inationary impacts on repairs. This could be attributed to a range of factors but was largely a case of a mismatch in a shortage of both materials and labour. This restriction in supply was accompanied by increased demand created by claims frequency arising from heavy CAT losses and increased post pandemic economic activity. In simple terms, it was costing a lot more to repair damaged property, and it was becoming very difcult to adequately reserve for longer tail repairs. This began to show up very quickly in nancial results.The impact of ination was more insidious on the underwriting side of the equation. With decades of declining interest rates and extremely low annual movement in ination and CPI, underwriters and senior leaders were faced with a potential “insurance to value” (ITV) crisis on property risks. ITV is not a new concept and is a decades long topic of discussion. Historically, there has always been an impression that many properties were underinsured, but this was challenging to quantify. Every insurer in Canada has periodically revisited their own portfolio often taking remedial steps to increase the accuracy of valuations and apply appropriate ination factors, with an objective of capturing the right amount of premium on each risk. One of the few downsides of a low ination environment (and soft property market) was the difculty in making increases in limits and rates, and therefore resultant premiums palatable to policyholders, agents, and brokers. This has all changed with the historically severe high catastrophe season in 2022. Insufcient ITV and premium are now among the biggest concerns of the reinsurance market and the ability of primary insurers to provide assurance to reinsurers on adequate ITV is a critical factor in being able to acquire reinsurance at reasonable terms and pricing. Market Conduct - Fair Treatment of Consumers“Market Conduct” is a phrase most often associated with regulatory and transactional compliance as opposed to the insurance marketplace itself. Regulators, however, are becoming more aggressive in supervising how insurers Market Issues 2023Market IssuesCommittee ReportMandate -To gather and analyze industry market information that affects Mutuals’ ability to sell their product and serve policyholders, to disseminate this information to the mutuals, and to connect with industry groups.

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interact with consumers. This takes several different tacks. Regulators are creating wide ranging guidance setting out expectations on how consumers should be treated throughout the insurance life-cycle. These are created in a “principles based” framework, as opposed to the rules-based framework used in the past. Regulators are also dedicating resources and budget to assessing individual insurers on their policies, processes, controls, and practices. All of this has led to an environment where insurers must document how they are ensuring the fair treatment of consumers. This is a signicant departure from insurers previous interactions with regulators that were largely driven by consumer complaints to the regulator on a specic concern or transaction.This all creates a new set of expectations for mutual boards, management, and professionals. As small insurers, located in the centre of their policyholder community, mutuals have always enjoyed a uniquely direct and transparent relationship with policyholders. The focus has always been on customer service, fairness, and a simple approach to doing the right thing. This new regulatory environment, however, comes with a greater requirement to document and proactively prove fairness through formal policies, processes, reviews, and controls. It remains to be seen whether this new approach will positively affect “fairness”, but it would seem that additional administrative burden an cost will be created throughout the insurance policy life-cycle, especially in the early years. This will particularly impact policyholder communication, sales material, product design, and rating, all of which are direct inputs to the insurance marketplace. Brokerage ConsolidationThe Canadian brokerage market has rapidly consolidated as small independent, often family owned, brokerages are purchased by larger corporate networks. These networks often are insurer-owned or funded by venture capital. This consolidation reduces the number of brokerage rms, although not necessarily branch locations. The long-term impact of fewer brokerage rms providing advice and markets to policyholders can create strong headwinds, particularly for smaller insurers. A consolidated broker channel reduces differentiation and can eliminate distribution opportunities for individual mutuals if they become just one of numerous mutuals in a broker network. To counter this, mutuals, both through Collectivde and independently, have been strategic in acquiring interests in the distribution chain to help maintain market share while also allowing broker operators to continue to operate on a scale and with a level of independence that best serves policyholders. Catastrophe ClaimsThere are weather related catastrophes that impact mutuals and the insurance industry at large every year. Catastrophe claims have always been with us. The last several years have shown an increasing severity and breadth of damage arising from catastrophe claims. 2022 was a case in point for mutuals. The May 21, 2022 derecho in Ontario created a record setting number of claims from a frequency and severity standpoint. The extent of damage was unprecedented. On an even larger scale was the staggering impact of post tropical storm Fiona. 2022 constituted the 3rd worse weather catastrophe event year in Canadian history, driven not by a single large loss such as the Fort McMurray wildre, but rather by a series of weather events across the country. The impact of catastrophes when combined with ination on 2023 underwriting activity and ITV was noted in an earlier section of the report. Just as importantly, in 2023 claims leaders have been tasked with assessing and formalizing their catastrophe response planning. CAT Plans are not new but in 2023 they are not only recognized as critical to responding to policyholders needs after a CAT, but in setting adequate reserves quickly and accurately. The Changing WorkplaceAlmost every business in Canada has emerged from the pandemic operating differently than pre-COVID. Flexible work arrangements, remote workers, and greater digital capability have radically changed how we interact with customers. This has been even more pronounced in insurance as many insurance professionals and leaders have retired, taking with them years of experience and expertise. Combined with all of the other market forces: ination, severe weather, consolidation, and increased regulatory scrutiny this has kept the focus on recruiting and retaining the current and next generation of insurance professionals and has been yet one more challenge to meet in staying competitive in a dynamic and demanding market. Market Issues 2023

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Marketing 2023Committee MembersTim Wade, Westminster • Deb Van Eyk, Lambton • Kristine Duench, DumfriesJulie McIntosh, South Easthope • Lisa Hunter, OMIA • John Taylor, OMIAChair, Kevin Inglis, HowickThe committee continues to pursue a variety of marketing projects that communicate the advantages of mutuality to internal and external audiences. We are guided by OMIA’s Strategic Priorities and the needs of the membership.Promotional MaterialsThe OMIA Marketing department was pleased to collaborate with members on multiple individual product and advertisement projects this year and continues to be available for requests. Some project examples include local advertisements, special event ads for social media, and brochure material for topics like, Cyber Suite, Cash Crop, Commercial, Home Systems, Service Line, and special announcements. We encourage you to contact marketing@omia.com to support your promotional strategy. This service is part of your membership fee; You only pay the cost of applicable printing and shipping.Priority ExhibitionsAfter two years of pandemic cancellations, OMIA was pleased to facilitate a booth at the London Farm Show in March at the Western Fairgrounds. Ontario Mutuals branded bags were handed out throughout the show, and the booth was well-staffed by member company participants over the three days of this large industry event. The Ottawa Valley Farm Show took place the week following at the EY Centre. This year, we passed on a formal booth and instead negotiated an opportunity for our eastern Ontario mutuals to stand at the doors of our sponsored “Ontario Mutuals Hall A” and hand out small items and greet visitors. Hall A serves as the show’s only dining hall, as well as the backdrop for the opening ceremonies and other events. We will continue to netune our approach to this show to benet our interested mutual members. We were pleased to have a booth at September’s Canada’s Outdoor Farm Show (COFS), the largest outdoor show in eastern Canada. The Ontario Mutuals booth was fully staffed by mutual participants, who greeted visitors over three busy days. We also welcomed representatives from 4-H Ontario into our booth, a mutually benecial tradition we hope to continue. The COFS continues to be a must-attend event for farm producers and suppliers, and we look forward to exploring how we can amplify our efforts there.The International Plowing Match (IPM), of which we are a Presenting Partner, took place in Bowling Green, Dufferin County from September 19th to 23rd. Our ever-popular yardsticks were a big hit with visitors, who also enjoyed a photobooth and a variety of musical acts on the “Mutual Avenue Stage” and the “Ontario Mutuals Main Stage”. New this year were fresh Ontario apples from OMIA Director Dave Rutherford‘s own orchard. The Ontario Mutuals tent was host to 4-H Ontario and ve mutuals who presented their own company displays throughout the week.We were also pleased to offer draw prizes from local artists and craftspeople, as well as a large bottle of maple syrup donated by Dufferin Mutual. The winners hail from Palmerston, Elora, Finch, and Grand Valley.Broker ConventionsFor the third year in a row, we provided sponsorship to the Young Brokers Conference, held in Niagara Falls in June. MarketingCommittee ReportMandate - To raise the prole of mutual insurance.

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Marketing 2023We also had the opportunity to facilitate an Ontario Mutuals trade show booth at this popular event.The IBAO’s annual Convention took place in Toronto on October 18th and 19th. We had an Ontario Mutuals trade show booth, hosted by a full roster of mutual participants, as well as an Ontario Mutuals hospitality suite hosted by eleven companies. This continues to be a popular exhibition and networking opportunity for the mutual community.Consumer ResearchIn 2019, we were presented with an opportunity to become involved in a consumer research project undertaken by PMG Intelligence, a company dedicated to offering solutions to organizations in the nancial sector. Over the years, and as the events of the pandemic unfolded, PMG undertook additional tracking studies to analyze the impacts of the pandemic on consumer behaviours and presented the results to members through online education sessions.PMG completed their nal research and analysis for this project in late 2022 and shared the results with OMIA and member companies in early 2023. You can nd all three impact reports on omia.com by hovering over Member Resources and under the heading, Marketing. We have decided to pause any new market research projects as we digest the information presented.Digital Marketing and VideoOMIA Marketing launched our rst online brand awareness campaign from August to November 2020, using Google Ads, Facebook, Youtube and partner sites. It featured shortened versions of The Mutual Difference video. The campaign success led us to a 2021 project, using the same platforms and new video content.Four engaging videos were created, and we kept momentum going with an additional ve earlier this year. All videos can be found on the Ontario Mutuals YouTube channel as well as omia.com. Hover over Member Resources to see the heading Video Library under Marketing.We are encouraged by the view rate results during our campaign efforts as well as the positive reception from our mutual community. A new video has just been completed which highlights 4-H Ontario, an organization that has deep roots within our membership, and one that we are proud to support. We will continue down the digital marketing path to increase general awareness of the Ontario Mutuals brand and messaging. Key SponsorshipsWe continue to maintain relationships with key partners in the agricultural sector as part of our initiative to remain top of mind in this community. Ontario Mutuals, supports:• the Ontario Plowmen’s Association, and the Ontario Queen of the Furrow Competition• 4-H Ontario• the Rural Ontario Institute (ROI) and their Advanced Agricultural Leadership Program (AALP)• Farm and Food Care Ontario• the Ontario Soil and Crop Improvement Association• the Advancing Women in Agriculture Conference• the FarmSmart and Southwest Ag ConferencesOntario Mutuals continues to fund the Umbrella Project Awards which were created to recognize and celebrate students and educators who have chosen well-being and actively strengthened their resilience and positive coping skills by overcoming challenges.Eighteen of our mutuals, and Farm Mutual Re, have sponsored the Umbrella Project and we’re happy to be part of the grassroots growth of this valuable program. We look forward to seeing the impacts on our youth and their educators. Looking AheadThe marketing committee will continue to explore opportunities to promote the mutual difference through sponsorships, events, advertisements, and digital streams. Our focus will be on exploring the most mutually benecial ways to support our rural community in the coming years, especially as we face changes in the general approach to large scale in-person events.

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Committee MembersJohn Miller, Mennonite Mutual – Alberta • Pat Ryan, Commonwell • Neil Shay, CTMJamie Ellis, PEI • Suanne Wettlaufer, South Easthope • Annette Dumbleton, Farm Mutual Re Christine Meacher, Farm Mutual Re • Jon Hodson, Farm Mutual Re • Susan Baker, OMIAChair, Terry Knight, North BlenheimProviding member companies with the knowledge they need to inspect, sell, underwrite and adjust the inevitable claim are all part of the 360° vision we apply to our work of developing insurance coverage and supporting documents. Product development requires a truly collaborative effort. Member companies are well served in this sense by the contributions of a wide range of Cambridge and member company staff. This includes the OMIA Insurance Services team: Sue Baker, Jennifer Higuchi, Kip Moi, Christine Senior, Janet Schmidt, Nicole Hackney, Mandy Hetherington and staff from Farm Mutual Re Underwriting and Loss Control Programs, Reinsurance, and Claims departments. Member company staff provide input to the development process in a variety of ways, from making the initial inquiry to reviewing coverage forms and supporting documents as a check for clarity and practical use at the company level.Composition of the CommitteeThe composition of the Product Strategy Committee is structured to provide an appreciation of member company perspectives from Eastern and Western Canada as well as Ontario, from companies whose distribution system is broker driven and those that are agent driven, vendor systems, and the points of view of these insurance professionals who look at insurance issues through a mix of underwriting, sales, and claims lenses. A Pivotal Piece of the Development and Updating ProcessThe Product Strategy Committee is an important cog in the wheel of activity that surrounds the updating of existing coverage and supporting reference documents and the development of new coverage and supporting reference documents for member companies to use. This committee meets online monthly and will, post COVID concerns, resume our goal to meet twice a year in person. Each meeting includes a discussion of market issues involving both current and future looking topics, a review of the Action Items, a review of projects that OMIA staff believe are ready to roll out and a discussion of requests and suggestions about coverage documents that have come from member companies. We continue to evolve our oversight function so that we are tracking progress on the projects that member companies have identied as having signicant importance to their business, as well as contributing to the function of updating existing coverage and reference documents all while providing a member company’s eye view of insurance market issues around coverage forms and observation of the activities of our policyholder owners which may require an insurance response.Product Strategy 2023Product StrategyCommittee ReportMandate -To monitor insurance product trends and provide guidance and, where appropriate, direction to OMIA on the selection, prioritization, and delivery schedule of development projects, to represent members’ interests by providing market intelligence and risk appetite continuums, and to provide oversight of the product development process.

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Forms ReleasesThe Forms Release webinars which follow the release of new and updated coverage documents, underwriting/risk selection guidelines or information pieces continue to be well attended by member company staff. During the upcoming year we will continue to experiment with recording short audio les that will contain an explanation of some new coverage documents. Based on some member feedback that indicated a need for access to ‘just in time’ reviews of new insurance wordings, the plan is to post these sound les with the print version. We will be interested to hear our members’ feedback on the initial clips.ProjectsSince our report to the 2022 P&M Meeting , the Product Strategy Committee has overseen a variety of projects to completion. A few examples of the updates and new documents are:• A signicant market scan of competitor Comprehensive Residential Insurance policies leading to the recent release of an undated suite of Residential Property wordings encompassing formatting, as well as updates to the base wordings and accompanying endorsements• Worked with Farm Mutual Re to determine which Statistics Canada schedules will reect more accurate Rebuilding Cost Ination gures for Personal & Commercial Lines going forward • Updated the War exclusion as both a stand-alone endorsement and included it in the updated Residential wordings• Worked with Farm Mutual Re and HSB Canada to update the Home Systems Protection and Service Line Coverage Endorsements • Created a template for a ‘Renewal on Varied Terms’ notication document • Updated the Guaranteed Rebuilding Cost and Additional Rebuilding Cost Endorsements to reect current market standards and updated their accompanying Reference Document to add clarity • Created a Resilience Allowance Endorsement with supporting Reference document which if adopted by member companies supports the provision of additional compensation to residential property owners who choose to rebuild their dwelling with material that is more likely to be resilient in the face of a climate related insured loss• Began a process of retiring coverage documents that are not used or infrequently used by member companies • Supported the distribution of updated CGL Rate Pages and updated Non-Prot D&O policy wordings and rating structure • Supported the renewal of the E2Value Valuation Tool • Supported the update of the Ontario Automobile Insurance Policy and a new Policy Change form The committee continues to focus on improving the speed-to-market of products. The challenge of course, is to move quickly with development, and at the same time get consensus on specic points from over 40 independent insurance companies. We have had some challenges, but remain committed to investing in the resources required to meet the demands.What is underway now?Our oversight role on a variety of on-going and about to be started projects includes:• Updating standard Farm Coverage based on current market scan• Collaborate with HSB and Farm Mutual Re for updates to existing coverage documents and risk selection guidelines as needed• Conduct market scan to determine any necessary updates to the Commercial Property coverage forms including the Additional Agreements• Conrm that our proposed Non-Stacking of Liability Limits endorsement provides the necessary protection for both individual member companies and Farm Mutual Re • Continue to monitor & an necessary determining an appropriate insurance coverage & risk selection response for the insuring of the variety of power-assisted and motor assisted units available to member company policyholders• Support for analysis of exposures introduced due to the ‘Sharing Economy’ • Analyze current coverage documents based on recent court decisionsAs always, in response to member company needs, the Product Strategy Committee works with staff to respond to immediate market pressures as they arise. Product Strategy 2023

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Regulatory Review 2023Committee MembersJohn Stirk, Dufferin • Shawn Durnin, Axiom • Jeff Whiting, Ayr • Bryan Hicks, TrilliumJackie Roy, OMIA • John Taylor, OMIAChair, Marg Torrance, HalwellThe Regulatory Review Committee is the key mutual liaison with insurance regulators, including the Financial Services Regulatory Authority of Ontario (FSRA). Regulatory oversight is an active area for insurers, provincially, nationally, and globally. In fact, many insurers identify the threat of regulatory intervention as an enterprise risk. The committee focuses on the regulation activity in solvency, market conduct, and governance. These requirements continue to evolve in complexity and increasingly reect international trends in nancial regulation.In 2023, FSRA continued to further ll out its regulatory structure and its relationship with stakeholders. This relationship is much more complex than had been the case with its predecessor the Financial Services Commission of Ontario. Simply put, FSRA is a bigger organization with greater capacity to regulate. In 2023, the committee continued to meet whenever possible with key FSRA working groups. The committee also provided a sounding board for OMIA staff who were involved with FSRA’s Technical or Strategic Advisory Committees. This committee is also a key resource for developing OMIA”s formal written responses on proposed changes to regulation. Ministry of Government and Consumer Services – Corporations Act In 2020, the pandemic created an environment where the Corporations Act, long overdue for updating, had to be amended on a temporary basis to allow for virtual meetings. This provided an opportunity for OMIA to discuss with the Ministry of Government and Consumer Services and the Ministry of Finance important changes that could be made to allow for exibility in the number of directors required for mutual boards. Mutual boards have always had to total between 6 and 15 directors with the board complement divisible by 3, leaving options of only 6, 9, 12, or 15 directors. This restriction made governance planning and director transition problematic when trying to “right size” a board for cost and governance effectiveness and efciency. Having amendments adopted into an Act is a long and arduous process, dependent upon the timing of ofcial reviews of Acts, a government ministry’s appetite for legislative amendments, the input from other ministries and stakeholders, and the strength of the case for making a change. Since the pandemic forced the Ministry of Government and Consumer Services to open the Act for modernization to allow electronic meetings of the members, OMIA used the opportunity to comment both on meeting format and to reintroduce our earlier proposal to lift restrictions on board size. From 2020 onwards, we continued to make submissions, created an impact analysis on burden reduction, and suggested wording for amendments to the Act.In the spring of 2023, the government passed Bill 91: Less Red Tape; Stronger Economy Act 2023. The passage of this Bill and subsequent proclamation has resulted in a modernized Corporations Act that allows electronic meetings and allows mutual insurers to determine the optimal number of board members for effective and cost-efcient governance. Mutual insurers can now create board complements between 6 and 15 directors to most effectively and cost efciently oversee the mutual. Regulatory ReviewCommittee ReportMandate - To review regulatory issues that affect member companies

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Federal Privacy Regulation The Federal government continues to struggle with pulling together their proposed changes to Federal Privacy Law. A Bill read into parliament in June indicated it would break PIPEDA into three separate areas or acts:• Consumer Privacy• Articial Intelligence and Data• Personal Information and Data Protection TribunalThis will remain a difcult le for the Federal government to tie together coherently, however we are closely monitoring changes and following developments and we are hopeful any changes will be based on a graduated approach. There has been little progress by the government this year.Risk Based Supervisory Framework- Insurance (RBSF-I) The mutuals have had a unique solvency supervision relationship with the provincial regulator. This stems from the creation of the Fire Mutuals Guarantee Fund in the 1970s and the work done by the mutuals in developing tools to monitor the solvency of individual mutuals and at the mutual system itself. These tools have included the development of Early Warning Tests, the standardization of and education on P&C1 returns and Management Discussion Analysis Reports, and stress testing. Most importantly, it stems from the creation of the Financial Review Committee and subsequently the Financial Examination Committee. From the early 2000s the Financial Examination Committee (FEC) has closely monitored mutual solvency and reported to the regulator on an ongoing basis to optimize policyholder safety. The FEC grew out of the mutuals’ own Financial Review Committee (FRC) system and members of the FEC were also members of the FRC, providing a cost efcient and effective window on the solvency of each mutual for both the regulator and the Fire Mutual Guarantee Fund members.FSRA was established in 2019, and in early 2022 published their model for a new supervisory framework, the Risk Based Supervisory Framework - Insurance (RBSF-I). OMIA and members of the Fire Mutuals Guarantee Fund Trustee group, the Financial Review Committee, and the membership at large took part in a series of committee meetings with FSRA as they reviewed the general principles of the RBSF-I. In addition to meetings, OMIA and the FMGF made detailed submissions to FSRA expressing concerns with the potential to lose proportionality and cost efciency. Many member companies also made submissions to FSRA expressing concerns that the framework does not consider the transparency and customer focus embodied by small mutual insurers. The rst assessment of a member company under RBSF-I began in late 2022 and a report is expected before year-end 2023. Much will be learned from the outcome of that process, and from the member company experience in being assessed. OMIA and the FRC also worked in 2023 in assisting FSRA in their collection of member company nancials each quarter. This had previously been provided to the regulator by OMIA but will now be provided to FSRA direct. Member companies will also submit nancials to OMIA and OMIA will continue to support troubleshooting on reporting. This was especially important with IFRS-17 in 2023 and member companies have been very clear in conrming the value received in working collectively with OMIA in what can be an arduous process. As we head into the nal quarter of 2023 there remain questions on how adaptable RBSF-I will be to the proportionality needs of smaller companies like mutuals. Policyholder protection is the number one priority of all stakeholders, but cost and administrative burden must be carefully monitored and managed.Fair Treatment of Consumers – A FSRA Priority AreaFSRA has explicitly identied the Fair Treatment of Consumers as a priority supervision area. In June 2023, FSRA stated that it was building “supervision capacity and market intelligence in the P&C sector.” This supervisory activity will have a signicant impact for insurers and covers a range of actions.This year FSRA completed a Home Insurance Fair Treatment of Consumer Review. (This had previously been called a “Proactive Review of Residential Complaints”.) This comprehensive survey included detailed data requests on items including the shelf life of claims, denials, proof of loss timelines, and complaints. This was a mandatory Regulatory Review 2023

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Regulatory Review 2023survey for those insurers selected but not all this data is collected by insurers and this aggregated data is not mandatory. This also came on the heels of the Annual Statement of Market Conduct, another signicant and mandatory survey. It will be important for FSRA to provide accountability and transparency as to the key results arising from this survey. Another FSRA initiative has been to examine automobile insurers to determine the extent to which they are structured to be compliant with the Fair Treatment of Consumers Guideline, as promoted by the Canadian Council of Insurance Regulators for the past several years. A member mutual was assessed beginning in 2022, and received the regulators report in 2023. This assessment required a signicant work effort and cost for the mutual to complete. The lessons learned from the assessment process and the reporting process ndings are being collaboratively shared to assist in meeting expectations across the mutual system, through OMIA forums and compliance roundtables. The generosity of the mutual in sharing its experience is much appreciated. In mid-2023, FSRA published its ndings of its multi-year “Take-All-Comers Thematic Review” on automobile insurance. A high-level summary of that exercise can be found in the Automobile Insurance Committee Report. Of benet to the mutuals, has been the willingness of FSRA’s Market Conduct Leadership Team to meet on a regular basis with the Regulatory Review Committee to share their priorities and planning. The OMIA Compliance Roundtable and the ERM ForumThree years ago, the Compliance Roundtable was established to give mutuals an opportunity to discuss compliance issues and compare solutions to common problems. The Roundtable is well attended. Our founding Roundtable Chair, Bryan Hicks retired from the Chair this year. His contributions are much appreciated. In addition to the roundtable, an informal group, known as the ERM Forum, has met virtually to discuss issues specically relating to Enterprise Risk Management.The Broad Scope of Regulation in OntarioAs we neared mid-year 2023, we took note of the high volume of consultations, information circulars, and guidance documents published by FSRA since 2020. The fast timeline on this publication schedule and the detail level of the documents was creating a challenge for mutual leaders and boards to track and monitor. Many of these publications from FSRA had also generated ofcial responses from OMIA, adding to the inventory. With that in mind, OMIA created a registry of FSRA publications material to mutuals and included the response if any provided by OMIA. This registry is maintained on a real-time basis and available to any member on the OMIA web site, omia.com. Looking AheadNow in its 5th year, FSRA has continued a hectic pace in its supervisory activities. OMIA will continue to communicate with the regulator on issues that matter most to mutuals. OMIA currently has a seat on FSRA’s Stakeholder Advisory Committee to the Board, and also applied for a seat on its newly formed Technical Advisory Committee for Non-Auto Property and Casualty Insurance Supervision.

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OMIA Strategy UpdateThe OMIA Strategic Plan you see here was created for the 2019-2024 period and has been the focus of our work in the years since. In addition to the high-level goals and priorities noted here, there are 48 active projects that are being worked on or tracked in support of our strategy. In the past year, just about 30 projects were completed and moved off the active list. 48 projects may seem like a lot, but in the world we all live in, long-term perspective is needed and, by necessity, many of our strategic goals are multi-year efforts. The OMIA board regularly reviews these priorities to ensure that our plan, like your own, evolves to meet emerging needs. In the spring of 2023, the OMIA Board and management reviewed OMIA’s enterprise risk management risk register and identied, at a high level, a handful of additional projects to support member needs. This strategic framework continues to be our guide for decision making and organizational planning. While the plan may change from time to time, our Vision and Mission remain steadfast:MISSION: To serve and strengthen our mutual insurance community.VISION: Grassroots insurance at the core of thriving communities.OMIA Strategy UpdateStrategic Goal Strategic Priorities 2019-2024Solvency & ComplianceTo provide Member Companies with leadership, environmental monitoring, education and expert guidance on solvency reporting, governance, market conductand corporate risk management that meet regulatory requirements, allowing the continued existence of the FMGF.A. Formalize solvency regime with Ministry of Finance.B. Develop relationships and processes with FSRA as prudential / solvency regulator.C. Champion and lead implementation of regulatory initiatives for the benet of the membership.D. Determine the ideal structure and resources needed for solvency examination, monitoring, and reporting.Strategic Goal Strategic Priorities 2019-2024Promoting MutualityTo enthusiastically communicate the unique advantages of the mutual insurance model, to key external stakeholders.A. Establish the Ontario Mutuals as property casualty leader in agricultural sector.B. Establish relationships with key industry, association, and interest groups.C. Represent mutual auto underwriters’ interests with Ministry of Finance and Financial Services Regulatory Authority (FSRA).

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OMIA Strategy UpdateStrategic Goal Strategic Priorities 2019-2024Resource CentreTo transfer knowledge to member companies to assist in business and insurance operations. This includes researching, compiling and disseminating information and skills. A. Be the priority source of training and education for mutuals by creating superior member focused skills and knowledge programs.B. Create and maintain forward-looking competitive suite of insurance coverage documents and products. C. Provide timely and wide-ranging marketing tools, knowledge, and support for products and services.D. Develop an innovative approach to delivery of education and product services.E. Research, maintain, and communicate to members on compliance-based materials, knowledge and resources.Strategic Goal Strategic Priorities 2019-2024Group & Afnity ServicesTo provide member companies with access to cost effective, administratively efcient, and stable programs including employee benets, pension, and professional insurance to aid in recruitment, retention, and nancial stability.A. Provide cost effective, labour market competitive benet and pension plans. B. Create comprehensive user knowledge (employee/employer) on benets and pension plans.C. Manage solvency and group funding requirements for Dened Benet pension plan.Strategic Goal Strategic Priorities 2019-2024Data StrategyTo provide member companies an efcient method of reporting regulatory data, while anticipating data requirements for collective analysis and business intelligence initiatives. A. Determine feasibility of Property Rate Working Group model.B. Increase, maintain, and govern the OMIA centralized database for the benet of members, regulators, and Farm Mutual Re.C. Improve data utilization and analysis for business intelligence needs.D. Enable member company efciencies on data collection and reporting.

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PEACE OF MIND2022 was a catastrophe year like no other for our mutual community. The sheer magnitude of weather events brought eecve claims catastrophe planning and management into the spotlight. As a community, we faced numerous challenges because of these events, but our values of mutuality came to the forefront and we chose to see our catastrophe experience as an opportunity to improve, share experiences, and make changes. While thus far in 2023, the mutual community has returned to a more historically normal catastrophe year, the response from members to improve catastrophe claims reporng and to build more robust Claims Catastrophe Response Plans has been quick and eecve. We all understand the need to be prepared, to ensure eecve claims management and customer service response to policyholders who have sustained losses. Preparaon and eecve member response also enables Farm Mutual Re to beer understand the magnitude of the catastrophe event and inform our external partners promptly. Farm Mutual Re, OMIA and our members have been hard at work in 2023 reviewing our claims catastrophe processes and planning. Farm Mutual Re updated our Claims Catastrophe Reporng Guidelines, requiring members to report catastrophe losses within ten business days of the event occurring, and every twenty-two business days following the inial reporng. We also provided a standard format to report catastrophe claims to ensure this data can be aggregated eciently and then accurately reported to our reinsurers. These new reporng requirements will assist us in establishing the severity of the event promptly, as well as beer understand the impact of demand inaon associated with the event as it progresses. Thank you to our members for their understanding and recepveness to these necessary changes.Jolee Crosby, President & CEO of Swiss Re Canada and the English Caribbean, eecve on July 1, 2023. Jolee has held a number of leadership roles of increasing responsibility since joining Swiss Re in 1998, including Head of Asia Medical Products and Operaons, and most recently, Global Head of Life & Health Underwring and Medical Reinsurance, with addional responsibilies for core soluon development for all L&H insurance lines of business. Jolee also has a P&C background in both direct insurance and reinsurance. As the Head of US Casualty Claims for Reinsurance she focused on helping clients manage their porolio risks as well as individual claims ulizing data analycs. Prior to that, she led a global Governance team, ensuring the appropriate framework was in place to assess and manage operaonal risk. Her remit also included compliance related topics such as internaonal trade controls, fraud detecon iniaves, data protecon and business connuity management. She has also pracced law at an insurance defense rm, where she represented insurance carriers and their customers in ligaon both at the trial and appellate levels. Educaonal Background:• Bachelor’s degree in Polical Science, University of Missouri-Kansas City, USA• Juris doctorate degree in Law, University of Missouri-Kansas City, USA In 2023 the global reinsurance market experienced a signicant withdrawal of capacity parcularly on property catastrophe lines as severe weather-related loss acvity connued to outpace premiums. Losses from previously considered secondary perils, such as severe storms and wildres, are occurring with greater regularity and intensity leaving reinsurers suscepble to a variety of catastrophic exposures. Modelling all perils is now a priority for the reinsurance market. Those reinsurers who connue to provide catastrophe protecon are only doing so at improved terms. Property rates have increased parcularly on loss-impacted programs while casualty lines of business have experienced more modest rate adjustments. Reinsurance program structures connue to evolve while primary companies increase retenon levels to oset costs and complete the placement of their reinsurance treaes. The industry is now more focused on protability, showing renewed emphasis on areas such as risk selecon, loss migaon, rate adequacy, inaon factors, insurance to value, actual cash value versus replacement cost, and deducble levels. Updang data management systems and accurately managing accumulaons is now a priority for most companies. The 2024 market outlook suggests catastrophe capacity will be less elusive and not as scarce as last year also capital markets using catastrophe bonds appear poised to ll any gaps in coverage. Terms and condions have stabilized, subject of course to any late-season major loss acvity. The retro market has stabilized providing addional li while new entrants look to capitalize on improved terms. Despite the many challenges ahead the industry is poised for a more orderly 2024 renewal season. In conjuncon with OMIA, Farm Mutual Re has been conducng Claims Catastrophe Response Planning workshops to review and share claims catastrophe management best pracces and assist members in building out more robust catastrophe plans. The workshops provide the opportunity for members to review a best pracce catastrophe response plan template, share their experiences and successes, as well as build new or amend their exisng catastrophe plans. Farm Mutual Re is requesng all members submit their Claims Catastrophe Response Plans to our claims department by December 31, 2023. Over the course of 2024, our claims team will begin reviewing members’ submied catastrophe plans and provide feedback. We will also begin auding member catastrophe claims and will provide direct feedback to the member on what they are doing well and idenfy potenal opportunies to enhance or improve catastrophe response and claims management. As well, we will share aggregated results of catastrophe claim audits with our reinsurers. A huge thank you to all members who are commied to enhancing their claims catastrophe planning and response. As a community, we are all in this together. Each one of us has a responsibility to ensure we are prepared and can eecvely respond to these ever-increasing large events. Claims Catastrophe Response Planning IniavesReinsurance Market UpdateJolee Crosby Guest Speaker

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Over the past several months, the management and Board of Farm Mutual Re have worked through a robust strategic planning process for the 2024 to 2026 period. While our proposed plan will not be fully approved unl later this fall, we are at the point of sharing high-level informaon with you. Many of you provided input into our SWOT analysis where we examined our Strengths, Weaknesses, Opportunies, and Threats. Using those insights, we priorized strategic issues and focused on the top ve where we will invest our resources over the next few scal years. These iniaves include three Strategic Imperaves: Gaining Member Insights – As we beer understand our members’ strategies, we will serve them more eecvely and enhance protability.Growing Broker Distribuon Segment – In response to the concentraon risk and limited growth opportunies in the direct distribuon segment, we must pursue a protable growth and diversicaon strategy for the broker distribuon segment to grow our surplus to the benet of our mutual community.Building Resiliency – To ensure ongoing nancial strength, we must build a foundaon of operaonal excellence to support a more resilient organizaon in the face of rapidly evolving opportunies and risks. These imperaves are supported by two Strategic Enablers: Data and Insights – Enable ecient and eecve decision-making to support our Strategic Imperaves.Talent – Enable our talent to excel and deliver on our Strategic Imperaves.Management is now developing detailed goals, projects, and metrics to support each of these ve strategic iniaves. While developing a new strategy takes a great deal of me and eort, and requires making tough choices, it is extremely excing to bring greater clarity and focus to this process and to envision progress to the future state. In September, we celebrated the mid-point of our Customer Relaonship Management (CRM) system implementaon project that kicked o the rst week of July. The project is on schedule. Conguraon is well underway — aligning the system with the company’s specic needs and processes, as is data migraon and systems integraon — with customer informaon being accurately transferred and communicated. Implemenng a CRM system will enable Farm Mutual Re to eecvely gather and analyze member feedback and informaon captured through various interacons across the organizaon. Centralizing important insights will help us beer understand individual company challenges and strategies to increase our ability to support the unique needs of all our valued business partners. A CRM system aligns with our data and analycs strategy, to be a data-driven decision-making organizaon, and connue to build and grow deep-rooted relaonships with our current and future business partners. We look forward to serving our members beer in 2024 when we begin using this new system.Strategic Planning at Farm Mutual Re CRM System Update For the period ended September 30 in thousands of dollarsStatement of Comprehensive Income (Loss) and Equity2023Restated 2022Insurance revenueInsurance service expenseInsurance service result before reinsurance contracts heldNet gain (expense) from reinsurance contracts heldInsurance service resultInvestment income (loss)Net insurance nancial resultOther income and expenseIncome (loss) before income taxesIncome tax recovery (expense)Net income (loss)Members’ equity, beginning of year (restated)Members’ equity, end of period Net claims rao (parally discounted)1Net combined rao (parally discounted)1MCTGross Wrien Premium2 1 Raos are preliminary and subject to change2 Gross Wrien Premium is a non-GAAP measure under IFRS 17 208,722 (166,209) 42,513 (39,665) 2,848 14,383 (8,678) (8,592) (39) 1,231 1,192 465,709 466,90190.4%103.2%461.5% 277,917 192,277 (316,935) (124,658) 102,374 (22,284) (41,793) - (4,192) (68,269) 18,691 (49,578)256,976IFRS 17The Company adopted IFRS 17 - Insurance Contracts eecve January 1, 2023. The Statement of Comprehensive Income (Loss) and Equity is presented under this new standard. Key nancial measures are subject to further renement. Although some of the nomenclature may seem familiar, the new metrics are not comparable to those presented under IFRS 4.

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Innovaon has focused on pushing boundaries, challenging assumpons, and examining processes to carve a pathway for our future. This has started to bring our Vision to life, as we see cung-edge tech create eciencies, data-driven insights light up opportunies, and new ways of serving members emerge. Future-Proong Farm Mutual Re We’re hard at work on our top ve focus areas. This has resulted in three proof-of-concepts (POCs): 1) using AI and natural language processing to create meaningful claims eciencies; 2) idenfying approaches to data that deliver aconable insights in our broker distribuon segment; 3) and exploring savings possibilies in claims costs. The POCs are tested collaboravely with Innovaon, business units, and IT. User-centered research, design thinking, and build-measure-learn methodologies are used to seek outcome before making a full investment. This not only enables employees to learn-by-doing, but it also enables the exploraon of the most fruiul opportunies. We’re also elevang how we dene our focus areas by leveraging our partnership with Guy Carpenter’s InsurTech Centre of Excellence (COE). This empowers us to take an outside-in perspecve, ensuring we are concentrated on the best areas. Enabling our Employees Employees are parcipang in the Rotaonal Program that started early 2023, and the applicaon of innovaon concepts is evident in outcomes like our Underwring Audits. Employee adopon of concepts like focusing on a problem over a soluon, or tesng incrementally before invesng, helps us to invest in what maers. Our recognion iniave also supports this, using a unique career-builder program to celebrate milestone learning achievements. Innovaon at Farm Mutual ReEngaging in the Innovaon Ecosystem Commied to our future, we understand the importance of parcipang in the innovaon ecosystem. An innovaon ecosystem is comprised of external organizaons dedicated to the sustainability of our industry’s future. This helps organizaons idenfy the right partners to strengthen their investment. We are seeing great potenal with our rst partner – Guy Carpenter’s InsurTech COE. This has enhanced our ability to consider new focus areas and vet prospecve partners. It has also provided us with access to world-class research analysts to idenfy where to concentrate our eorts. We will be growing our partnerships and oering engagement to our members in 2024. We may engage in open innovaon programming, using our collecve strengths to accelerate the transformaon of our industry. We’re also considering engagements with experts to oer applied workshops like our internal oering to sta. We are excited to roll out the ecosystem oering in 2024. Stay Tuned for More We believe we are on a solid path to achieving innovaon impact and are commied to creang digital foundaons that help support our collecve future.JUSTICEADAPTATIONACTIONSupporting locally-led adaptationplanningEquity-informed riskanalysis andmapping for planningand foresightInclusive riskawareness andpreparednessSupported by:Learn more about how Partners for Action has fosteredinnovative applied research andsupported conversations towardmulti-level action:Read our 2022 Annual ReportAdvancing flood resilience in Canadian communities uwaterloo.ca/partners-for-action@Partners4Actionp4a.info@uwaterloo.ca @Partners4Action“To be a beacon of Mutual innovaon, carving a pathway for our future and empowering our community.”

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Map Your Path to SuccessWith Education at OMIAOur goal is to be the priority source of training and education for mutuals by creating superior member focused skills and knowledge programs.The OMIA Certication Program (formerly Insurance Practitioners Certicate) has been designed to align individual certicates with industry disciplines.Each Certicate has been customized to support knowledge and skills required for professional growth. Members may opt to follow the Certicates as outlined, or choose to create a development plan based on internal business needs.Please note: Available course dates and times for Live Online, Hybrid and In Person can be found by viewing the OMIA Education Calendar on omia.com.Available courses for On Demand (eLearning) can be found by visiting the On Demand e-Learning website: omiaelearning.com.Current Certicates: Directors, Mutual Service, Agents, Underwriters, Accident Benets AdjustersComing Soon: Claims Adjusters, Loss Prevention, LeadershipRIBO Accreditation – Each Registration Notice will indicate if RIBO credits have been granted. Members are responsible for the registration and payment for their brokers.Please see the following pages for more details about our current certication programs.Questions or suggestions are always welcome at registrations@omia.com.

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Directors CerticateSection 1: Business of InsuranceEthics in the Business of Insurance - Live Online/HybridIntroduction to the Business of Reinsurance - Live Online/Hybrid or (On Demand - Under Development)Introduction to the Insurance Industry - Live Online/Hybrid or On DemandIntroduction to the Mutual System - Live Online/Hybrid or On DemandPrivacy & PIPEDA for Directors - Live Online/Hybrid or On DemandSection 2: GovernanceBoard Self Evaluation - Live Online/HybridBoard Succession Planning & RecruitmentCEO Evaluation - Live Online/HybridEnterprise Risk Management for Directors - Live Online/HybridGovernance Basics for New Directors - Live Online/Hybrid (On Demand - Under Development)Identifying the Regulatory Obligations of the Board & Insurance Company - Live Online/HybridIntroduction to the Role of a Director - Live Online/HybridStrategic Planning - Live Online/HybridSection 3: Financial & AccountingInsurance Finance 101 - Live Online/HybridManagement, Discussion and Analysis Report - On DemandUnderstanding the Role of the Audit Committee - On DemandNEW Section 4: Beyond CerticationEthics Basics for Directors – Live Online/Hybrid (On Demand – Under Development)IFRS-17 for Directors - Live Online/Hybrid or On DemandUnderstanding the Role of the Adjuster - On DemandUnderstanding the Role of the Underwriter - On DemandResearch Phase:DEI for DirectorsInformation Technology for DirectorsInnovation for DirectorsUnderstanding the Role of the Board of DirectorsUnderstanding the Role of Information TechnologyUnderstanding the Role of Loss Control Understanding the Role of MarketingUnderstanding the Role of the Sales Professional The Directors Certicate consists of 16 mandatory courses. Completion of all 16 courses earns an overall “OMIA Certication Program - Directors Certicate”.Directors enrolled in the program structure prior to April 1st, 2023 will continue until they have completed the program.

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Mutual Service CerticateCourses Communication Fundamentals – Verbal & Non–verbal - On DemandCommunication Fundamentals – Written - On DemandDealing with Difcult People - On DemandEthics in the Business of Insurance (General) - Live Online/HybridIntroduction to the Business of Reinsurance- Live Online/Hybrid or On Demand (Under Development)Introduction to the Insurance Industry - Live Online/Hybrid or On DemandIntroduction to the Mutual System - Live Online/Hybrid or On DemandPrivacy & PIPEDA Introduction - On DemandProblem Solving - On DemandTime Management - On DemandUnderstanding the Role of the Adjuster - On DemandUnderstanding the Role of the Underwriter - On DemandLeading and Participating in Effective Meetings - On Demand (Under Development)Research Phase:Understanding the Role of the Board of Directors (Research phase)Understanding the Role of Loss Control (Research phase)Understanding the Role of Marketing (Research phase)Understanding the Role of the Sales Professional (Research phase)Open to all disciplines. Members select and complete 10 courses. Upon completion of any 10 courses, an overall “OMIA Certication Program - Mutual Service Certicate” is granted. Please note: Members may opt to:1) Follow the Certicate requirements as outlined.2) Use the course selections to create an Onboarding plan for new hires.3) Use the course selections to create an individual development plan based on annual performance reviews.Notes: Credit will be given if the OMIA course has been take within the last 5 years.OMIA is not currently approving course equivalencies.Participants are required to be fully engaged, interactive, and present for the entire course to qualify for the credit(s).

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Agents CerticatePart A - Personal Lines Technical CerticateBoatowners & Marine Coverage Review - Live Online/HybridInsuring Residential Condo Unit Owners - Live Online/HybridNavigating Insurance Applications - On DemandPersonal Cyber Exposure & Coverage Review - Live Online/HybridPersonal Liability Coverage Review - Live Online/HybridPersonal Lines Auto Program - Live Online/HybridPersonal Umbrella Liability Coverage Review - Live Online/Hybrid (or On Demand Under Development)Residential Property Coverage Review - Live Online/HybridNavigating Insurance Policy ContractsUnique Exposures & Coverage Review - Under DevelopmentPart B - Commercial Lines Technical CerticateCommercial Liability Coverage Review - Live Online/HybridCommercial Lines Auto Program - Live Online/HybridCommercial Property Coverage Review - Live Online/HybridContractors Property Coverage Review - Live Online/HybridCrime Coverage Review - Live Online/HybridGarage Auto Program - Live Online/HybridLoss of Income Coverage Review - Live Online/HybridNavigating Insurance Applications - On DemandUnder Development: Commercial Cyber Exposures & Coverage ReviewNavigating Insurance Policy ContractsPart C - Farm Lines Technical CerticateAgricultural Building Construction - On DemandAgri-tourism Liability Loss Prevention - On DemandFarm Liability Coverage Review - Live Online/HybridFarm Property Coverage Review - Live Online/HybridNavigating Insurance Applications - On DemandUnder Development: Agricultural Cyber Exposure & Coverage ReviewCash Crop & Grain Handlers Coverage ReviewFarm Livestock Coverage ReviewFarm Machinery & Equipment Coverage ReviewNavigating Insurance Policy ContractsPart D - Sales CerticateAgent Differentiation in the Marketplace - Live Online/HybridCreating & Optimizing LinkedIn Proles - Live Online/HybridCustomer Experience Selling - Live OnlineE&O Risk Management - Live Online/HybridEthics for Sales Professionals - Live Online/HybridProfessional Presentation Skills - Live Online/HybridSales Planning for Sellers - Live Online/HybridSales Prospecting - Live Online/HybridUnderstanding the Role of the Adjuster - On DemandUnderstanding the Role of the Underwriter - On DemandMembers complete each part. Completion of all four parts earns an overall Certicate. Credit will be given if the OMIA course has been take within the last 5 years.

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Underwriters CerticatePart A - Personal Lines Technical CerticateBoatowners & Marine Coverage Review - Live Online/HybridInsuring Residential Condo Unit Owners - Live Online/HybridNavigating Insurance Applications - On DemandPersonal Liability Coverage Review - Live Online/HybridPersonal Lines Auto Program - Live Online/HybridPersonal Umbrella Liability Coverage Review - Live Online/Hybrid (or On Demand Under Development)Residential Property Coverage Review - Live Online/HybridUnder Development: Personal Cyber Exposure & Coverage ReviewNavigating Insurance Policy ContractsUnique Exposures & Coverage ReviewPart B - Commercial Lines Technical CerticateCommercial Liability Coverage Review - Live Online/HybridCommercial Lines Auto Program - Live Online/HybridCommercial Property Coverage Review - Live Online/HybridContractors Property Coverage Review - Live Online/HybridCrime Coverage Review - Live Online/HybridGarage Auto Program - Live Online/HybridLoss of Income Coverage Review - Live Online/HybridNavigating Insurance Applications - On DemandUnder Development: Commercial Cyber Exposures & Coverage ReviewNavigating Insurance Policy ContractsPart C - Farm Lines Technical CerticateAgricultural Building Construction - On DemandAgri-tourism Liability Loss Prevention - On DemandFarm Liability Coverage Review - Live Online/HybridFarm Property Coverage Review - Live Online/HybridNavigating Insurance Applications - On DemandUnder Development: Agricultural Cyber Exposure & Coverage ReviewCash Crop & Grain Handlers Coverage ReviewFarm Livestock Coverage ReviewFarm Machinery & Equipment Coverage ReviewNavigating Insurance Policy ContractsPart D - Interpersonal SkillsCommunication Fundamentals Verbal and Non-verbal - On DemandDealing with Difcult People - On DemandEthics in the Business of Insurance - Live Online/HybridIntroduction to Reinsurance - Live Online (or On Demand Under Development)Privacy & PIPEDA Introduction - On DemandUnderstanding the Role of the Claims Adjuster - On DemandUnderstanding the Role of the Underwriter - On DemandResearch Phase: E&O Risk Management for UnderwritersUnderstanding the Role of Loss ControlUnderstanding the Role of the Sales ProfessionalMembers complete each part. Completion of all four parts earns an overall Certicate. Credit will be given if the OMIA course has been take within the last 5 years.

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Below is the upcoming schedule for Live Online, In Person and Hybrid learning opportunities.On Demand eLearning courses are found at omiaelearning.com.Dates, times and topics are subject to change. Please refer to www.omia.com for the most current list.Note: If a course is full at the time of registration, please continue with the registration process as a waitlist will be developed and where possible, more dates added. If you are interested in seeing a particular topic addressed, we welcome your input at registrations@omia.com.DATE & COURSEOctober 18 & 19 ; November 1 - 8 (AM or PM) - OMIA Auto Changes Roadshow - In Person, Various LocationsOctober 19 (9:30am - 11:30am) - Underwriting Managers Roundtable - Live OnlineOctober 20 (AM or PM) & November 20 (5pm - 8pm) - Ethics Basics for Directors - In Person & Live OnlineOctober 25 (9:30am - 3:30pm) - Accountants Roundtable - HybridNovember 1 & 2 (9:30am - 12pm) - Commercial Liability Coverage Review - Live OnlineNovember 2 (9am - 3pm) - Human Resources Roundtable - In PersonNovember 6 (1:00pm - 4:30pm) - NEW Balancing Life Work Priorities - Live OnlineNovember 6 (5pm - 8:30pm) - Strategic Planning for Directors - Live OnlineNovember 8 & 9 (9:30am - 12:30pm) - Farm Liability Coverage Review - Live OnlineNovember 9 & 10 (9am - 12:30pm) - Personal Liability Coverage Review - Live OnlineNovember 13 (1pm - 4:30pm) - Automobile Underwriting Roundtable - Live OnlineNovember 13 (5pm - 8:30pm) - Succession Planning & Recruiting for Directors - Live OnlineNovember 16 (9:30am - 3:30pm) - Legal Review & All Disciplines Day - In PersonNovember 20 (5pm - 8pm) - Ethics for Directors - Live OnlineDATE & COURSENovember 21 (9:30am - 12:00pm) - Commercial & Farm Underwriting Roundtable - Live OnlineNovember 21 (9:30am - 11:30am) - Running Effective Sales Team Meetings - Live OnlineNovember 22 (9am - 12:30pm) - Insuring Residential Condo Unit Owners - Live OnlineNovember 23 (9am - 3pm) - Regulatory Compliance Roundtable - HybridNovember 24 (9:30am -12pm) - Ontario Mutual Loss Prevention League Roundtable - Live OnlineNovember 30 (9:30am - 3:30pm) - Farm Loss of Income - In PersonDecember 1 (9:30am - 12pm) - Agent Differentiation in the Marketplace - Live OnlineDecember 4 (9am - 12pm) - Board Chair & Vice Chairs Roundtable - Live OnlineDecember 5 (9:30am - 11:30am) - Sales Planning for Management - Live OnlineDecember 5 (9:30am - 12:30pm) - Farm Machinery - Live OnlineDecember 7 (9:30am - 3:30pm) - CEO Roundtable - HybridDecember 8 (9:30am - 11:30am) - Sales Prospecting - Live OnlineDecember 11 & 12 (5pm - 8pm) - Board Self Evaluation & CEO Evaluation - Live OnlineOMIA’s Education Calendar

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Innovation Speaker | Co-Host, The Feed on SiriusXM | President, AmberMac Media, Inc. Considered by many to be the go-to expert on anything to do with technology, Amber Mac helps companies and audiences stay ahead of the curve. She is an industry veteran, renowned as a journalist, moderator, entrepreneur, consultant, and bestselling author. Whatever the setting, Mac offers clarity and a passion for digital innovation in all forms. In 2021, Mac was named one of Bay Street Bull’s “Women of the Year” for her leadership in the technology sector. She has also been named one of “30 inspirational women making a difference in tech” by DMZ. Mac began her career in San Francisco and Boston during the dot-com boom. As a strategist for Razorsh and director of marketing for an e-procurement software company, she spent four years in the technology start-up trenches. Today, Mac is the president of AmberMac Media, Inc., an award-winning content development agency. She has also keynoted more than 500 events around the world and moderated sessions with Prime Minister Justin Trudeau, former FBI Director James Comey, business coach Tony Robbins, author Malcolm Gladwell, astronaut Chris Hadeld, and many other notable leaders. Mac has also hosted and co-hosted a variety of television and radio shows and several podcast series. These have included The Feed on SiriusXM, The AI Effect, Marketing Disrupted, This is Mining, and The AmberMac Show, which has led to more than ve recent national podcast awards. Mac is the co-author of the Amazon bestseller, Outsmarting Your Kids Online, and the author of the national bestselling business book, Power Friending. She is also a regular business host and expert for Fast Company, CNN, Bloomberg, CBS, BNN, CBC, Global News, CTV, The Marilyn Denis Show, and SiriusXM. Opening Keynote: Amber MacRelentless Adaptation: 4 Lessons to Thrive in Our AI Future

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Cyber Uncertainty: Preparing and Responding to Cyber ThreatsPartner, Head of Technology, Co-Head of Information Governance, Privacy and Cybersecurity, Norton Rose FulbrightImran Ahmad advises clients across all industries on a wide array of technology-related matters, such as legal risk assessments, compliance, due diligence and risk allocation advice, security, and data breach incident preparedness and response. In addition, Imran often acts as “breach counsel” in the event of a cybersecurity incident, such as a data or privacy breach, and has extensive experience in managing complex security incidents and cross-border breaches. He also provides representation in the event of an investigation, an enforcement action or a litigation. Imran is the author of Canada’s rst legal incident preparation and response handbook, “Cybersecurity in Canada: A Guide to Best Practices, Planning, and Management”. He is also the author of Canada’s rst legal incident preparation and response handbook, “Cybersecurity in Canada: A Guide to Best Practices, Planning, and Management (2nd Edition)”.In his privacy law practice, Imran advises clients on compliance with all Canadian federal and provincial privacy and data management laws. Imran is the former chair of the Privacy and Access to Information Section of the Ontario Bar Association and he is an adjunct professor at the University of Toronto’s Faculty of Law, where he teaches cybersecurity and privacy law. Private Consultant, Insurance, Claims Assessment, and Settlement ReviewBryan M. Hicks is an experienced Insurance Lawyer with a deep understanding of the mutual insurance community. He was called to the Bar in 1997 and practiced law in a rural general practice until joining Formosa Mutual Insurance in September of 2000 as Staff Counsel and Network Administrator. He worked in various roles with Formosa and its successor, Trillium Mutual until July of 2023. Most recently, he was Advisor, Compliance and Regulatory Services and Corporate Secretary.Bryan is well known to OMIA, having recently Chaired the Regulatory Compliance Working Group. He has also represented the interests of mutuals on the FSRA Technical Advisory Committee for Insurance Prudential Regulation and Supervision. He has decades of experience in insurance litigation, corporate governance and compliance. Bryan is now starting a private consulting practice that focuses on Insurance, Claims Assessment and Settlement Review, Compliance and Governance.Imran AhmadBryan Hicks

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Senior Consultant, WATSONTeresa Budd collaborates with WATSON as a senior consultant. She has over 25 years’ experience in governance and law, working with private and public companies, public sector organizations, municipal corporations, member-based organizations, regulatory bodies, not-for-prot organizations and nancial institutions. Teresa has advised boards, reported to boards and served on boards. Drawing from her deep experience, she works with boards of directors and management teams on a wide range of foundational governance issues. She also works alongside clients as a trusted partner, as they evolve and strengthen their governance processes and practices. She has a particular interest in Board development and facilitating conversations between boards of directors and their leadership teams. Prior to joining WATSON, Teresa was a partner at Blake, Cassels & Graydon LLP where she represented issuers and underwriters in offerings of equity and debt securities. Teresa also advised issuers and board committees on a variety of matters, including merger and acquisition transactions, corporate governance best practices, continuous disclosure requirements, stock exchange listing requirements, and board and shareholders’ meetings.Teresa has a Bachelor of Arts from the University of British Columbia and a Bachelor of Laws from the University of Western Ontario. Currently, Teresa serves as a Vice-Chair of the Board and Chair of the Governance Committee of Canuck Place Children’s Hospice’s Board of Directors, the Chair of the Inquiry Committee of the College of Massage Therapists of British Columbia and is a Past-Chair of the Board of 211 British Columbia Services Society. She has been a mentor under the Canadian Bar Association’s Women Lawyers Forum Mentoring Program. Teresa is a member of the Law Society of British Columbia.Governance versus Operations - Has the Line Moved?Teresa Budd

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The Mission: A Leadership StoryEndurance Athlete | Motivational Speaker | Leadership and Change Management Sébastien Sasseville empowers leaders to lead with purpose and inspires organizations to embrace change, remain engaged, and win at the long game. An endurance athlete, his extraordinary accomplishments — which include summiting Mount Everest and completing the mythical Sahara race and the toughest ultra-cycling event in the world — are made even more impressive by the fact that he lives with type 1 diabetes. Having held diverse sales roles in several Fortune 500 companies, Sasseville marries his business experience with his extensive inspirational achievements to deliver dynamic messaging on change management, leadership, teamwork, resilience, purpose, and motivation. Through tackling the world’s toughest challenges and continuously setting new goals, Sasseville made a powerful discovery — what we think is possible can always expand. It starts by setting an impossible goal, taking that courageous rst step, and then focusing on that “impossible” goal one step at a time. Supported by powerful imagery, awe-inspiring stories, and unique accomplishments, Sasseville’s keynotes emphasize the importance of agility when it comes to change and transformation. When we face a challenge, he says, we must accept that we don’t have all the answers at rst. But by taking a rst step and allowing the experience to unfold, we can often nd the answers in the journey. His keynotes also illustrate the importance of putting the mission rst when leading a team, as when the mission is more important than individual success, he says, this is how we build an army. Fully bilingual, Sasseville has been featured in several media outlets including CBC, TSN, The Hufngton Post, CTV, Global TV, Radio-Canada, and countless newspapers. He has also spoken to hundreds of audiences across North America helping them to create enthusiasm about business transformation, build resilience, and evolve to win. Past clients have included RBC, Pzer, Sobeys, Bell, SAP, L’Oréal, KPMG, and Hewitt. Closing Keynote: Sébastien Sasseville

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OMIA’s Ontario members are constituted into ve distinct groups linked by geography and tradition.The group structure supports grass roots involvement by member companies and provides a forum for problem solving and the exchange of ideas. Each of these groups also provides one democratically elected director to the OMIA Board. OMIA Current Group StructureGroup AAxiom MutualKent & Essex MutualLambton MutualMaple MutualSalus MutualWestminster MutualYarmouth MutualGroup BAyr Farmers MutualBCM InsuranceBrant MutualCTM InsuranceCayuga MutualDumfries MutualErie MutualNova MutualGroup CMcKillop MutualMiddlesex MutualNorth Blenheim MutualSouth Easthope MutualTradition MutualUsborne & Hibbert Mutual West Wawanosh MutualGroup DAlgoma MutualDufferin MutualEdge MutualGermania MutualHalwell MutualHowick MutualHeartland Farm Mutual (Associate)Peel MutualTrillium MutualGroup EAmherst Island MutualBay of Quinte MutualThe Commonwell Mutual Grenville MutualHTM InsuranceL&A MutualAssociate Members (Out of Province)Antigonish Farmers’ Mutual Insurance CompanyCarleton-Fundy Mutual Insurance CompanyClare Mutual Insurance CompanyGermania Mutual Insurance Company (Saskatchewan)The Kings Mutual Insurance Company (A Division of Heartland Farm Mutual Inc.) Mennonite Mutual Insurance Company (Alberta) Ltd.My Mutual Insurance CompanyPortage La Prairie Mutual Insurance CompanyPrince Edward Island Mutual Insurance CompanySaskatchewan Mutual Insurance CompanySouthEastern Mutual Insurance CompanyStanley Mutual Insurance CompanyUnited General Insurance Corporation

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SURVEYS EDUCATIONINDUSTRY LIAISONDATA STRATEGYAND STATISTICSPRODUCT DEVELOPMENTPROMOTIONCOMPLIANCE GOVERNMENT RELATIONSINSURANCE FOR INSURANCE CO’SSPECIAL PROJECTS AND STUDIESGENERALMEETINGSOur Service AreasQuestions or Concerns? Reach Out at Any Time.EMPLOYEEBENEFITSmarketing@omia.compromotional material, ads, eventsregistrations@omia.comcourse information & sign-upinsuranceservices@omia.com coverage documentsbenefits@omia.combenefits & pensionforms@omia.compolicy booklet orders, pinkslips etc.information@omia.comgeneral questionsThe Ontario Mutual Insurance AssociationWhat We Do To Serve Our MembersOMIA is governed by a board of directors made up of mutual members. We provide the leadership needed to keep your mutual, and all of our member mutuals, aware of developments in insurance policy coverages to meet the changing times. Through OMIA, company directors and staff have the opportunity to meet and exchange ideas with their counterparts from other companies. They also benet from economies of scale on larger projects, engage in learning opportunities through insurance education, and benet from pension, benets, marketing, and statistics services. OMIA was instrumental in the formation of the Fire Mutuals Guarantee Fund (FMGF) and has enabled the farm mutuals to speak with a united voice in dealings with governments. Our Mission: To serve and strengthen our mutual insurance community.Our Vision: Grassroots insurance at the core of thriving communities.

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Marketing & Communications ComplianceJackie RoyCompliance Resource OfcerMike TolanCompliance AnalystTavia TobeyMarketing & CommunicationsCoordinatorKara TobeyMarketing & CommunicationsAssistantAdministrative ServicesJohn TaylorPresidentSharon DittmerTreasurer/Manager, Administrative ServicesMandy HetheringtonAdministrative AssistantKelly WardE-Learning DeveloperHeidi DuMaresqBenets & HR SpecialistDanielle RichardsonBenets & HR AdministratorJeff FergusonDirector of OperationsKyle MurphyStatistical CoordinatorJulia Sharma Business Intelligence AnalystLisa HunterManager, Marketing & CommunicationsDaljit JohalExecutive AssistantShawn ZhangManager, Statistics & Information ServicesPaula GeorgeiAccounting SpecialistSusan BakerManager, Insurance ServicesKarolina ProminskiIT, Desktop SupportShah ShirzadiIT SpecialistStatistics & Information ServicesPresident & ManagersRachel CarewPension & Benets CoordinatorJennifer HiguchiInsurance Resource OfcerChristine SeniorSupervisor, Insurance ServicesJanet Schmidt Training & Research OfcerNicole Hackney Training & Research OfcerInsurance ServicesKip MoiInsurance Resource OfcerNiveditha NairBusiness Intelligence AnalystDonna BarlowAccounting Assistant - ReceivablesMichelle PorterAccounting Assistant - PayablesDanita JohalPension & Benets AssistantOMIA StaNo PhotoAvailable

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SUNDAY, OCTOBER 228:00 pm - 10:00 pm RegistrationSalon B, B1Convention CentreMONDAY, OCTOBER 237:30 am - 8:20 am Breakfast BuffetBallrooms 4 & 5Convention Centre8:30 amKeynote Address - Amber MacRelentless Adaptation: 4 Lessons to Thrive in Our AI FutureBallrooms 4 & 5Convention Centre9:45 am - 10:00 am Refreshment Break, Sponsored by Guy Carpenter Foyer10:00 am - 11:00 amBusiness SessionChair’s Report - Neil ShayPresident’s Report - John TaylorBallrooms 2, 3, 6 & 7Convention Centre11:00 am - 11:30 am FMGF & Solvency Report - Sharon Hollister11:30 am - 12:00 pm Ontario Auto Update - Tyler Kroetsch12:00 pm LuncheonBallrooms 4 & 5Convention Centre1:30 pm - 2:30 pmCyber Uncertainty – Preparing and Responding to Cyber Threats Imran Ahmad (Norton Rose Fulbright) and Bryan HicksBallrooms 2, 3, 6 & 7Convention Centre2:30 pm - 2:45 pm Refreshment Break, Sponsored by Madorin Snyder Foyer2:45 pm - 4:15 pmReading Economic Signals for Portfolio Management Eric Lascelles, Chief Economist, PH&N Ballrooms 2, 3, 6 & 7Convention Centre4:15 pm Adjourn6:30 pm - 10:00 pm Dinner, Networking & Hospitality (Dinner available 6:30-8:30)Ballrooms 4 & 5Convention CentreTUESDAY, OCTOBER 247:30 am - 8:30 am Breakfast BuffetBallrooms 4 & 5Convention Centre8:30 am - 10:00 am Farm Mutual Re Information SessionBallrooms 2, 3, 6 & 7Convention Centre10:00 am - 10:15 am Farm Mutual Foundation Report10:15 am - 10:30 am Refreshment Break, Sponsored by Farm Mutual Re Foyer10:30 am - 12:30 pmGovernance versus Operations - Has the Line Moved? Teresa Budd, Watson Ballrooms 2, 3, 6 & 7Convention Centre12:30 pm - 1:30 pm Farm Mutual Re LuncheonBallrooms 4 & 5Convention Centre1:30 pm - 2:00 pmCollectivde UpdateTony NgoBallrooms 2, 3, 6 & 7Convention Centre2:00 pm - 3:00 pmClosing Keynote, Sébastien SassevilleThe Mission: A Leadership StoryBallrooms 2, 3, 6 & 7Convention Centre3:00 pm Closing Remarks & Adjournment

2023 P&M Book

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