Keyword
Financial Services Commission of Ontario
FSRA takes over Ontario insurance oversight from FSCO
June 11, 2019 by Greg MeckbachOntario’s new property and casualty insurance regulator is up and running. Effective June 8, the Financial Services Regulatory Authority of Ontario (FSRA) took over regulatory duties from both the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation…
Insurer CEO to personally visit FSCO asking for higher rates
August 30, 2018 by Greg MeckbachThe newly-elected Ontario government should let carriers change their rates without approval from the Financial Services Commission of Ontario, the president of a mutual that writes auto contends. It “makes sense” to require insurers to file rates with FSCO “but…
Ontario to review postal code auto rate factor
December 12, 2017 by Canadian UnderwriterAuto prices can vary based on the customer’s home address; while this has been a sore point for some consumers, the Insurance Brokers Association of Ontario is urging the regulator to think carefully before changing the use postal code rating…
Adjusters wonder how to verify ridesharing driver hours
November 24, 2017 Jason Contant, Online EditorVerifying the number of hours a driver uses ridesharing services such as Uber and Lyft could be problematic for underwriters and adjusters, one adjuster told Canadian Underwriter on Wednesday. “In the course of their investigation, an adjuster can ask, ‘How…
Ontario auto rates up 0.76% in Q2: FSCO
July 20, 2017 by Canadian UnderwriterApproved rate increases for auto insurance in Ontario were an average of 0.76% in the second quarter of 2017 for insurers representing slightly more than half the market, the Financial Services Commission of Ontario reported recently. FSCO said that for…
Quick Resolution
June 1, 2017 May Gibillini, President, InHEALTH Inc.The Licence Appeal Tribunal has been hearing disputed Ontario accident benefits claims for more than a year. Although disputes seem to be resolved more quickly than they were by the Financial Services Commission of Ontario, it remains to be seen whether or not claimants are getting access to benefits in a more timely manner.
Ontario Chamber of Commerce endorses major changes to auto insurance rate regulation
May 9, 2017 by Canadian UnderwriterThe Ontario Chamber of Commerce (OCC) is calling on the provincial government to put an end to its existing auto rate filing system, a system the chamber describes as “one of the most costly, onerous, and restrictive in North America.”…
Unlicensed entity selling false proof of auto insurance: FSCO
April 5, 2017 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has issued a warning to consumers that an organization known as Switzerland Imperial Bank AG, or S I B AG Corporation, is not licensed to conduct insurance business in Ontario. “Switzerland Imperial Bank…
Intact, Allstate disagree on whether accident victims “principally dependent” on policyholder
February 13, 2017 by Canadian UnderwriterThe Supreme Court of Canada will not hear an appeal over an arbitration ruling in an auto accident benefits priority dispute, where insurers disagreed on whether a claimant was “principally dependent” on the owner of a vehicle. Court records indicate…
FSCO issues warning over mail scam conducted by unlicensed insurance company
February 10, 2017 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has issued a warning to consumers about a mail scam conducted involving an unlicensed insurance company called TD Insurance, Melohre Mannex. “Although this company may have a similar name to a licensed insurance company,…
Insurance Bureau calls on Ontario to implement file-and-use process for private passenger auto, allow e-signatures
February 7, 2017 by Canadian UnderwriterThe Ontario government should apply a file-and-use process for private passenger auto coverage, Insurance Bureau of Canada suggested in a paper released Monday. Auto insurers’ rate changes are subject to approval by the Financial Services Commission of Ontario. FSCO actuaries…
Tight Cap
February 2, 2017 Greg Meckbach, Associate EditorSome lawyers caution that a recent arbitrator’s ruling out of Ontario in favour of an auto insurer could create problems for plaintiffs and insurers alike since, in some accident benefits claims, treatment plans for neuropsychological assessments are broken down into multiple assessments because of a cap on fees.