Ontario’s auto insurance regulator is taking aim at insurers who avoid issuing auto policies to people living in certain cities or who did not buy a property polices or are otherwise off-side the “take all comers” rule. The Financial Services…
Barbara Bellissimo, former chief agent for State Farm Canada, is now on the board of Ontario’s insurance regulator. The Ontario Financial Services Regulatory Authority announced Monday that Bellissimo is a member of its board of directors effective Aug. 12. Bellissimo…
Ontario’s insurance regulator is looking for feedback from the public on a proposal to relax the rules prohibiting unfair or deceptive acts, allowing insurers to offer rebates and incentives to consumers under certain circumstances. “If you talk to insurance companies…
If regulators continue to prohibit auto insurers from imposing surcharges when they detect risky driving behaviour through telematics, it will be difficult for usage-based insurance to be commercially viable, an Aviva Canada data science expert suggests. “Telematics is a good…
The average Ontario auto insurance filing now takes less than two weeks to get approved, the provincial regulator told Canadian Underwriter. The Financial Services Regulatory Authority announced this past October a “file and use” system for private passenger auto. For…
Auto rates continue to climb in Ontario but the increase in frequency and severity of claims plays a big role, Insurance Bureau of Canada suggests. None of the 21 Ontario auto insurers who filed for rate changes during the last…
The Ontario government announced Thursday it plans to “review how auto insurance rates are regulated” and confirmed the government will still run the Motor Vehicle Accident Claims Fund. A review of rate regulation will be done “jointly with the Financial…
The 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.”…
Equipping Ontario’s new Financial Services Regulatory Authority (FSRA) with rule-making authority is critically important to ensuring its effectiveness as an independent, flexible and consumer-focused regulator of financial services and pensions, argues George Cooke, chair of the Board of Directors of…
A wide mandate for the body regulating Ontario’s auto insurance sector – one that promotes competition, innovation and responsiveness – would be welcomed, Karin Ots, senior vice president of regulatory and government relations for Aviva Canada, suggested Thursday during a…
Although the issue of sustainability in insurance is a relatively new concept in Canada, it is one that is gaining ground throughout the world, a speaker said on Wednesday at KPMG’s 25th Annual Insurance Conference. Houston Cheng, consulting actuary and…
The province of Ontario is launching consultations until the end of January 2017, asking businesses and the public to help identify and improve regulations that are “unclear, outdated, redundant or unnecessarily costly” for the financial services sector. Feedback can be…