FSCO revises requirements for auto insurance certificates

The Financial Services Commission of Ontario (FSCO) has released its new requirements for its ‘Certificate of Automobile Insurance’ form to reflect the government’s reforms.
The new certificate must be used for all policies that are issued or renewed on or after Sept. 1, 2010 (the effective date of the reforms).
Insurers can choose to either use a sample certificate provided by FSCO or design their own certificate.
Custom certificates require prior approval from FSCO by submitting the following documents to the regulator no later than May 15, 2010:
•    one blank copy of the certificate; and
•    a second copy of the certificate that shows how it would be completed before being issued to a consumer.
The information included on the certificate should be detailed enough that insured people can determine how they’ve been rated and be certain that they haven’t been misclassified, FSCO said in its bulletin.
The changes to data elements on certificates include:
•    inserting the following wording: ‘This is your Certificate of Automobile Insurance. Contact your broker/agent with any questions or if you require clarification regarding your coverage choices.’
•    inserting the following wording: ‘For the purposes of the Insurance Companies Act (Canada), this document was issued in the course of the insurer’s insurance business in Canada.
A complete list of changes to data elements can be found at www.fsco.gov.on.ca.