National complaint data reporting system among FSCO’s 2008 priorities

FSCO’s 2008 draft Statement of Priorities includes the creation of a national complaint data reporting system.
The national system would be an expanded version of the complaint data reporting system currently used by FSCO and the Authorite des marches financiers (AMF), FSCO notes in its June 2008 draft Statement of Priorities.
“This will help to ensure the consistency and accuracy of complaint data and assist regulators in accurately identifying and assessing issues in the marketplace.”
The Ontario regulator also plans to assist in the development of a questionnaire for auto insurers. The questionnaire is intended to help maintain the consistency and accuracy of statistical data generated by licensed insurers.
FSCO will also be focusing on the electronic provision of insurance products to consumers.
In conjunction with the CCIR, FSCO said it plans to “review the use of electronic communications and transactions within the insurance industry to identify and assess risks to consumers, regulatory gaps and legislative/regulatory barriers to the electronic provision of insurance products to consumers.”
FSCO also intends to consider any regulatory gaps and risk to consumers arising out of different provincial definitions of “insurance business, solicitation and unlicensed insurance.”
Further to this, FSCO said it will be working with CISRO to assess existing regulation around managing general agencies, wholesale agencies and insurance adjusters.