Keyword
Financial Services Commission of Ontario
Rule-making authority essential for Ontario’s new FSRA: Cooke
January 20, 2017 by Angela StelmakowichEquipping 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…
Wider mandate for Ontario’s auto insurance regulator would be welcomed
January 19, 2017 by Angela StelmakowichA 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…
FSCO issues warning over spam email appearing to come from the regulator
December 22, 2016 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has issued a warning about a spam email using the fsco.gov.on.ca domain name and email address richard@fsco.gov.on.ca, which it said has been transmitting a computer virus to unsuspecting members of the public. The…
Ontario to introduce legislation to establish new Financial Services Regulatory Authority
November 14, 2016 by Canadian UnderwriterThe Ontario government has announced that it will introduce legislation to establish the initial parameters for the Financial Services Regulatory Authority (FSRA), “a new independent and flexible regulator of financial services and pensions that, once established, would be more consumer-focused…
Impact of June Ontario auto changes ‘will be something to see going forward:’ A.M. Best
November 13, 2016 Greg Meckbach, Associate EditorIt is too early to gauge the exact financial impact, on insurers, of Ontario auto changes that took effect this past June, and in the meantime, the mandated 15% rate reduction announced three years ago is still affecting loss ratios,…
FSCO warns insurers, consumers about mystery shopper scam
November 8, 2016 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning insurers and consumers about a “mystery shopper scam” being conducted by an entity that is using the name of a legitimate United States mystery shopping company, A Closer Look/A Closer Look…
New Ontario auto dispute resolution system could cause ‘a lot more claims against insurance brokers,’ personal injury lawyer predicts
November 3, 2016 Greg Meckbach, Associate EditorRecent reforms to Ontario auto insurance, including the transfer of accident benefits dispute arbitration to the licence appeal tribunal (LAT), has some personal injury lawyers warning of lawsuits against brokers who fail to advise clients accordingly. “We are trying to…
‘Lots of room for improvement’ with new Ontario auto dispute resolution system: Judge Cunningham
November 2, 2016 Greg Meckbach, Associate EditorOntario’s license appeal tribunal – which this year started hearing auto accident benefits disputes – presents “an opportunity” for auto insurers to “redefine how they provide their services,” an insurance company lawyer said Wednesday, while the retired judge who recommended…
Insurance industry moving too slowly, must keep pace: Forgeron
October 25, 2016 Angela Stelmakowich, EditorCanada’s property and casualty industry – in need of a regulatory environment that fosters the innovation and responsiveness consumers are demanding – is at risk of losing pace to new competitors, Don Forgeron, president and CEO of Insurance Bureau of…
More fairness in Ontario auto insurance needed to fix the system: IBC’s Forgeron
October 24, 2016 by Canadian UnderwriterFairness is still lacking in Ontario’s auto insurance system and a balance needs to be struck between both lower premiums and the right level of benefits, Don Forgeron, president and chief executive officer of Insurance Bureau of Canada (IBC), said…
Auto insurance rates rise in Ontario despite Liberal pledge to cut by 15 per cent
October 19, 2016 The Canadian PressTORONTO – Auto insurance rates are rising in Ontario, moving the Liberal government even further away from a self-imposed target of an average 15-per-cent reduction. The Liberals promised in 2013 to cut auto insurance premiums an average of 15 per…
Opposition calls for 33% cap on Ontario lawyers’ contingency fees
September 15, 2016 by Canadian UnderwriterA proposal to require Ontario lawyers and paralegals to disclose how they calculate fees is supported by The Co-operators Group Ltd. Bill 12 – An Act to amend the Law Society Act, the Insurance Act and the Solicitors Act with…