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FSCO
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,…
Requirement to cover auto accident benefits is “policy-specific” in Ontario: Court
November 8, 2016 by Canadian UnderwriterIn a case arising from an injury on an all-terrain vehicle, an Ontario court recently ruled on the interrelationship between the Statutory Accident Benefits Schedule (SABS) and the system of determining priority disputes, between auto insurers, under the province’s Insurance…
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…
Court challenge to Ontario auto dispute resolution system ‘scheduled to proceed’ to hearing Feb. 13
November 4, 2016 Greg Meckbach, Associate EditorA constitutional challenge to Ontario’s auto accident benefits dispute resolution system is scheduled for a three-day hearing next February, but the retired judge who recommended that AB disputes go before a public sector administrative tribunal suggested Wednesday that it would…
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…
FSCO issues warning about mail scam conducted by Prudential Financial Clearing Services
August 30, 2016 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers about a mail scam conducted by an unlicensed company, Prudential Financial Clearing Services. This company has issued notices advising recipients that they are among the winners of a U.S. Telecommunication…
New Ontario financial services regulator should have anti-fraud authority: Panel
June 20, 2016 by Canadian UnderwriterThe Ontario government should establish a new organization that would perform the functions currently performed by the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO) but also have a “specific fraud-deterrence mandate,” an expert…
Only 10% of Ontario drivers report being “very knowledgeable” about elements of a standard auto insurance policy: FSCO-commissioned survey
June 15, 2016 by Canadian UnderwriterOnly 10% of Ontario’s nearly 10 million drivers report that they are “very knowledgeable” about the elements in a standard auto insurance policy, according to a recent survey commissioned by the Financial Services Commission of Ontario (FSCO). The survey, released…
Single regulatory approach not the same as one-size-fits-all, CIFF speaker emphasizes
May 30, 2016 Jason Contant, Online EditorA single financial services regulatory approach does not mean a one-size-fits-all approach at all, a speaker stressed last week at the Canadian Insurance Financial Forum at the Allstream Centre in Toronto. Lawrence Ritchie, a partner at Osler, Hoskin & Harcourt…
FSCO issues warning over mystery shopper scam
April 29, 2016 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers and insurers that two companies are conducting a “mystery shopper scam.” FSCO issued the warning on Thursday over My Shop Ltd. (using the email address info@myshopltd.org) and Mystery Global Survey…
Regulatory change demands that insurers show regulators using telematics data for claims management would help consumers
April 28, 2016 Angela Stelmakowich, EditorThe Financial Services Commission of Ontario (FSCO) has drawn a line in the sand when it comes to using telematics data for claims management, but it is not a given that line will always be in place, Blair Currie, vice…