Keyword
FSRA
Are you sure you are not violating Ontario’s ‘take all comers’ auto rule?
June 15, 2020 by Greg MeckbachIf you fail to renew a client’s Ontario auto policy, even if that client missed a payment, you could attract close scrutiny from the provincial regulator. Ontario law prohibits insurers from declining to issue, terminating, or refusing to renew an…
Man named in FSRA warning denies soliciting business for Sonnet
December 13, 2019 by Greg MeckbachA Toronto man who told Canadian Underwriter he recommended direct writer Sonnet to some of his friends is denying allegations made by the Ontario insurance market conduct regulator that he actually solicited auto insurance through Sonnet. “I am not soliciting…
Does Canada really need multiple guidelines for fair treatment of customers?
November 12, 2019 by Jason ContantOntario’s new financial services regulator plans to issue a revised guideline on fair treatment of customers over the next few months to help counter confusion over which guidelines to follow. Last year, the former provincial regulator, Financial Services Commission of…
Ontario’s regulator explains how principles-based regulation still has teeth
October 29, 2019 by Adam MalikCiting a needed “culture change” as just one of the reasons, the body that regulates insurance in Ontario is moving towards being a principles-based group instead of one that is focused on a set of rules. And for those who…
Ontario auto regulator: What does it mean to “pay too much?”
October 28, 2019 by Adam MalikWith all sides seemingly in agreement that auto insurance in Ontario needs a joint effort to get back in shape, the province’s regulator is poised to make it happen. And this requires a review of how much the auto product…
This regulator’s new approach to innovation
October 11, 2019 by Jason ContantOntario’s new financial regulator wants to encourage innovation by allowing new product or distribution ideas on a trial basis. “Because if you don’t allow people to iterate… then it’s easier for them not to come in,” Mark White, CEO of…
Regulator reviewing the role of MGAs in the sales process
October 2, 2019 by Jason ContantWhile Ontario’s new financial regulator will not license managing general agencies (MGAs), it is taking a look at the entire sales process as part of its insurance conduct initiatives. “I don’t have the authority to do that, so I’m not…
Ontario regulator considering ‘file and use’ for private passenger auto
August 2, 2019 by Greg MeckbachA “file-and-use” system for private passenger auto rate changes could be coming to Ontario if a proposal from the province’s Financial Services Regulatory Authority comes to fruition. “We are close to introducing a new standard rate filing process that will…
Ontario budget 2018: What’s in it for the industry
March 29, 2018 by Greg MeckbachThe Ontario government’s 2018-19 budget document provides some comfort for auto insurers because the province is committing to having the new regulator up and running by April 2019. The Financial Services Regulatory Authority, which will effectively replace the Financial Services…
Why insurers and brokers like Ontario’s budget
March 29, 2018 by David GambrillFacing the distinct possibility of a political regime change in Ontario, the province’s auto insurers and brokers are calling on all of the province’s political parties to keep their eyes focused on auto insurance reform as the way to deliver…
Ontario Chamber of Commerce endorses major changes to auto insurance rate regulation
May 9, 2017 by Canadian UnderwriterThe 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.”…
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…