Keyword
FSRA
Are optional auto benefits a good choice for your clients?
April 5, 2024 by Jason ContantOntario’s recent 2024 budget proposes expanded choice for auto insurance consumers by offering more optional accident benefit coverages, but that may wind up being a zero-sum game that sends clients down a slippery slope, suggests Adam Mitchell, CEO of Ontario…
How quantum computing creates new risks, regulatory issues for insurers
March 14, 2024 Jason ContantQuantum computing stands at the forefront of data processing technology and, although it remains an open question how it will be regulated, some form of guidelines will be needed. Quantum computers go well beyond a standard binary form of processing…
FSRA’s plans for auto coverage regulation
March 5, 2024 Philip PoradoOntario’s auto insurers shouldn’t expect changes to the ‘take all comers’ or Unfair or Deceptive Practices Act rules, Michelle Dodokin, head of auto insurance supervision at Ontario’s Financial Services Regulatory Authority (FSRA), told a breakout session at Monday’s 2024 FSRA…
How clients can be motivated on climate action
March 5, 2024 by Jason ContantMeasures to help mitigate climate change are a known commodity, it’s just a matter of motivating the public, government and regulators to take action, speakers suggested Monday at an industry event. Climate change is irreversible, but its rate can be…
Regulator revokes healthcare provider licence for insurance fraud
January 29, 2024 by Jason ContantOntario’s financial services regulator has revoked the healthcare service provider licence of a Markham clinic and imposed administrative penalties against the clinic and two individuals in connection with fraudulent billing practices. The Financial Services Regulatory Authority of Ontario (FSRA) revoked…
Quantum computing: How could it be regulated?
January 16, 2024 by Jason ContantCanadian financial services regulators have the emerging technology of quantum computing on their radar, but questions remain around its potential regulation. “Regulating quantum computing, especially in the context of the insurance industry, is complex due to the technology’s novelty and…
Is FSRA planning to license aggregators?
October 6, 2023 Philip PoradoOntario’s insurance regulator has confirmed it is considering whether or not aggregators need to be licensed. Since August, when Ontario’s financial services regulator issued a report outlining concerns about auto insurers’ compliance with take-all-comers requirements, Canada’s P&C insurance industry has…
Regulator suspends, revokes licences of 170 health service providers
September 12, 2023 by Jason ContantOntario’s financial services regulator has suspended or revoked the licences of 170 health service providers (HSPs) who failed to comply with their annual business reporting obligations. A total of 118 HSP licences were revoked and 52 were suspended, the Financial…
Regulator approves proposed ‘novel way’ of commercial insurance distribution
August 30, 2023 by Jason ContantThe Financial Services Regulatory Authority of Ontario’s (FSRA) Innovation Office has approved its first application under its test-and-learn environment — a regulatory ‘sandbox’ that allows the industry to test out new ideas, concepts and innovations. An insurance company is proposing…
Regulator seeks feedback on public warning notices
August 14, 2023 by Jason ContantOntario’s financial services regulator is consulting on proposed guidance for how and when it issues public warning notices. The guidance applies to all sectors (except pensions) regulated by the Financial Services Regulatory Authority of Ontario (FSRA), which includes property and…
What FSRA found when it examined take-all-comers compliance
August 4, 2023 Philip PoradoOntario’s auto insurance regulator has used the phrase “systemic non-compliance” to describe how the province’s 12 largest auto insurance companies are approaching Ontario’s take-all-comers requirement. According to a Financial Services Regulatory Authority of Ontario (FSRA) report, released Friday, market behaviour…
Industry veteran no longer with insurance regulator
August 2, 2023 by Jason ContantIndustry veteran Tim Bzowey, most recently executive vice president of auto/insurance products with the Financial Services Regulatory Authority of Ontario (FSRA), is no longer with the regulator. “We would like to express our sincere thanks to former executives Caroline Blouin…