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FSRA

News InsuranceLegislation / Regulation

Are you sure you are not violating Ontario’s ‘take all comers’ auto rule?

June 15, 2020 by Greg Meckbach

If 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

Ontario legislature at Queen's Park in Toronto, Ontario government
News InsuranceLegislation / Regulation

Man named in FSRA warning denies soliciting business for Sonnet

December 13, 2019 by Greg Meckbach

A 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

News InsuranceLegislation / Regulation

Does Canada really need multiple guidelines for fair treatment of customers?

November 12, 2019 by Jason Contant

Ontario’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

News BrokersInsurance

Ontario’s regulator explains how principles-based regulation still has teeth

October 29, 2019 by Adam Malik

Citing 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

News BrokersInsurance

Ontario auto regulator: What does it mean to “pay too much?”

October 28, 2019 by Adam Malik

With 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

News InsuranceLegislation / RegulationProducts

This regulator’s new approach to innovation

October 11, 2019 by Jason Contant

Ontario’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

News InsuranceLegislation / RegulationMGAs

Regulator reviewing the role of MGAs in the sales process

October 2, 2019 by Jason Contant

While 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 legislature at Queen's Park in Toronto, Ontario government
News Insurance

Ontario regulator considering ‘file and use’ for private passenger auto

August 2, 2019 by Greg Meckbach

A “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

News InsuranceLegislation / RegulationMarkets / Coverages

Ontario budget 2018: What’s in it for the industry

March 29, 2018 by Greg Meckbach

The 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

News InsuranceLegislation / Regulation

Why insurers and brokers like Ontario’s budget

March 29, 2018 by David Gambrill

Facing 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

News InsuranceLegislation / RegulationMergers and Aqcuisitions

Ontario Chamber of Commerce endorses major changes to auto insurance rate regulation

May 9, 2017 by Canadian Underwriter

The 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.”

News AssociationsInsuranceLegislation / RegulationMergers and AqcuisitionsTechnology

Rule-making authority essential for Ontario’s new FSRA: Cooke

January 20, 2017 by Angela Stelmakowich

Equipping 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