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FSRA


Data analysis concept
News InsuranceMarkets / CoveragesTechnology

Regulator looking into the ‘black box’ of auto rating models

January 24, 2023 by Jason Contant

Auto insurance rating models are becoming so complex that Ontario’s regulator is looking not only at the inputs of these models, but now the outputs as well, attendees heard at an industry event last week. “There are concerns that these

Driver focused on the road
News InsuranceLegislation / RegulationMarkets / CoveragesRisk

Should race be used as a rating factor for auto insurance?

January 20, 2023 by Jason Contant

The Financial Services Regulatory Authority of Ontario (FSRA) is trying to determine how auto insurance rating factors affect vulnerable groups given the general lack of data, a senior executive at the regulator said during an industry event Thursday. Brian Sullivan,

FSRA's in-office logo
News InsuranceLegislation / Regulation

How FSRA plans to tackle auto insurance health care provider fraud

November 28, 2022 by Alyssa DiSabatino

A new, two-year supervision plan for health service providers (HSP) aims to protect consumers’ rights by delivering supervision and education to higher risk auto insurance HSPs, according to Ontario’s insurance regulator. Higher risk service providers are defined as those “more

Angry couple arguing about bad contract
News ClaimsClaims CanadaInsuranceLegislation / Regulation

Top consumer complaints about Ontario’s P&C industry

November 3, 2022 by Jason Contant

Claims and settlement issues are the top public complaints in the regulated P&C and auto insurance sectors in Ontario, according to Financial Services Regulatory Authority of Ontario’s (FSRA) complaints report for the 2021-22 fiscal year. “The most common examples of

FSRA's in-office logo
News InsuranceLegislation / RegulationMarkets / Coverages

What the regulator’s review of auto insurance health care practitioners uncovered

September 9, 2022 by Alyssa DiSabatino

Ontario’s insurance market conduct regulator took a closer look at how auto insurance health care providers are billing insurers through the province’s electronic billing system, and found that 27 medical health professionals on the billing roster have been sanctioned by

Winter road in Toronto
News Insurance

Why don’t Ontario auto insurance clients have more choice?

February 2, 2022 by Jason Contant

Ontario auto insurance consumers would love the option to purchase a scaled-down auto insurance policy tailored to their individual needs and budgets, a speaker said at an industry event last week hosted by the Financial Services Regulatory Authority of Ontario

Concept of innovation
News Insurance

FSRA’s case for principles-based regulation

February 1, 2022 by Jason Contant

Principles-based regulation is the right system for private sector innovation, a speaker told an industry event last week.  “If you imagine trying to deal with a highly innovative sector based on a very rules-based rigid, detailed system, I think it

Hand holding a pen and signing a contract. A red car is pictured in the background.
News Insurance

What FSRA’s changes to auto termination notices mean for insurers

January 18, 2022 by Alyssa DiSabatino

Financial Services Regulatory Authority of Ontario (FSRA) has changed its approved auto policy forms to align with the government’s amendments to the Insurance Act, in what is widely being considered a welcomed change by the industry.   Most notably, this change includes the

News InsuranceLegislation / RegulationTechnology

Why insurance overseer won’t regulate MGAs or fintechs just yet

April 22, 2021 by Greg Meckbach

Ontario’s insurance regulator has no plans to regulate fintechs or managing general agents in the near term. “We sort of feel like we have enough on our plates,” said Tim Bzowey, executive vice president of auto/insurance products for the Financial

News Insurance

What carriers told us: The latest on pandemic relief measures

October 21, 2020 by Adam Malik

With $1 billion in auto premium relief made available for Ontario drivers alone, drivers across Canada shouldn’t expect more premium relief coming from their carrier, at least in the near future. Canadian Underwriter reached out to a number of insurers

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