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…
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…
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…
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…
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…
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…
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…
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…
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…
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.”…
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…
The Insurance Bureau of Canada (IBC) is applauding the Ontario government’s decision to move forward with the creation of a new financial services regulator. On Monday, the government of Ontario announced in its 2016 Ontario Economic Outlook and Fiscal Review…