Canadian Underwriter

Insurance broker discussing and consulting on auto insurance policy
News Insurance

Broker or insurer: Who’s responsible for letters of non-renewal on auto policies?

June 23, 2022 by Jason Contant

The issue of how much responsibility an Ontario broker has for sending out non-renewal notices to auto insurance clients is in the spotlight, featuring an online discussion focused on adequate notice time and the possibility of errors and omissions (E&O)

Client consulting with insurance broker
News Insurance

Regulators’ principles of conduct: Are ‘MGAs’ the same as retail brokers?

April 13, 2022 by Jason Contant

The Financial Services Regulatory Authority of Ontario (FSRA) is proposing to adopt principles of conduct for insurance intermediaries, including adjusters, brokers, MGAs and third-party administrators. Whether the principles apply to MGAs in the same way as retail brokers is open

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

Auto insurance policy with keys
News Insurance

How this regulator is approaching the ‘take-all-comers’ auto insurance rule

January 28, 2022 by Jason Contant

The Financial Services Regulatory Authority of Ontario (FSRA) is actively supervising insurers on its “take-all-comers” guidance. “We’re requiring them to review their practices. We’re requiring them to report on this review later in [2022], and to establish remediation plans for

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 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