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…
Broker or insurer: Who’s responsible for letters of non-renewal on auto policies?
June 23, 2022 by Jason ContantThe 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)…
Regulators’ principles of conduct: Are ‘MGAs’ the same as retail brokers?
April 13, 2022 by Jason ContantThe 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…
Why don’t Ontario auto insurance clients have more choice?
February 2, 2022 by Jason ContantOntario 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…
FSRA’s case for principles-based regulation
February 1, 2022 by Jason ContantPrinciples-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…
How this regulator is approaching the ‘take-all-comers’ auto insurance rule
January 28, 2022 by Jason ContantThe 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…
What FSRA’s changes to auto termination notices mean for insurers
January 18, 2022 by Alyssa DiSabatinoFinancial 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…
Why insurance overseer won’t regulate MGAs or fintechs just yet
April 22, 2021 by Greg MeckbachOntario’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…
Are you sure you are not violating Ontario’s ‘take all comers’ auto rule?
June 15, 2020 by Greg MeckbachIf 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…
Man named in FSRA warning denies soliciting business for Sonnet
December 13, 2019 by Greg MeckbachA 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…