The auto insurance supervision plan is introduced by FSRA.
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The financial services regulator for Ontario has unveiled its initial auto insurance supervision plan in an attempt to guarantee equitable treatment for car owners and tenants in the region.
Three primary areas of supervision for auto insurers are identified in the new plan from the Financial Services Regulatory Authority of Ontario (FSRA), which is scheduled to take effect in January 2024 and last for 15 months:
Distribution and sales, Underwriting, and policy servicing
According to a press release from the regulator, the emphasis on sales distribution will guarantee that drivers have access to competitive quotes and clear consumer information.
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Underwriting supervisory action, meanwhile, will focus on any possible discriminatory practices that could affect clients who pose a greater risk.
Regarding policy servicing, the FSRA stated that it will concentrate on making sure that claims are processed transparently and on reviewing the volume and kind of complaints that insurers receive.
Under the plan, insurers will be chosen for examination using a risk-based methodology. The regulator will also disseminate the results in an effort to “encourage industry compliance with regulatory requirements” and to provide guidance for upcoming supervision initiatives.
According to Huston Loke, executive vice president, market conduct, “executing this plan is crucial in ensuring the fair treatment of consumers, the continued success of Ontario’s auto insurance industry, and FSRA’s commitment to regulatory excellence.”
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The Take-All-Comers Thematic Review was a multi-year project conducted by FSRA to guarantee that Ontario consumers have fair and unrestricted access to vehicle insurance.
FSRA fined several large insurers earlier this year for “systemic non-compliance” with take-all-comers regulations.
Two Aviva companies that apparently neglected to “self-identify and remediate” non-compliance failings are among those fined.
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