FSRA seeks feedback on proposed auto insurance rating guidance

FSRA seeks feedback on proposed auto insurance rating guidance | Insurance Business Canada

Motor & Fleet

FSRA seeks feedback on proposed auto insurance rating guidance

It marks “an important milestone” in reform strategy

Motor & Fleet

By
Terry Gangcuangco

The Financial Services Regulatory Authority of Ontario (FSRA) is seeking to implement new guidance concerning auto insurance pricing.

As part of FSRA’s Automobile Insurance Rating and Underwriting Regulation Reform Strategy, the regulator is inviting the public to provide input on guidance aimed at ensuring that drivers in Ontario are being charged appropriate rates for their auto insurance coverage.

The proposed Automobile Insurance Rating and Underwriting Supervision Guidance is intended to help FSRA stay adaptable and focused on outcomes while promoting a principles-based regulatory approach within the auto insurance market.

The current phase of consultation covers the first three chapters of the proposed guidelines. Stakeholders are encouraged to review the materials and provide feedback before the consultation window closes on November 15, 2024.

Looking ahead, FSRA plans to release the final chapter of the proposed guidance for consultation in 2025. It will detail the watchdog’s updated filing approach.

“This guidance marks an important milestone in FSRA’s Automobile Insurance Rating and Underwriting Regulation Reform Strategy,” said FSRA executive vice president of policy and auto insurance Glen Padassery (pictured).

“It will help ensure Ontario drivers are paying the right price for the right auto insurance coverage. For insurers in Ontario, it means greater clarity of expectations and standards, streamlined processes, and enhanced flexibility and innovation.”

Meanwhile an overview of the proposed guidance will be presented online on October 16. Those interested to join can register here.

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