The proposed Operational Risk Management (ORM) guidance is principles-based and outcomes-focused. The future of ORM requires accountability and sound governance in the auto insurance sector. It ensures that consumers are being charged just, reasonable, and accurate rates and are being treated fairly in the underwriting process.
The proposed guidance outlines foundational and sound practices for ORM in the rating and underwriting of automobile insurance, including:
- The ORM cycle (e.g., risk identification and monitoring)
- Foundational practices (e.g., defining risk appetite and defining roles)
- Model governance
FSRA is also consulting on: Proposed Guidance for Reporting and Resolution of Automobile Insurance Rating and Underwriting Errors and Proposed Guidance for Automobile Insurance Non-Standard Forms, Endorsements and Certificates of Insurance Approval Filing Process.
The consultation period is now open and will close on February 25, 2022.
- Proposed Guidance for Operational Risk Management Framework in Rating and Underwriting of Automobile Insurance
- Consultation: Proposed Guidance for Reporting and Resolution of Automobile Insurance Rating and Underwriting Errors
- Consultation: Proposed Guidance for Automobile Insurance Non-Standard Forms, Endorsements and Certificates of Insurance Approval Filing Process
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