Purpose of the consultation
The Financial Services Regulatory Authority of Ontario (“FSRA”) held an 80-day public consultation on proposed Information Guidance for Operational Risk Management Framework in Rating and Underwriting of Automobile Insurance.
Thank you to those who provided feedback.
This proposed Information Guidance is intended to articulate foundational and sound practices for operational risk management (ORM) in the rating and underwriting of automobile insurance to promote just, reasonable, and accurate rates. It will also support fair treatment for consumers engaged in the underwriting process.
The consultation launched on December 8, 2021 and concluded on February 25, 2022
Stakeholder feedback and FSRA’s responses
Comments were received from four insurers and three industry groups who brought forth valuable insight about current practices and recommendations to further protect Ontario’s automobile insurance consumers.
All submissions are available on FSRA’s website: Consultation on Proposed Guidance for Operational Risk Management Framework in Rating and Underwriting of Automobile Insurance
FSRA amended the Guidance to address stakeholder feedback as identified in the summary below: