ID
2021-021

Type
Policy
Sector
Auto Insurance
Status
Open
Date
Comment Due Date

The Proposed Guidance ensures Ontario auto insurance companies are aware of FSRA’s requirements when rating and underwriting errors occur, and outlines:

  • the expectation for proper notice and resolution of rating and underwriting errors for auto insurance consumers
  • FSRA’s supervisory approach, including examination of insurers and consequences of failure to comply
  • a new process to publish errors publicly on the FSRA website

FSRA is also consulting on: Proposed Guidance for Operational Risk Management Framework in Rating and Underwriting of Automobile Insurance 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.

Useful links:

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