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.
- Proposed Guidance for Reporting and Resolution of Automobile Insurance Rating and Underwriting Errors
- Consultation: Proposed Guidance for Operational Risk Management Framework in Rating and Underwriting of Automobile Insurance
- Consultation: Proposed Guidance for Automobile Insurance Non-Standard Forms, Endorsements and Certificates of Insurance Approval Filing Process
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