ID
2021-012

Type
Rules
Sector
Auto Insurance
Status
Public comment closed
Date
Comment Due Date

Thank you for providing your feedback on The Preliminary Ontario Private Passenger Vehicles Annual Review based on Industry data through December 31, 2020.

We appreciate the comments received to date. Your feedback will help to inform our final guidance and approach.

The request for submissions is now closed.

The scope of the Annual Review has expanded beyond the determination of loss trend rates and the cost impact of recent reforms. The Annual Review now includes, but is not limited to:

  • An analysis on the private passenger vehicle loss and loss adjustment expense to determine past and future loss trend rates
  • An assessment of the impact of COVID on claim costs and claim cost trends in the future
  • A recommendation of discontinuing the investment return on cash flow benchmark
  • A review of the industry-wide average expense ratios by expense category and by distribution channel

FSRA continues to evaluate and modify its processes to achieve regulatory efficiency and effectiveness. FSRA will now only consult on an annual basis and continue to update benchmarks twice a year.

The consultation period is now open and will close on August 13, 2021. Consultation input and submissions are made public as part of our commitment to transparency.

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Before we begin, please make sure you do not include any personal or private financial information. If your inquiry does require this information be shared with us, please call us at 1-800-668-0128 or email us at contactcentre@fsrao.ca for instructions.

By submitting your content, you agree to have your materials posted on our engagement portal, used in reports and other materials prepared by Financial Services Regulatory Authority of Ontario (FSRA) that may be shared with the public. Content is moderated so that all posts are respectful and professional. The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, applies to all online content.

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