FSRA’s new Fraud Reporting Service Rule was submitted to the Minister of Finance for approval
Ontario’s financial services regulator (FSRA) is taking a critical step to help combat the effects of auto insurance fraud, with its proposed Fraud Reporting Service (FRS) Rule and Guidance.
If approved, the FRS Rule will require auto insurers to provide specific auto insurance fraud information to FSRA. These insights will help to better determine the amount of auto insurance fraud in the province, identify and address fraud trends and establish a baseline to be able to track and reduce the amount of fraud in the future.
The proposed rule has been submitted to the Minister for approval.
If the Rule receives approval FSRA will work with the industry and the Ontario government to ensure auto insurers have enough time to implement the changes before the Rule and Guidance take effect.
Learn more:
- Publication of Board Approved Rule
- Proposed Fraud Reporting Service Rule
- Proposed Fraud Reporting Service Guidance
- Summary of consultation feedback on the Proposed Fraud Reporting Service Rule and Guidance
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.