The Forms and Endorsements Approval Filing Process Guidance introduces a streamlined process that reduces regulatory burden and improves the timelines for the approval of non-standard forms and endorsements. Increasing process efficiency will also help shorten the time it takes for insurers to bring new and innovative consumer products to market.
Some key features of the guidance include:
- one single filing process in place of multiple filings
- a streamlined review process with standardized service standards to help insurers anticipate timelines
- improved transparency through publication of non-standard forms where relevant
FSRA is also consulting on: Proposed Guidance for Operational Risk Management Framework in Rating and Underwriting of Automobile Insurance and Proposed Guidance for Reporting and Resolution of Automobile Insurance Rating and Underwriting Errors.
The consultation period is now open and will close on February 25, 2022.
- Proposed Guidance for Automobile Insurance Non-Standard Forms, Endorsements and Certificates of Insurance Approval Filing Process
- Consultation: Proposed Guidance for Operational Risk Management Framework in Rating and Underwriting of Automobile Insurance
- Consultation: Proposed Guidance for Reporting and Resolution of Automobile Insurance Rating and Underwriting Errors
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