Purpose of the Consultation
The Financial Services Regulatory Authority of Ontario (“FSRA”) held an 80-day public consultation on proposed Approach Guidance “Automobile Insurance Non-Standard Forms, Endorsements and Certificates of Insurance Approval Filing Process”. Thank you to those who provided feedback.
This guidance introduces a streamlined process that reduces regulatory burden and improves the timelines for the approval of non-standard forms and endorsements.
The consultation launched on December 8, 2021, and concluded on February 25, 2022
Stakeholder feedback and FSRA’s responses
The report below summarizes the consultation feedback and provides FSRA’s responses.
The comments received include submissions from four insurers and two industry groups who brought forth valuable insight about current practices and recommendations to further protect Ontario’s automobile insurance consumers.
The consultation confirmed support for the Guidance. FSRA amended the Guidance to address stakeholder feedback as identified in the summary below.
The submissions are posted on FSRA’s website: Consultation on Proposed Guidance for Automobile Insurance Non-Standard Forms, Endorsements and Certificates of Insurance Approval Filing Process
The following table summarizes the key themes raised during the consultation together with FSRA’s responses.
FSRA has made the following amendments to the Guidance:
- amend service level from 25 business days to 30 business days to have uniform service levels across all endorsement and forms filings