ID
2021-023

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

The proposed Operational Risk Management (ORM) guidance is principles-based and outcomes-focused. The future of ORM requires accountability and sound governance in the auto insurance sector. It ensures that consumers are being charged just, reasonable, and accurate rates and are being treated fairly in the underwriting process.

The proposed guidance outlines foundational and sound practices for ORM in the rating and underwriting of automobile insurance, including:

  • The ORM cycle (e.g., risk identification and monitoring)
  • Foundational practices (e.g., defining risk appetite and defining roles)
  • Model governance

FSRA is also consulting on: Proposed Guidance for Reporting and Resolution of Automobile Insurance Rating and Underwriting Errors 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.

Useful links:

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Sector Comment Date posted Sort ascending
Auto Insurance
[2021-023] Ryan Stein - Economical Insurance

March 1, 2022
Auto Insurance
[2021-023] Amelie Beauregard - VP, Home and Auto Pricing - Co-operators
This is a duplicate submission with a correction.
A previous version, submitted a couple of hours ago, had a typo.
Please use this version for the public copy. Thank you.
February 25, 2022
Auto Insurance
[2021-023] Catherine Allman - Canadian Association of Direct Relationship Insurers
Please find attached CADRI's combined submission to 2021-21 and 2021-23.
February 25, 2022
Auto Insurance
[2021-023] Kim Donaldson - IBC
Attached is IBC's Submission.
Thank you,

Kim
February 25, 2022
Auto Insurance
[2021-023] Scott Parry - Desjardins General Insurance Group (DGIG)
On behalf of Desjardins General Insurance Group (DGIG), I am pleased to respond to your request for comment on the Proposed Guidance for Operational Risk Management Framework in Rating and Underwriting of Automobile Insurance.
Thank you for the opportunity to provide our commentary.
-Scott Parry



February 25, 2022
Auto Insurance
[2021-023] Ryan Stein - Economical
Good morning,

Thank you for the opportunity to comment. Attached is Economical's response. Please note that it covers three consultations: operational risk management, reporting of rating/underwriting errors, and the approval process for forms/endorsements.

Regards,

Ryan
February 24, 2022
Auto Insurance
[2021-023] Matt Caron - Ontario Trial Lawyers Association
Please find our comments attached.
February 22, 2022
Property and Casualty, and General Insurance
[2021-023] John Taylor - Ontario Mutual Insurance Association

February 18, 2022
No questions have been asked about this consultation yet.