Consultation on Proposed Guidance for Reporting and Resolution of Automobile Insurance Rating and Underwriting Errors

Thank you for providing your feedback on FSRA’s Proposed Guidance for Reporting and Resolution of Automobile Insurance Rating and Underwriting Errors.

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

The request for submissions is now closed.

The Proposed Guidance ensures Ontario auto insurance companies are aware of FSRA’s requirements when rating and underwriting errors occur, and outlines:

• the expectation for proper notice and resolution of rating and underwriting errors for auto insurance consumers
• FSRA’s supervisory approach, including examination of insurers and consequences of failure to comply
• a new process to publish errors publicly on the FSRA website

FSRA is also consulting on: Proposed Guidance for Operational Risk Management Framework in Rating and Underwriting of Automobile Insurance 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:

• Consultation Summary Report
• Reporting and resolution of rating and underwriting errors final guidance
• Consultation: Proposed Guidance for Operational Risk Management Framework in Rating and Underwriting of Automobile Insurance
• Consultation: Proposed Guidance for Automobile Insurance Non-Standard Forms, Endorsements and Certificates of Insurance Approval Filing Process

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 [email protected] for instructions.

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