ID
2022-008

Type
Supervision
Sector
Property and Casualty and General Insurance
Status
Public comment closed
Date
Comment Due Date

Thank you for providing your feedback on FSRA’s proposed Insurance Prudential Supervisory Framework Guidance.

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

The request for submissions is now closed.

The final guidance, now titled Risk Based Supervisory Framework for Ontario Incorporated Insurance Companies and Reciprocals (RBSF-I), was released on February 28, 2023.


Summary

FSRA is introducing Insurance Prudential Supervisory Framework Guidance (“IPSF Guidance”) to set out FSRA’s processes for assessing Ontario’s provincially incorporated insurers to better protect policyholders and consumers.

This framework will allow FSRA to assess provincially incorporated insurance companies’ overall risk profile, identify areas of concern, and determine the level of supervision and intervention needed.

FSRA consulted with the the Technical Advisory Committee for Insurance Prudential Regulation and Supervision and thanks the Committee for their input.

FSRA is publishing the proposed Guidance for comment on its website. FSRA invites feedback until September 6, 2022.

Participate

The public consultation period is open from July 5, 2022 – September 6, 2022.

Review the proposed Guidance and provide your comments by selecting submit a comment or ask a question.

Useful Links

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Sector Comment Date posted Sort ascending
Property and Casualty and General Insurance
[2022-008] Daniel J. Hill, President/CEO - Germania Mutual Insurance Company

Property and Casualty and General Insurance
[2022-008] Shelagh E. Cleary, President and CEO - Usborne & Hibbert Mutual Fire Insurance Company

Property and Casualty and General Insurance
[2022-008] Deborah Van Eyk, President and CEO - Lambton Mutual Insurance Company

Property and Casualty and General Insurance
[2022-008] Catherine MacLellan, Rick Walters, Bob Nielson, and Jeff Wickware - Financial Examination Committee (FEC)

Property and Casualty and General Insurance
[2022-008] Frank A. Rider, President and CEO - South Easthope Mutual Insurance Company

Property and Casualty and General Insurance
[2022-008] Tracy MacDonald, President and CEO - Trillium Mutual Insurance Company

Property and Casualty and General Insurance
[2022-008] Jeff Whiting, President and CEO - Ayr Farmers Mutual Insurance Company

Property and Casualty and General Insurance
[2022-008] Patrick Daniel Lundy, CEO and Attorney-in-fact - Canadian Universities Reciprocal Insurance Exchange (CURIE)
CURIE response to newly proposed FSRA IPS Framework.

Please Find the attached letter response.

Best regards

Patrick D. Lundy
CEO and Attorney-In-Fact
Property and Casualty and General Insurance
[2022-008] Catherine Gaulton, CEO - Healthcare Insurance Reciprocal of Canada (HIROC)
Please find attached our comments ID 2022-008: Consultation on the proposed insurance prudential supervisory framework guidance.
Property and Casualty and General Insurance
[2022-008] Sandra Taylor - OSBIE
see attached letter
Property and Casualty and General Insurance
[2022-008] Sandra Taylor, Chair - Canadian Association of Insurance Reciprocals (CAIR)
as attached
Property and Casualty and General Insurance
[2022-008] John L. Taylor, President - Ontario Mutual Insurance Association (OMIA)
Please find attached OMIA's response to FSRA Approach on IPSF
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