FSRA 2021-22 Priorities and Budget

Stakeholder 

Summary of Comments/Feedback

FSRA's Response

Mainstreet

Can you provide more clarity around the 20% increase to credit unions?

The 20% increased in Credit Union is from:

• $0.2M increase in conduct supervision to meet adequate requirements for the sector.  The investments will increase compliance capacity.
• Regulatory enhancements increased by $0.2M to enhance the credit union resolution and recovery capabilities. Also, there is a continuation of the investments to replace the inadequate core IT systems.
• $0.2M for amortization of DT ($6.2M current year investment which will be amortized over 5 years).
• Regulatory effectiveness increased by $0.5M includes investments to address credit union principle based regulatory approach. The investment also includes sector participant/consumer and stakeholder communication initiatives and IT operations offset by efficiency in FTEs of $0.3M through management of staffing deployment.
• Incremental $2.0M in regulation support and common costs. This includes $0.9M in IT support for credit union sector being transitioned from credit union-specific (DICO) costs to the proportionate costs of shared IT. The DICO IT architecture inherited in the merger with FSRA become less relevant given investments in IT and the move towards a fully integrated, secure and reliable digitally transformed FSRA IT environment. The transition will be complete in F2022-23. Details on the remaining $1.1M reg support/common cost as below:

Stakeholder 

Summary of Comments/Feedback

FSRA's Response

Equity Credit Union

Is there any detail available for the budgeted direct and common costs?

FSRA prepared the following information to share the details of the budgeted direct and common costs.

See table below.

Stakeholder 

Summary of Comments/Feedback

FSRA's Response

Libro Credit Union

We recognize that FSRA is on a journey to transition into a principles-based regulator. This journey won’t be easy and will present unforeseen challenges along the way, especially given the current COVID environment.

The proposed Statement of Priorities offers a glimpse of where FSRA wants to go with its soon to be rule-making ability. We are generally satisfied with the guidance timeline presented to sector stakeholders.

Libro appreciates the ongoing Deposit Insurance Reserve Fund (DIRF) review.

We are appreciative of the advocacy work that FSRA is doing to support future opportunities related to standing term liquidity funding and emergency lending assistance.

Libro is also pleased to see FSRA’s commitment to a principles-based risk supervisory framework review and implementation.

Libro is concerned with the $3 million (20%) increase to the sector’s fees.

Libro has concerns that these consultations and discussions with the Stakeholder Advisory Committee (SAC) might appear to be a formality on already-decided policy and decisions. We would like to see the SAC as a forward-looking group that is collaborative and open in discussing important sector items with a focus on future decisions, guidance and priorities.

FSRA thanks Libro Credit Union for their supportive and constructive comments on our credit union sector priorities, budget, and stakeholder engagement process. FSRA will consider these comments for the final 2021-22 Priorities and Budget, and as it seeks input from Libro and other members of the Credit Union Stakeholder Advisory Committee going forward. 

FSRA notes the comments relating to the timing of specific initiatives referred to in the submission, in the context of the three-year workplan that was recently developed in consultation with credit union sector representatives. The request for a training workplan for FSRA staff will be considered in the development of a risk-based supervisory framework, a key element in FSRA’s transition to principles-based regulation.

Stakeholder 

Summary of Comments/Feedback

FSRA's Response

Desjardins

Overall Priorities: Pleased to see your continued commitment for regulatory efficiency and effectiveness, and we are in full agreement that Ontario consumers and the sectors regulated by FSRA both benefit from regulatory collaboration amongst Canadian regulators.

Credit Union Sector Priorities: The three regulatory priorities that have been established for the credit union sector are reasonable and helpful.

Auto Insurance Sector Priorities: Desjardins supports FSRA’s aims to enhance consumer choice, promote innovation, and foster a more competitive and stable auto insurance marketplace. We are pleased to see that FSRA intends to publish its future internal service performance results.

Auto Insurance Sector Budget: We encourage FSRA to consider the value proposition of their regulatory oversight activities and look for opportunities to decrease regulatory costs in the context of trying to make auto insurance more affordable for consumers.

CU Budget: The proposed significant increase in dues will put additional financial pressure on credit unions at the same time as we continue to deliver essential services to Ontarians during a health crisis while navigating through a difficult and uncertain economic period. The timing of the proposed increase of credit union sector dues by approximately 20% during the COVID-19 pandemic was unexpected.

FSRA thanks Desjardins for their supportive and constructive comments on our credit union sector priorities and budget. FSRA will consider these comments for the final 2021-22 Statement of Priorities and Budget. 

FSRA will also consider the comments relating to harmonization of regulatory activities as it meets and exchanges best practices with regulators across the country. 

Stakeholder 

Summary of Comments/Feedback

FSRA's Response

Alterna

Thank you for the opportunity to provide feedback on FSRA's 2021-22 Statement of Priorities. Alterna is supportive of FSRA’s efforts to improve regulatory effectiveness and efficiency; however, it is concerned with the proposed 20% increase in fees, particularly at the present time, on account of additional challenges presented by COVID-19. Alterna recommends that FSRA consider a reduction, or at least a deferral, of the credit union fee increase by narrowing the scope of FSRA’s technology investments, amortizing the cost of the Digital Transformation project over a longer period (e.g., ten years, instead of five), deferring other costs, and/or putting off the fee increase until economic stability is achieved.

FSRA thanks Alterna for its supportive and constructive comments on our credit union sector priorities, budget and stakeholder engagement process. It will consider these comments for the final 2021-22 Statement of Priorities and Budget.
 

FSRA is sympathetic to the cost pressures currently being faced by the credit union system and acknowledges the request to reduce or defer the proposed 20% fee increase for the credit union sector. FSRA will continue to look for opportunities to contain costs and ensure a high degree of operational efficiency. Going forward, FSRA will consider these requests to provide greater insight into FSRA’s plans and investments, and on FSRA’s fee allocation formula. 

Stakeholder 

Summary of Comments/Feedback

FSRA's Response

CCUA

The CCUA supports a well-resourced and effective FSRA and, while it understands that fee increases will always be unpopular, requests that detailed information regarding future assessment increases be provided at the outset. It looks forward to engaging with FSRA on its business plan for the new IT Infrastructure and supports the three key priorities for credit unions, but adds a fourth – regulatory effectiveness. The CCUA requests that FSRA share the entire DIRF adequacy study by Deloitte and more details as to its supervisory approach to guidance.

FSRA thanks the Canadian Credit Union Association (CCUA) for its supportive and constructive comments on our credit union sector priorities, budget, and stakeholder engagement process. It will consider these comments for the final 2021-22 Statement of Priorities and Budget. 

FSRA will also consider the comments relating to the specific initiatives referred to in the submission in the context of the three-year workplan that was recently developed in consultation with credit union sector representatives. FSRA will also consider the comments regarding the new IT infrastructure, and look forward to continued engagement with CCUA and its members on this initiative. Finally, FSRA acknowledges the request for the DIRF adequacy study produced by Deloitte and more details as to FSRA’s supervisory approach to guidance, particularly in key areas such as liquidity, residential mortgages and deposit insurance advertising (By-Law #3).

FSRA will consider these requests as it engages with CCUA and its members on these initiatives, as well as in the development of our risk-based supervisory framework, a key element in FSRA’s transition to principles-based regulation.

Innova Wealth

Please prioritize open banking and the evolution of technology service providers inside Canada's banking industry.

FSRA will consider these comments as part of its public consultation on the Financial Professionals Title Protection Framework.

Independent Financial Brokers of Canada (IFB)

IFB supports restricting the use of confusing and/or misleading titles.

Implementation should not place undue burden on advisors.

IFB will provide detailed comments on FSRA’s titling framework consultation.

FSRA will consider these comments, and any others included in a written submission, as part of its public consultation on the Financial Professionals Title Protection Framework.

FSRA’s Consumer Office would like to thank IFB for its comment regarding whistleblower protections. FSRA will take this comment into consideration as it proceeds with its mandate to protect the public interest.

Advocis

Protecting the public: Important; that’s why Advocis supports title protection important re boosting consumer confidence in financial services sector.

FP/FA titles: Minimum standards should reflect that FAs, FPs have a huge impact on consumers’ lives.

Qualifications to use professional titles should include high initial standards (technical knowledge, client relationship management), independent training.

Title should not be based on licensing for sale of any particular product; this would set too narrow a focus, as someone who’s only licensed to sell one product will likely sell that product, whether or not it is appropriate
Financial advisors and Financial planners are of the “same stature”. 

Although FAs’ scope is narrower, more discrete, more tailored to clients “acute needs,” FAs are no less professional or important than FPs
 

See also L&H sector

FSRA will consider these comments, and any others included in a written submission, as part of its public consultation on the Financial Professionals Title Protection Framework.

Canadian Life and Health Insurance Association (CLHIA)

Life licensed agents are advisors, given how much they need to know to be licensed.

FSRA will consider these comments, and any others included in a written submission, as part of its public consultation on the Financial Professionals Title Protection Framework.

The Co-operators Group Ltd.

Life agents: Licensed life insurance agents should be exempt from being required to obtain additional credentials to use “Financial Advisor” title.

LLQP: Co-operators urges FSRA to clarify which parts of the LLQP do not meet the competency profiles that would allow agents to call themselves financial advisors. LLQP should be sufficient.

CFP: Co-operators is concerned about upcoming plan to require a post-secondary degree to qualify for CFP designation. 

Co-operators recommends FSRA retain discretion to decide if an individual has qualifications to use FP title “to ensure those who have completed the CFP curriculum and exams” but cannot earn the designation can still use FP title.

See also L&H, P&C sectors.

FSRA will consider these comments, and any others included in a written submission, as part of its public consultation on the Financial Professionals Title Protection Framework.

SunLife

SunLife looks forward to continuing dialogue on implementation of title protection framework for FP/FA

See also Pensions, L&H sectors

FSRA will consider these comments, and any others included in a written submission, as part of its public consultation on the Financial Professionals Title Protection Framework.

CAILBA

Earleen Moulton

CAILBA fully supports FSRA’s priorities.

Innovation / modernizing systems:

CAILBA appreciates that FSRA plans to address delays re licensing and renewals, and requests that FSRA consult with APEXA.

Principles-based regulation: CAILBA suggests FSRA should implement suggestions it has made re oversight, such as regulator practice reviews of agents. CAILBA suggests FSRA should implement a framework for consumer education.

Market conduct oversight: CAILBA suggests that rules regarding market conduct should be clear and evenly applied.  CAILBA expressed concerns that FSRA might focus only on MGAs.

Principles-based regulation (agent practice reviews):
FSRA has prioritized (recently launched) the building of an agent conduct team and development of a supervisory framework. When building this framework, FSRA would consider solutions for improving advisor oversight proposed by the G4.

Market conduct oversight (MGAs):
As part of the Insurer-MGA review (with select insurers), FSRA is also exploring the different distribution models employed by insurers. FSRA is looking at the proportion of business between distribution channels, the number of contracted agents, and the overall product delivery strategy. This will provide FSRA with an overview and updated understanding of life insurers’ business composition.

Further, FSRA will apply the consultation recommendation/expectations resulting from this review to the oversight of insurer distribution channels, as applicable. FSRA looks forward to consulting on options for supervisory approaches for distribution channels.

Canadian Association of Financial Institutions in Insurance (CAFII)

Keith Martin

CAFII agrees FSRA’s cross-sectoral priorities are important.

Re innovation, CAFII suggests a regulatory sandbox would be helpful.

Re: improving data interfaces and analytics, CAFII suggests FSRA should consult with industry.

FTC: CAFII supports FSRA adopting the CCIR/CISRO Guidance.

Market conduct: CAFII supports FSRA’s new oversight plans.

Urges FSRA to join, participate in IAIS.

CAFII notes significant increase in budget re L&H and urges FSRA to consider increased claims and financial challenges when setting fees and with respect to increased conduct supervision.

Market conduct:
FSRA thanks CAFII for its comments on the 2021-22 Statement of Priorities and Budget.

International Association of Insurance Supervisors (IAIS):
The IAIS has accepted FSRA’s application to become a member of its organization. FSRA will be reviewing the existing committees and subcommittees to see where it can assign resources and actively participate in IAIS activities.

Canadian Life and Health Insurance Association (CLHIA)

Brent Mizzen

Innovation: FSRA’s flexibility re COVID will continue to be needed.

Market conduct: CLHIA would like to be involved in FSRA’s policy development re FTC and market conduct oversight.

MGA: All intermediaries must be held to the same standards; MGAs have a unique view of an advisor’s entire practice.

Code of conduct: Creating a harmonized intermediary code will help fill any gaps in existing codes that apply to intermediaries.

LARFs: How does FSRA use LARF data?

Complaints: FSRA should work with OLHI and existing legally-required complaints programs.

Re fees, FSRA should have the resources it needs to fulfil its mandate, including additional conduct-related oversight

Market conduct:
FSRA looks forward to the CLHIA’s input through the segregated fund and Managing General Agency Technical Advisory Committees (TACs).

Code of conduct:  
FSRA greatly appreciates CLHIA's support in the development of a nationally harmonized code of conduct for intermediaries. CISRO plans to develop a stakeholder engagement plan which will include a consultation process with the industry. FSRA looks forward to working with the industry to develop consistent standards for intermediaries.

Life Agent Reporting Form (LARF):
FSRA will continue to pursue regulatory actions where there is evidence of non-compliance and consumer harm. These actions can result in a number of outcomes and escalations based on the facts and circumstances of each case.

In addition, FSRA will continue to monitor and analyze the types of misconduct reported in LARFs, in order to assess trends, determine emerging issues and develop supervisory plans that address the sector’s key issues.

Complaints: 
FSRA has been engaging OmbudServices and regulators in Ontario and other jurisdictions to identify leading practices and opportunities to strengthen FSRA’s approach to complaints resolution.

Advocis

Greg Pollock, Abe Toews,
James Ryu

PBR: Supports principles-based regulation.

Innovation: Agrees it’s important.

Regulatory effectiveness: Consumer Office should consult advisor groups re consumers’ experience with financial professionals.

Innovation: Keep a close eye on new advice delivery tech marketing directly to consumers - fintechs with no background in financial advice or planning are offering these services. Advocis’s Technology Task Force would like to work with the Innovation Office.

Segregated funds: Support FSRA’s anticipated review of Client Focused Reforms but in the context of principles-based regulation. Advocis would like to discuss this, as well as DSCs and potential for regulatory arbitrage vs mutual funds.

FTC: Support move to CCIR/CISRO Guidance.

Code of conduct: Support harmonized intermediary code.

Advisor oversight: Support FSRA’s interest and particularly identification and removal of “unqualified actors”.  Supports stronger information sharing among CISRO member and between CISRO and industry re bad actors. Please use and share aggregate LARF data.

See also FP/FA sector

Regulatory effectiveness (Consumer Office):
FSRA’s Consumer Office will continue to engage consumer stakeholders and other stakeholders who work with consumers to ensure consumer issues and perspectives are understood and considered.

Segregated funds:
FSRA looks forward to ongoing consultations with respect to improvements to segregated fund regulation, to ensure customers are treated fairly in a way that is consistent with the outcomes achieved for mutual funds.

FTC:
FSRA continues work towards full harmonization with the CCIR/CISRO Fair Treatment of Customers Guidance for insurance intermediaries.

The Co-operators Group Ltd.

Maya Milardovic
Associate Vice President, Government Relations

MGA:  Co-operators notes it is impossible for an insurer to have insight into all of an agent’s business, except where the agent is a member of a career distribution channel.  The insurer can only oversee transactions with respect to its own products.  Co-operators hopes FSRA’s MGA review will ensure MGAs review advisors’ business and be obliged to report inappropriate activity to insurers and regulators.

Market Conduct oversight: Co-operators recommends FSRA consult with industry re potential regulatory tools for insurers where advisors are not complying with best practices re consumer protection.

Segregated funds:  Co-operators supports disclosure requirements for segregated funds consistent with disclosure in the mutual fund industry.

See also P&C sectors

An insurer must maintain a system reasonably designed to ensure that all agents selling its products comply with the Insurance Act and regulations, and the agent’s licence. An insurer is expected to have policies, procedures and controls in place to ensure that agents who sell its products understand the products as well as their duties to the insurer and their customers.

Among the objectives of FSRA’s review of distribution channels is gaining a better understanding of the Insurer-MGA relationship and identifying potential gaps in roles and responsibilities between insurers, MGAs and independent agents. 

FSRA looks forward to consulting on options for supervisory approaches for distribution channels.

Market Conduct oversight:
FSRA has prioritized (recently launched) the building of an agent conduct team and development of a supervisory framework. When building this framework, FSRA would consider solutions for improving advisor oversight (including potential regulatory tools) proposed by the G4 and industry at large.

Segregated funds: 
FSRA welcomes Co-operators' comments on segregated fund disclosure and looks forward to consulting with the industry and consumers on appropriate measures, to ensure consumers have the information they need to make good investment decisions.

Independent Financial Brokers of Canada (IFB)

Susan Allemang

Cross-sectoral: IFB supports FSRA’s priorities to protect the public interest, enable innovation, modernize its systems and processes, and transition to a principles-based regulatory approach.

Consumer research: IFB is interested in the results of FSRA research on consumer perspectives and expectations re auto insurance and financial advice professionals.

FSRA complaints process:  IFB has previously recommended whistleblower protection to help FSRA detect patterns of market conduct issues, and notes that people who want to remain anonymous may not be willing to submit a complaint through the FSRA website.

Market conduct reviews & MGAs: The priority to engage in market conduct reviews should not be restricted to the MGA channel. IFB asks why FSRA is focusing on MGAs when FTC guidance applies to all intermediaries.

Digitization: IFB would appreciate more information about the statement in the draft Priorities that COVID-19 has decreased traditional distribution channels and accelerated industry progress in digitizing the distribution of insurance products.

Market conduct research:  IFB urges FSRA to share its research with other stakeholders; this research includes the aggregate results of Life Agent Reporting and Market Conduct Surveys.
 

Fees: IFB appreciates that FSRA does not intend to increase the individual life agent license fee, particularly given the financial difficulties many agents face due to the pandemic.

Code of Conduct: IFB looks forward to details on how the CISRO Code will integrate with other existing Codes like IFB’s, and to the chance to comment on it.

Agent continuing education: IFB encourages FSRA to review its CE guidance and consider updating them to ensure agents learn topics like ethics, practice standards, regulatory updates, compliance.

Segregated funds: IFB supports the review of meaningful segregated fund disclosure and looks forward to commenting further.

See also FP/FA sector.

Consumer research:
FSRA established a Residents’ Reference Panel on Auto Insurance in Ontario to gather insights from consumers, and the Panel concluded its work in late 2020. FSRA intends to make the Panel’s report public. FSRA will look for other opportunities to share insights from research and engagement with consumer stakeholders.

MGAs:
As insurers appear to be increasingly outsourcing functions to MGAs, FSRA needs to gain a more in-depth understanding of the Insurer-MGA relationship and identify potential gaps in roles and responsibilities between insurers, MGAs and independent agents.

FSRA looks forward to consulting on options for supervisory approaches for distribution channels.

Market conduct research:
FSRA is supportive of this approach. The intent is also reflected through the recent publications on LARF analysis and key areas of assessment for the Life and Health sector.

Code of Conduct:
FSRA appreciates the support in the development of a nationally harmonized code of conduct for intermediaries. CISRO plans to develop a stakeholder engagement plan which will include a consultation process with the industry. FSRA looks forward to working with the industry to develop consistent standards for intermediaries.

Agent continuing education:
FSRA thanks IFB for their comments on continuing education requirements for insurance agent and looks forward to continued engagement with the life insurance sector.  

Segregated funds:
FSRA looks forward to ongoing consultations with respect to improvements to segregated fund regulation to ensure customers are treated fairly in a way that is consistent with the outcomes achieved for mutual funds.

Ontario Trial Lawyers Association (OTLA)

Matt Caron

OTLA supports FSRA’s initiatives re:
MGAs, Code of Conduct, and development of a Supervisory Framework, plan and team.

FSRA thanks OTLA for its supportive comments and looks forward to continued engagement with the Life and Health sector.

MEBCO

Deborah Thompson

Overall, FSRA’s 2021-2022 Priorities look appropriate to address many of the current issues faced by MEBCO’s membership. We are most interested in a new funding framework to ensure the long-term success of target benefit (multi-employer) pension plans.

FSRA thanks MEBCO for their supportive comments on the 2021-22 Statement of Priorities and Budget and looks forward to continued engagement with the pension sector.

Ontario Teachers' Pension Plan (OTPP)

Rossana Di Lieto

OTPP supports FSRA’s cross-sectoral and core regulatory priorities.  OTPP is also supportive of FSRA’s proposed budget.

FSRA thanks OTPP for their supportive comments on the 2021-22 Statement of Priorities and Budget and looks forward to continued engagement with the pension sector.

ActuBen Consulting Inc.

Brian Jenkins

I think that you need consultation of the smaller pension plans (less and 50 members), especially the defined benefit plans, that are not really serviced by the committee you currently have. I think you need actuaries and consultants that see how these plans deal with day to day issues, of which reporting has become a major time problem. Large plan people don't grasp the issues.

In addition, small plans -- but larger ones too -- need innovative ideas to deal with both the low rates of return and negative real/nominal rates of return as well, as the funding issues related to the decrease work force that the closing of industry has entailed.  I don't think higher fees from the regulators would be helping the situations that are there or coming.

The currency deflation and price inflation we currently see is going to be a very big problem for most plans and the PBGF. Regulation really needs to adapt before it becomes a problem if protecting plan members' pensions.

FSRA thanks ActuBen Consulting for their input. FSRA’s Technical Committees membership continues to be open calls for members. FSRA tries to ensure a diversity of perspectives can be included in the committees. All guidance is posted for public consultation, which provides time for plans and advisors to share their feedback and input with us. FSRA will be establishing a new committee aimed at looking about how FSRA can help support a vibrant pension sector in Ontario and welcome input on innovative solutions.

Changes to legislation or regulations would need to be considered by the government. FSRA will share this comment with the appropriate body.

Sunlife

We commend FSRA for including market conduct and pensions in its priorities. Accountability, efficient regulator supervision and proper risk assessment build public confidence and trust for consumers, advisors, insurers, and their distribution partners.

Support sector innovation through decumulation solutions like Variable Payment Life Annuities (per 2019 federal budget).

Support reviewing framework for Actively Monitored Defined Benefits single-employer pension plans.

Support reviewing framework for Pension Benefits Guaranteed Fund to support its long-term viability and financial sustainability.

Encourage FSRA to find ways to reward DB sponsors for good risk management.

Hope to participate on special purpose TAC for Defined Contribution pension plans. DC plans come in all sizes, and principles-based, outcome-focused regulation is essential to make them attractive.

FSRA thanks Sun Life for their supportive comments on the 2021-22 Statement of Priorities and Budget and looks forward to continued engagement with the pension sector.

Mortgage Professionals Canada

J.P. Boutros

Mortgage Professionals Canada supports your priorities for the Mortgage Brokering sector as described in 8.1 of your proposed statement, specifically to “support government direction with respect to the recommendations of the MBLAA legislative review,” recommendations outlined in the September, 2019 report, Protecting and Modernizing Ontario’s Mortgage Broker Industry.

FSRA thanks Mortgage Professionals Canada (MPC) for their supportive comments on the 2021-22 Statement of Priorities and Budget. FSRA will consider these comments as it works with the Ministry of Finance and stakeholders to implement the recommendations of the Mortgage Brokerages, Lenders and Administrators Act legislative review.

MortgageQuote.ca

Anoop Bungay

Kudos on your two new priorities, FSRA.

MortgageQuote offers its leadership to you and your industry regulatees on a Pan-Sector basis.

FSRA thanks MortgageQuote for their comments.

The Co-operators Group Ltd.

Maya Milardovic
Associate Vice President, Government Relations

See also L&H sector for summary

FSRA thanks Co-operators for signaling its approval of and providing comments on the 2021-22 cross-sectoral and P&C sector priorities. FSRA looks forward to working with Co-operators and industry on several areas highlighted by the submission including: benchmarks, transition to principles-based regulation, data transformation and the implementation of FSRA’s data and analytics strategy, Take All Comers, and insurer processes aimed at detecting risk and protecting consumers.

FSRA notes the feedback on consumer relief measures taken during the Covid-19 pandemic and is exploring the best means of enhancing transparency around emergency filings, which differ in important ways from ordinary filings. FSRA will also explore opportunities for further transparency through its new Consumer Information Hub launched in October 2020.

FSRA welcomes Co-operator’s interest and participation in FSRA’s Technical Advisory Committees. As part of FSRA’s ongoing work on an auto insurance data and analytics strategy, FSRA will engage further with industry on implementation and transition timelines, including Co-operator’s recommendations regarding data sharing, through the Technical Advisory Committee for Auto Insurance Data and Analytics Strategy.

Regarding priority 5.2, Support and implement government’s auto insurance priorities, FSRA continues to work closely with the MOF to support reforms in the sector. The term “transformative” has been removed as FSRA has limited legal authority to enact transformative changes to the auto insurance system at this time. FSRA has revised the title of priority 5.2 in response to stakeholder feedback, which now reads Support government priorities and evaluate trends in the auto insurance system.

FSRA has updated its Statement of Priorities to reflect its intent to consult stakeholders on data and reporting requirements as well as the identification, recommendation and implementation of changes within FSRA’s purview that support government priorities.

 As part of its work to foster a strong, sustainable, competitive and innovative auto insurance sector, FSRA has a strong interest in identifying and removing barriers to innovation in the Ontario auto insurance system.

FSRA shares Co-operators’ recognition of the importance of rate reform in Ontario and would like to emphasize the importance of the Technical Advisory Committee for Rate Regulation to Priority 5.1, Empower and Protect P&C Insurance Consumers as well as enhancing regulatory effectiveness and efficiency. FSRA will review prohibited risk classification factors as part of its deliverable of finding new consumer-focused efficiencies and improvements to continue transformation of auto insurance regulation. Depending on the outcome of planned activities, FSRA will consider the addition of a new priority related to rate regulation as part of the next business planning cycle.

Intact Insurance

Julie Nolette

Supportive of the following priorities:

• Empower and protect P&C and auto insurance consumers
• Support and implement government’s auto insurance priorities
• Implement auto insurance data and analytics strategy

FSRA is pleased to receive Intact’s support for and comments on the 2021-22 Statement of Priorities and Budget.

As part of its work to foster a strong, sustainable, competitive and innovative auto insurance sector, FSRA has a strong interest in identifying and removing barriers to innovation in the Ontario auto insurance system. FSRA is committed to ensuring fairness with respect to incumbent insurers and market entrants.

With respect to the inclusion of “P&C” in the 2021-22 priorities, FSRA intends to capture priorities for the broader P&C sector that it regulates. Some specific deliverables and outcomes would apply broadly to the P&C sector, while given the unique nature of auto insurance in Ontario some deliverables and outcomes are focused on auto insurance only. For the purposes of enhancing clarity and based on stakeholder feedback, FSRA has revised the title of priority 5.1, which now reads Empower and protect P&C insurance consumers. This reflects the focus of most supporting initiatives under priority 5.1 with one notable exception being the creation of a UDAP rule. The scope of that work also includes Life & Health (L&H) insurance.

FSRA continues to work with MOF on priorities and reforms in the auto insurance sector. The term “transformative” has been removed as FSRA has limited legal authority to enact transformative changes to the auto insurance system at this time. FSRA has updated its Statement of Priorities to reflect its intent to consult stakeholders for the identification, recommendation, and implementation of changes within FSRA’s purview that support government priorities. FSRA has also revised the title of priority 5.2 in response to stakeholder feedback, which now reads Support government priorities and evaluate trends in the auto insurance system.

FSRA acknowledges Intact’s concerns about increased regulatory burden in relation to FSRA’s data and analytics strategy. Through its Technical Advisory Committee for Auto Insurance Data and Analytics Strategy and Technical Advisory Committee for Transforming Rate Regulation, both of which have Intact as a participant, FSRA will be consulting with stakeholders on improved tools and data to inform and support future transformation of auto insurance regulation in Ontario. 

FSRA has updated its Statement of Priorities to reflect its intent to consult stakeholders on data and filing requirements as well as the implementation of measures to support government priorities.

Desjardins

Bernard Brun

Overall Priorities: pleased to see your continued commitment for regulatory efficiency and effectiveness, and we are in full agreement that Ontario consumers and the sectors regulated by FSRA both benefit from regulatory collaboration amongst Canadian regulators.
 

Credit Union Sector Priorities: the three regulatory priorities that have been established for the credit union sector are reasonable and helpful.
 

Auto Insurance Sector Priorities: Desjardins supports FSRA’s aims to enhance consumer choice, promote innovation and foster a more competitive and stable auto insurance marketplace. We are pleased to see that FSRA intends to publish its future internal service performance results.
 

Auto Insurance Sector Budget: We encourage FSRA to consider the value proposition of their regulatory oversight activities and look for opportunities to decrease regulatory costs in the context of trying to make auto insurance more affordable for consumers.
 

CU Budget: the proposed significant increase in dues will put additional financial pressure on credit unions at the same time as we continue to deliver essential services to Ontarians during a health crisis while navigating through a difficult and uncertain economic period. The timing of the proposed increase of credit union sector dues by approximately 20% during the COVID-19 pandemic was unexpected.

FSRA welcomes Desjardins’ support for FSRA’s 2021-22 Statement of Priorities and Budget.
 

FSRA has updated its Statement of Priorities to reflect its intent to consult stakeholders for the identification, recommendation and implementation of changes within FSRA’s purview that support government priorities. FSRA welcomes Desjardins’ interest and participation in the Technical Advisory Committee for Transforming Rate Regulation and will review prohibited risk classification factors as part of its priority to find new consumer-focused efficiencies and improvements to continue transformation of auto insurance regulation. FSRA has revised the title of priority 5.2 in response to stakeholder feedback, which now reads Support government priorities and evaluate trends in the auto insurance system.
 

FSRA would like to underscore its common interest in enhanced regulatory effectiveness and delivering value-for-money. FSRA recognizes the importance of benchmarking and consultation to assess regulatory effectiveness but would like to underscore the uniqueness of the Ontario context, which can make the comparison of FSRA and other regulators challenging.

Canadian Association of Direct Relationship Insurers

Catherine Allman

Turning our attention to the Proposed 2021-22 Statement of Priorities, CADRI generally supports FSRA’s cross-sectoral priorities of:

• protecting the public interest,
• enabling innovation,
• modernizing systems and processes, and
• transitioning to principle-based regulation.

CADRI supports FSRA’s intent to “enhance consumer choice, promote innovation and foster a more competitive and stable insurance marketplace.”

We are confident that FSRA’s Technical Advisory Group for Transforming Rate Regulation brings significant expertise and insight to the regulators’ transformative plans.

Relative to “protecting consumers… unreasonable rates,” as we commented in July 2020 on the matter of 2020-6 – Loss Trend Benchmarks for Private Passenger Automobile Major Rate Filings, CADRI submits that if an insurer can provide the regulator with a just and reasonable rationale for its rates, industry average benchmarks should not be applied.

CADRI is supportive of FSRA harmonizing fair treatment of customers in Ontario with the CCIR and CISRO Guidance.

We encourage the regulator to keep as an objective timely access to relevant data that does not unnecessarily add to insurers’ administrative costs.

In assessing FSRA’s proposed increased costs for the coming year, CADRI focuses on two budget lines: digital transformation and the $3.2 million increase for “regulatory effectiveness.”

Overall, we support FSRA’s general intentions to serve the public interest and increase transparency for consumers and efficiency for both the regulator and industry.

FSRA is pleased to see CADRI note its approval and provide comments on FSRA’s 2021-2022 Statement of Priorities and Budget. FSRA looks forward to continued collaboration with CADRI as part of the Technical Advisory Committee for Transforming Rate Regulation and with respect to rating and underwriting compliance, benchmarks, online licensing as well as data and filing requirements.

FSRA has updated its Statement of Priorities to reflect its intent to consult stakeholders on data and reporting requirements.

FSRA will review prohibited risk classification factors as part of its priority to find new consumer-focused efficiencies and improvements to continue transformation of auto insurance regulation.

FSRA continues to work with MOF to advance priorities in the auto insurance sector. FSRA has revised the title of priority 5.2 in response to stakeholder feedback, which now reads Support government priorities and evaluate trends in the auto insurance system, in response to stakeholder feedback.

Aviva Canada

Erica Kelsey

Reading the Proposed Priorities document, we see the pillars of Protecting Public Interest, Innovation, Consumer Education and Engagement, and Data Analytics and AI all have very reasonable key outcomes and deliverables outlined. The plan looks well considered and promising.

Aviva points out what we consider to be a gap or key opportunity for FSRA. In order to be a proactive and forward-looking regulator, FSRA needs to have a better overview of what is going on in the market.

We recommend that FSRA establish an insurer advisory group whose focus is on cost drivers and trends and possible solutions.

FSRA thanks Aviva for noting its support on the 2021-22 Statement of Priorities and Budget, and for providing comments.

FSRA has updated its Statement of Priorities to reflect its intent to consult stakeholders for the identification, recommendation and implementation of changes within FSRA’s purview that support government priorities.

FSRA looks forward to discussing cost drivers and trends with Aviva and other insurers in the sector. FSRA has revised the title of priority 5.2 in response to stakeholder feedback, which now reads Support government priorities and evaluate trends in the auto insurance system.

FSRA acknowledges Aviva’s recommendation that FSRA establish an insurer advisory group on cost-drivers, trends and possible solutions, and recognizes the alignment of this recommendation with FSRA’s objects. FSRA’s Technical Advisory Committee for Transforming Rate Regulation and Technical Advisory Committee for Auto Insurance Data and Analytics Strategy, both of which have Aviva as a participant, are important parts of FSRA’s commitment to enhancing regulatory effectiveness. In FSRA’s view, the established committees provide a suitable venue to explore the issues raised by Aviva in its submission. In the event that the established committees do not provide the opportunity to examine cost drivers, trends and possible solution, FSRA intends to consider Aviva’s recommendation as part the next business planning cycle.

P&C SAC Submission

Insurance Bureau of Canada - Kim Donaldson

The P&C insurance sector expresses appreciation for FSRA’s work during the COVID period, while continuing to make progress on its 2020-2021 priorities. Among the proposed cross-sectoral priorities, special mention is made of FSRA’s commitments to promoting innovation and consumer education. Both are described as critical to the industry’s future and to its continued ability to serve the needs of customers during times of unprecedented volatility.

A central priority for the industry remains the high cost of auto insurance. Although COVID has temporarily reduced claims costs and premiums, the core factors behind the high cost structure for Ontario auto insurance remain.

The Stakeholder Advisory Committee (SAC) recommends creation of a permanent industry advisory group to meet with FSRA periodically to identify cost drivers and develop solutions for implementation or advice to the Minister of Finance.

The SAC supports the initiatives on fighting insurance fraud, moving to principles-based rules, and reforming rate regulation.
 

We appreciate the importance FSRA is placing on building its data analytics capacity, and offers caution that changes to the data collected through HCAI must continue to support that system’s basic function of facilitating timely adjustment of no-fault injury claims.
 

On the proposed budget, we welcome the reduction in regulatory fees for most of the industry. The sector looks forward to strengthened openness and transparency in our relationship with FSRA and the prospect for ongoing progress in resolving challenges to our industry and customers.

FSRA thanks IBC for its input on the 2021-22 Statement of Priorities and Budget and feedback on FSRA’s response to the Covid-19 Pandemic.  

FSRA has updated its Statement of Priorities to reflect its intent to consult stakeholders for the identification, recommendation and implementation of changes within FSRA’s purview that support government priorities.

FSRA acknowledges IBC’s recommendation that FSRA establish an advisory group on cost-drivers, trends and possible solutions, and recognizes the alignment of this recommendation with FSRA’s objects. The Technical Advisory Committee for Transforming Rate Regulation, in which IBC is a participant, and Technical Advisory Committee for Auto Insurance Data and Analytics Strategy are important parts of FSRA’s approach to developing recommendations and exploring opportunities for change. In FSRA’s view, the established committees provide a suitable venue to explore the issues raised by IBC in its submission. In the event that the established committees do not provide the opportunity to examine cost drivers, trends and possible solution, FSRA intends to consider IBC’s recommendation as part the next business planning cycle.

FAIR Association of Victims for Accident Insurance Reform

Rhona DesRoches

Comments with respect to the following auto insurance issues:

• 5.1 Empower and protect P&C and auto insurance consumers
• 5.2 Support and implement government’s auto insurance priorities
• 5.3 Implement auto insurance data and analytics strategy.

We are aware of a significant number of complaints in the queue at FSRA and some of our members have waited for over a year to receive a response to their complaints.

It’s important the care of some of Ontario’s most vulnerable patients take priority over an issue like “take all comers” requirements when the potential for harm is clear.

As FSRA works toward revamping the OCF forms that must be filled out by consumers at the time of a claim, it would be a good point to reconsider the wide and unfettered access these insurers have to their customer’s personal health data.

Continued focus on fraud without including the information about insurer fraud (medical file manipulation is a considerable driver of costs) is a concern for the public who picks up the pieces when this fraud allows insurers to skate away from their obligations.

We appreciate the enormous work that goes into reforming the oversight for Ontario’s financial products and that there are many challenges. We know that FSRA has been actively engaging consumers in the past year.

FSRA appreciates FAIR’s submission in relation to the 2021-22 Statement of Priorities and Budget, and would like to emphasize its common commitment to protecting the rights and interests of all.

FSRA would like to note that, since launching in June 2019, it has taken important measures to transform compliance and enforcement.

FSRA would also like to acknowledge FAIR’s concerns about claims processes in the sector. FSRA has been engaging OmbudServices and regulators in Ontario and other jurisdictions to identify leading practices and opportunities to strengthen FSRA’s approach to complaints resolution.

C22

Ontario Mutual Insurance Association

John Taylor

By way of overview, we appreciate the fact that FSRA has made significant progress in organizing as a new regulator and there has been a concerted effort within most parts of FSRA to establish relationships with all stakeholders. We also acknowledge FSRA's efforts in responding across the many sectors it regulates to the unique challenges of COVID-19 and the sector specific pressures placed on FSRA's regulated entities.

FSRA has set out an ambitious structure to collect consumer input across the sectors and the creation of a Consumer Office appears to signal FSRA's core responsibility to protect consumers of financial services.

We believe that a core responsibility for FSRA is not to enable a casual approach to innovation but to ensure that it takes place in a thoughtful, meaningful, and safe way. We urge the Innovation Office to ensure that in "putting the consumer first" they consider the long-term needs of consumers.

We recognize the need for FSRA to have access to data and effective communication processes with regulated entities.

We have seen some of the initial work on moving to a guidance framework system and believe that this can be an effective way to provide regulatory insight.

In reviewing FSRA's proposed 2020-2021 budget, we note a significant increase on the allocation to P&C prudential regulation expense. We will require further details on the rationale and materiality of the actual increase as relates to our members. As a final comment, we believe that FSRA can continue to make progress in communicating its expectations and ongoing work on market conduct. Some of this work in the auto sector has been well communicated, however we believe a broader communication as to expectations on market conduct in general should be made available to all insurers in some form of Townhall format or question-and-answer forum.

FSRA thanks OMIA for its input on the 2021-22 Statement of Priorities and Budget.

FSRA also thanks OMIA for providing feedback on FSRA’s guidance framework. As a principles-based regulator with a commitment to enhanced effectiveness and flexibility, FSRA recognizes OMIA’s emphasis on proportionality and looks forward to discussing the specific concerns of OMIA members.

FSRA has updated its Statement of Priorities to reflect its intent to consult stakeholders for the identification, recommendation and implementation of changes within FSRA’s purview that support government priorities. FSRA acknowledges OMIA’s concerns related to cost pressures in the sector and looks forward to discussing these with OMIA. FSRA has revised the title of priority 5.2 in response to stakeholder feedback, which now reads Support, implement and provide expertise on government auto insurance priorities.

FSRA’s work on transforming rating and underwriting compliance is ongoing and includes the recently initiated Technical Advisory Committee for Transforming Rate Regulation, in which OMIA is represented. FSRA will continue to discuss details with stakeholders as work progresses.

FSRA will also be consulting with stakeholders on improved tools and data to inform and support future transformation of auto insurance regulation in Ontario through its Technical Advisory Committee for Auto Insurance Data and Analytics Strategy and Technical Advisory Committee for Transforming Rate Regulation.

Ontario Trial Lawyers Association (OTLA)

Matt Caron

OTLA supports many of FSRA’s proposed initiatives, including their initiative to empower and protect property and casualty and auto insurance consumers. The protection of the public interest must be front and centre in any movement to include greater choice in the auto insurance regime. Given that most consumers tend not to purchase optional coverages and tend not to fully comprehend the current product and available options, it is imperative that the base or standard policy provide adequate coverage for all Ontarians. It is further imperative that consumers be provided with clear, easy to understand information about any available optional coverages and their associated costs. Finally, it is imperative that the system be transparent. Insurers who continue to allege fraud should be put to the task of proving it exists. Insurers who desire rate increases should similarly be put to the task of proving there is in fact a need for such increases by providing detailed financial data to the public. Consumers can only be empowered if they are provided with detailed explanations, costing and information regarding the product they are mandated by law to purchase.

FSRA is pleased to note OTLA’s approval of and feedback on the 2021-22 Statement of Priorities and Budget.

FSRA recognizes the importance of consumer education and, via the work of the FSRA’s Consumer Office, is committed to piloting tools and strategies aimed at enhancing the consumer’s understanding of auto insurance.

FSRA shares the OTLA’s concern for protecting the public interest but notes that the legislative authority to make changes to the standard auto insurance product resides with the Ministry of Finance.

FSRA thanks the OTLA for its recommendations related to fraud in auto insurance, and will explore these as part of ongoing work to develop a fraud and abuse strategy.

FSRA would also like to acknowledge the OTLA’s recommendations regarding the need to enhance transparency in relation to rate regulation, and is committed to exploring opportunities to enhance transparency, including as part of the Technical Advisory Committee for Transforming Rate Regulation.

Ontario Rehab Alliance

Laurie Davis

The Ontario Rehab Alliance (ORA) is highly supportive of FSRA’s stated priorities for 2021-22. This submission will comment primarily on broad-strokes intentions and hoped-for outcomes. At the Cross Sectoral level, we believe that all four priorities: Protect the Public Interest, Enable Innovation, Modernize Systems and Processes, and Transition to Principles Based Regulation may be harnessed to drive improvement to the auto insurance sector. The ORA has made a number of previous submissions, along with other HSP associations, that reference our keen support for modernized systems and processes, and have offered multiple examples and specific suggestions of how and where we see the greatest need for these. As Principles-Based Regulation is a new form in Ontario’s regulatory environment we find it challenging to forecast how this transition might change our operations or the experience of our injured clients, so have focused our remarks elsewhere.

We see the Auto Sector priorities: 5. 1 Empower and protect auto insurance consumers, 5.2 Support and implement government’s auto insurance priorities and 5.3 Implement auto insurance data and analytics strategy, as closely linked to the system change goals articulated by Health Service Providers.

FSRA thanks the ORA for expressing their support for the 2021-22 Statement of Priorities and Budget, and for providing input on the concerns of health service providers (HSPs) and the needs of consumers.

As noted in the Statement of Priorities, FSRA is committed to reviewing the supervision of HSPs with a view to delivering reduced costs, improving consumer protection, enhancing regulatory efficiency and reducing regulatory burden.

FSRA has updated its Statement of Priorities to reflect its intent to consult stakeholders for the identification, recommendation and implementation of changes within FSRA’s purview that support government priorities.

Ontario Society of Occupational Therapists

Christie Brenchley

We see the Auto Sector priorities: 5. 1 Empower and protect auto insurance consumers, 5.2 Support and implement government’s auto insurance priorities and 5.3 Implement auto insurance data and analytics strategy, as closely linked to the system change goals articulated by Health Service Providers.

OSOT submits that there must be a careful balance of both principled-based and rules-based approaches to adequately regulate the auto insurance sector to ensure that consumers have suitable protections against insurers whose inherent conflict of interest may interfere with their fair dispensation of benefits and their compliance under the Insurance Act.

OSOT recommends that a committee of both insurers and health care providers work together to develop a complaints process which is more user-friendly; ensures accountability on all sides; and ensures an expeditious and transparent outcome for each complainant.

While we remain open to being a constructive stakeholder supporting FSRA’s ongoing work, our experience to date has provided less opportunity to work collaboratively and to meaningfully participate with FSRA early in the process of policy development. More and more our experience has been limited to simply providing feedback on, what appears to be, already established policy. FSRA priorities indicate a commitment “to ensure effective and proportionate financial consumer protection efforts, it is important that all stakeholders, including consumers, participate in the policy-making process.” We strongly recommend engaging stakeholders (including health care providers) early in the process of policy development thereby allowing for more substantive participation, and mitigating poor policy or unintended impacts that add complexity to the system or negatively impact claimants. To this end, the Ontario Society of Occupational Therapists extends its commitment to participate as a constructive stakeholder.

FSRA is pleased to note OSOT’s approval of and receive feedback on the 2021-2022 Statement of Priorities and Budget.

FSRA thanks OSOT for its recommendations to improve the claims process and improve complaints-handling. FSRA has been engaging OmbudServices and regulators in Ontario and other jurisdictions to identify leading practices and opportunities to strengthen FSRA’s approach to complaints resolution.

FSRA also thanks OSOT for its recommendations on fighting fraud and abuse as it relates to health service providers. As noted in the Statement of Priorities, FSRA is committed to reviewing the supervision of HSPs with a view to improving consumer protection and enhancing regulatory efficiency.

Ontario Association of Social Workers

Vanessa Rankin

OASW applauds the work done to date to reset the regulatory foundation and continues to welcome FSRA’s overall goal of driving towards regulatory efficiency and effectiveness. In principle, we agree with the cross-sectorial priorities that focus on protecting the public interest, enabling innovation, modernizing systems and processes, and transitioning to a principle-based regulatory approach. However, we believe that more detail is required to operationalize these priorities at the auto insurance sector-specific level. Therefore, our comments will be focused on key deliverables linked to Property and Casualty (Auto) Priorities that we believe require further articulation to support FSRA’s stated desire to reinforce and drive a fundamental consumer-focused culture across the organization.

Although OASW welcomes an overall focus in priority 5.1 on enhancing consumer choice, promoting innovation and fostering a more competitive and stable auto insurance marketplace, these goals cannot exclude a focus on similarly protecting the consumer at the point at which they formally access accident benefits. Therefore, we maintain that addressing the needs of the consumer as claimant, requires equal attention under priority 5.1.

FSRA is pleased to receive the OASWs approval of the 2021-22 Statement of Priorities and Budget, and recommendations regarding the protection of claimants. FSRA also thanks OASW for participating in FSRA’s preliminary UDAP consultations.

The Coalition of Health Professional Associations in Ontario’s Automobile Insurance Sector (‘The Coalition’)

Dr. Moez Rajwani & Dorianne Suave, Coalition Co-Chairs

The Coalition’s feedback addresses those cross-sectoral and sector-specific priorities and themes that are necessary to ensure auto claimants’ access to timely, safe and necessary health care services.

• All rules-based regulations that protect consumers' timely access to their benefits are maintained until such time as the new PBR has evolved sufficiently to ensure a 'cooperative approach' is embedded in the new system and consumers have improved access to benefits they purchased.
• FSRA delineate those issues that are most appropriately addressed through the complaints process (versus the dispute resolution process) with consideration to those matters that should rightly be addressed through the Unfair Deceptive Acts or Practices regulation and explain how the UDAP process can be instigated by the consumer and other stakeholders.
• FSRA develop accountability mechanisms that include public reporting of claims handling practices and violations.
• FSRA implements significant penalties to deter continuing and future claims handling violations
• FSRA implements measures which address the backlog at the LAT, e.g., hire more experienced arbitrators.
• That a multi-stakeholder working committee to examine and revamp the current complaints process be established and that the Coalition as a key stakeholder be invited to participate as a member of the committee.

FSRA thanks the Coalition for its submission in relation to the 2021-22 Statement of Priorities and Budget and would like to underscore that it shares the Coalition’s concern for consumer protection.

FSRA recognizes the importance of ensuring the integrity of the claims process and that adequate protections are in place. FSRA is committed to exploring opportunities for further alignment with the Canadian Council of Insurance Regulator’s Fair Treatment of Customers Guidance and transition to principles-based regulation. These commitments will inform efforts to improve the claims process and related consumer protections, including FSRA’s ongoing work to develop are rule on unfair and deceptive acts or practices. FSRA looks forward to further discussing with the Coalition in the future.

FSRA has been engaging OmbudServices and regulators in Ontario and other jurisdictions to identify leading practices and opportunities to strengthen FSRA’s approach to complaints resolution.

FSRA acknowledges the Coalition’s interest in FSRA’s ongoing work related to empowering and protecting consumers, fraud and abuse, and data and analytics. FSRA looks forward to further discussing key deliverables with stakeholders as work advances and receiving future input from the Coalition.

WFG

Madhavi Khanal

No Comments

No response required.

Dave McNeely

Dave McNeely

I filed a complaint with FSCO in 2016. My insurer would not provide me with a Final Position Letter as required by FSCO and noted as being important on the Complaint Form several times. I also asked what the authority was for an insurance company to release vehicle collision data to  3rd party profit making companies without my knowledge or consent. The data released was also inaccurate and much too high. It took 9 months to get a FPL from the insurer even though they said they would provide one in October 2015. (2 months after FSCO requested one twice, it finally appeared). The Trumpian, FPL contained contradictory, false and misleading information. For example $15,337 dollars in reported repair costs on a $18,500 vehicle does not mean it is worth less, that is just an unfounded presumption. As well, I was advised that it was the repair shops and NOT the insurer that released the information. FSCO advised the release of information related to the collision costs were "Privacy" matters and that I had to go to the Office of the Privacy Commissioner of Canada (OPC). I filed a complaint with them and it took 4 years (June 2016 to August 2020) for them to advise that the information is not "Privacy" related and therefore not within their jurisdiction. I was advised by OPC investigators that the information did come from the insurance company and that they would now correct it. I have 4 vehicle history reports with different amounts on them for the same incident! This data is being collected and resold (even to us vehicle owners for our own cars) without our knowledge and consent. Many times the information is wrong. It is also worth millions of dollars of unregulated income to insurance companies and their unnamed partners. Why is this done in secrete and why are the funds not acknowledged and used to reduce our rates.  FSCO and my Insurer also advised I could take my complaint to GIO (General Ombudservice Ontario) which I did in 2016 as well. GIO advised, they had less authority for these matters as FSCO and recommended writing my Insurer's Ombudsman a final letter. I did this and sent it by registered mail. There has been no response. I was also promised all of the invoices related to my vehicle repairs (FSCO cc on emails) and then the Insurer advised I did not need them, but they would look into the information on the vehicle history reports and get back to me. This was June 2016 and I am still waiting.  At the start of these problems I read numerous times - you do not need a lawyer! If you don' get a lawyer, then the journey will be long and hard. I am hoping to have an independent review of the FSCO investigation and finally get my questions answered. (Note: this is the short version)

This information was forwarded to our Market Conduct for follow up.