AUTO – 07/21/2020 – FSRA leveraging data, analytics and technology to improve regulatory effectiveness: Call for Members to Join New Technical Advisory Committee for Auto Insurance Data and Analytics Strategy – FSRA is looking for members to join its new Technical Advisory Committee for Auto Insurance Data and Analytics Strategy (Advisory Committee). This special purpose committee will provide expert insight to FSRA as we seek to improve regulatory efficiency and effectiveness by using data, analytics and technology. Read more...
AUTO - 07/06/2020 - Public Consultation is now open for FSRA's Loss Trend Benchmarks for Private Passenger Automobile Major Rate Filings - FSRA has released the preliminary loss trend and reform factor report that reflects loss experience up to Dec 31, 2019. The report, produced by a leading independent actuarial firm, is now open for public consultation. Read more...
PENSIONS – 06/18/2020 - The Pension Sector Emergency Management Response Guidance previously issued on May 22, 2020 is now updated to reflect the Government of Ontario’s amendment to Regulation 909 and Regulation 310/13 of the Pension Benefits Act, to provide extensions to certain filing deadlines and certain member communications. Read more..
AUTO – 06/17/2020 – FSRA Encourages Ontario's Auto Insurers to Explore Further Relief Measures as COVID-19 Continues to Impact Consumers – FSRA announced that Ontario auto insurers reported that Ontario consumers are receiving $685M in total premium relief in the form of premium deferrals, rebates, refunds, rate reductions and other means during the COVID-19 emergency. Read more...
INSURANCE – 06/15/2020 – Segregated Fund Annual Filing Deadline Extended – To provide you with the flexibility you need during this time, we are extending the deadline for life insurance companies to complete the Segregated Fund Annual Filing by 60 days after your current deadline. Read more...
HEALTH SERVICE PROVIDERS – 06/11/2020 – 2019 HSP Annual Information Return Deadline Extended – To support you in this difficult time, we are extending the deadline for filing your 2019 Annual Information Return (AIR) to August 31, 2020. Read more...
AUTO – 06/03/2020 – FSRA Releases Guidance Aimed at Protecting Auto Insurance Claimants While Physical Distancing Restrictions in Place – FSRA is issuing new guidance to protect auto insurance Statutory Accident Benefit claimants by requiring insurers and health service providers to provide reasonable accommodations to claimants during the COVID-19 disruption. Read more...
PENSIONS – 05/22/2020 – Updates to the Pension Sector Emergency Management Response Guidance – The Pension Sector Emergency Management Response Guidance previously issued on April 24, 2020 is now updated to reflect the Government of Ontario’s amendment to Regulation 909 and information on the impacts of COVID-19 market shocks as a plausible adverse scenario on funding valuation reports. Read more…
PENSIONS – 05/22/2020 – Limitations on Commuted Value Transfers and Annuity Purchases (DB Pension Plans) – We have issued new guidance on transferring commuted values and purchasing annuities when a pension plan’s transfer ratio has declined since the most recently filed valuation report by 10% and is now below 0.9. Read more…
MORTGAGE BROKERING SECTOR – 5/11/2020 – FSRA increases protections for consumers of mortgage-based investments – FSRA is launching new guidance to increase protections for consumers during periods of market volatility and disruption, such as the current COVID-19 pandemic. Read more…
PENSIONS – 4/28/2020 – Important Service Update for Pension Plans – In response to COVID-19, our Pension Officers are working remotely. Here is how you can reach them. Read more….
CORPORATE AGENCIES OR PARTNERSHIPS – 4/27/2020 – Licence renewal deadline extended by 60 days – To provide you with the flexibility you need during this difficult time, we are extending the deadline for renewing your licences by 60 days. Read more...
INSURANCE AGENTS – 4/27/2020 – Licence renewal and continuing education deadlines extended by 60 days – To provide you with the flexibility you need during this difficult time, we are extending the deadline for renewing your licences and completing continuing education requirements by 60 days. Read more...
AUTO – 4/16/2020 – FSRA Releases Guidance to Support Insurers in Providing Emergency Relief to Auto Insurance Consumers – FSRA has released guidance that is aimed at ensuring consumers are treated fairly, and insurers have a number of options for providing customers with financial relief during this temporary declared emergency period. Read more…
MORTGAGE ADMINISTRATORS – 4/02/2020 – FSRA Issues Update on Mortgage Administrator Invoicing - We wish to update the information provided on March 27 regarding invoice payment terms for mortgage administrators. Read more...
FSRA – 3/27/2020 - Changes to Regulatory Requirements due to COVID-19 - The following is a summary of important updates that we are providing to our sectors. Read more...
MORTGAGE BROKER AND AGENTS – 3/26/2020 – Mortgage Broker and Agent Licence Renewal Extension — As a result of the unusual circumstances related to COVID-19 and the impact on businesses, we will be offering an extension for Mortgage Broker and Mortgage Agent licence renewals. Read more...
HEALTH SERVICE PROVIDERS – 3/24/2020 – Annual Information Returns (AIR) Filing Deadline Extended - To support you in this difficult time, we are extending the deadline for filing your 2019 Annual Information Return (AIR) to June 30, 2020. Read more...
MORTGAGE BROKERING – 3/23/2020 - Annual Information Returns (AIR) Filing Deadline Extended — To support you in this difficult time, we are extending the deadline for filing your 2019 Annual Information Return (AIR) to June 30, 2020. Read more...
FSRA - 3/17/2020 - Special Service Notice COVID-19 — In response to COVID-19, FSRA is enabling staff to work remotely. This means that we will be relying more on email during this time. We will make every effort to respond to you. Our Contact Centre will not be taking live phone calls, however we will respond to voicemail and email messages. We will acknowledge your call or email within 48 hours. Please make sure you provide your name, telephone number and email address if you leave a message. Read more...
FSRA - 3/16/2020 - FSRA Statement of Business Continuity — Ensuring the health and safety of our employees, as well as the employees, customers and members of our regulated entities, is our top priority. Read more...
CREDIT UNIONS & CAISSES POPULAIRES - 3/16/2020 - Annual Meeting Requirements: Credit Unions and Insurance Companies — Ontario-incorporated credit unions and insurance companies are subject to statutory requirements with respect to holding annual member meetings. In light of the coronavirus pandemic and related public health concerns, the Financial Services Regulatory Authority of Ontario (FSRA) is aware that some credit unions and insurance companies are considering how to adhere to these requirements while addressing these public health concerns. Read more...