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, AGENTS and PRINCIPAL BROKERS - 3/26/2020 - Licence Renewal Extension – How to request an extension by March 31? 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...
The AIR is an annual questionnaire designed to collect specific information from service providers licensed by the regulator. It must be filed electronically, and may only be completed by the principal representative.
The AIR is due on March 31 each year, and must report on information from the previous calendar year.
For example, by March 31, 2019, the principal representative must report information from January 1 to December 31, 2018.
To balance our response to public health concerns with our need to complete annual licensing requirements, we are extending the deadline for filing your 2019 AIR and regulatory fee to June 30, 2020 this year.
General information regarding the Principal Representative
General information regarding the Service Provider/Business
General business information
Business systems and practices
Billing information and practices
Your information helps FSRA conduct market analysis, risk assessment and oversight of the service provider sector.
The application form is a one-time application process.
The AIR is an annual filing process for licensees to provide the regulator with information about the service provider’s business activities. AIR questions may be revised on an annual basis.
Annual Regulatory Fee FAQ
The regulatory fee covers the annual cost of regulating the service provider sector. It is paid in advance, and is calculated based on a fiscal year beginning begins on April 1, ending March 31.
All licensed service providers need to pay the annual regulatory fee for the regulator's fiscal year starting April 1. The fee is prorated depending on when in the year you obtained your licence.
The regulatory fee is calculated based on the following formula:
A + B
“A” = $128 x the “Number of locations”
“B” = $15 x the “Number of SABS Claimants”
Please note, ""Number of locations"" means:
The maximum number of physical locations at which you conducted business that gave rise to listed expenses in the prior calendar year (January 1 to December 31). If you were not licensed until the current calendar year, use the number of physical locations for which the service provider received a licence from FSRA.
Number of SABS Claimants = Total number of persons for which payment has been received for one or more listed expenses (calculated per accident) during the prior calendar year. A person may be counted more than once if they have been involved in multiple accidents.
Payments can be made online by Visa, MasterCard, or debit card. For regulatory fees exceeding $5,000.00, a certified cheque or money order payable to Financial Services Regulatory Authority of Ontario or FSRA is required.
In order to submit an AIR, you must report and pay for a minimum of one location.
Please check your OCF-21 forms. Note: FSRA only counts unique SABS claimants for whom you have received payment.
Alternatively, you may wish to consult your own business records.
If you have received payment for the same individual, for two different automobile accidents, they must be counted as two unique SABS claimants.
How to submit the AIR FAQ
The AIR can only be filed by a principal representative of the business.
If you do not submit the AIR, and fail to pay the annual regulatory fee by March 31, FSRA may impose an administrative penalty under sections 441.3 or 441.4 of the Insurance Act (Act). These may be for the following purposes:
To promote compliance with requirements established under the Act
To prevent a person from deriving, directly or indirectly, any economic benefit as a result of contravening or failing to comply with a requirement established under the Act
After submission, no further changes are permitted. Please double check all information before making your submission.
Yes. Click “Quit” and select “Withdraw Application”.
Yes. You may withdraw an incomplete AIR, at any step before submitting it, by clicking the “Quit” button (found at the bottom of each page) and selecting the “Withdraw Application” option.
Please ensure you have answered all questions. If you miss a question, you won’t be allowed to proceed.
If your computer freezes while completing an AIR, a draft version will be saved for 90 days. You can resume your application any time by using the AIR link in the list of files on your account dashboard.