Regulations by the Financial Services Regulatory Authority of Ontario (FSRA) are designed to ensure that service providers have appropriate business practices in place, to bill automobile insurers for specific listed expenses provided to Statutory Accident Benefits Schedule (SABS) claimants.
FSRA's responsibilities include:
- Reviewing licence applications submitted by service providers, and providing licences to service providers that meet eligibility requirements.
- Investigating complaints and conducting audits to ensure that service providers, are complying with the law and taking enforcement action when required.
- Informing service providers of any changes to regulation and regulatory requirements, and responding to inquiries from service providers.
- Publishing a public registry with information on current and former service provider licensees.
- Recovering the costs of regulation from the sector by charging fees, and monitoring the fees annually to ensure they suit the level of regulation needed.
The following regulations made under the Insurance Act (Ontario) set out FSRA's regulatory authorities and requirements for service providers.
- Ontario Regulation 348/13: Licensing
- Ontario Regulation 349/13: Principal Representatives
- Ontario Regulation 350/13: Public Registry
- Ontario Regulation 89/14: Listed Expenses
- Ontario Regulation 90/14: Standards for Business Systems and Practices
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For more information about how FSRA regulates service providers, please email us at [email protected].