FSRA identifies P&C insurance as priority supervision area to ensure Ontario consumers are treated fairly

The Financial Services Regulatory Authority of Ontario (FSRA) is the regulatory body for Ontario's property and casualty (P&C) and general insurance sector. Ensuring the fair treatment of consumers in the P&C insurance sector is a key FSRA priority.

Since launch, FSRA developed a comprehensive market conduct supervision approach for the P&C insurance sector. It began with new supervision activities in high risk/priority areas such as cyber incidents and commercial insurance, in addition to FSRA’s ongoing auto insurance supervision activities.

FSRA’s strategic focus in P&C market conduct is to become a more proactive supervisor as per our 2023-26 Statement of Priorities. FSRA has started to and continues to build supervision capacity and market intelligence in the P&C sector. FSRA wants to work with the sector to develop a deeper understanding of the entities involved in product manufacturing, distribution, claims management and service to ensure fair outcomes for consumers. This will supplement FSRA’s own work on trends.

FSRA is taking a multi-faceted approach to identifying priority areas for supervision in the P&C insurance sector. In 2023-24, these include:

  • Home Insurance Thematic Review: FSRA is currently conducting a thematic review of Home Insurance Claims. This review will help identify the greatest risks for consumer harm in home insurance and inform FSRA of other potential issues in P&C insurance (for example, insurer’s outsourcing arrangements for activities such as distribution and claims management).
  • Insurer-MGA Relationships in P&C Insurance: FSRA is gathering market intelligence to understand the relationships between insurers and P&C managing general agencies (MGAs), the activities being outsourced to these entities, and the potential impacts on consumers. This approach will also consider fair treatment of consumers and compliance with FSRA’s Unfair or Deceptive Acts or Practices Rule.
  • Stakeholder Engagement: Building on engagement activities to date, FSRA will launch a Non-Auto Supervision Stakeholder Advisory Committee (SAC) to provide FSRA with industry knowledge and insights to inform P&C insurance conduct supervision activities in accordance with the scope of FSRA’s oversight mandate. This will include engaging with SAC members on FSRA’s supervision priorities and key areas of risk assessment. There will be a public call for members.

FSRA’s work in these areas will inform the development of a market conduct supervisory framework for P&C insurance. This supports efficient and effective regulation that protects the rights and interests of consumers. It also promotes high standards of business conduct and public confidence in the P&C sector.

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FSRA’s role is to ensure agents and businesses that sell property and casualty, and general insurance comply with Ontario’s laws. This includes meeting the qualifications and ongoing requirements for a licence. FSRA also provides oversight to the adjusters and firms that investigate property and casualty, and general insurance claims. Resources and guidance are available for you to successfully operate in Ontario.

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

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