The Financial Services Regulatory Authority of Ontario (FSRA) has announced that it has created a new Technical Advisory Committee (TAC), with the goal of reforming the auto insurance system in Ontario.
FSRA explained that its new committee will be focused on making auto insurance rates and underwriting fairer, promoting efficient rates regulation, and supporting consumers to make informed decisions through providing information. The TAC will review FSRA’s recommendations on reforming auto insurance rates, evaluate consumer benefits and harms in relation to policy issues, as well as provide operational and technical expertise to the FSRA, among other things.
“This consumer-focused work is unprecedented in Ontario and few other jurisdictions have undertaken comparable reforms,” the regulator explained on its website. “The work will be multi-faceted with significant implications for Ontario consumers and the insurers that serve them.”
Ultimately, FSRA expects the TAC to complete its mandate on or before March 31, 2024, but the regulator may extend the committee’s term if required.
To that end, the FSRA is looking for 12 to 15 committee members and has opened applications for the roles; the application process closes at the end of February. The regulator also advised any interested individuals to review the Terms of Reference on its website prior to applying, to better understand what the role entails.
Also this week, the FSRA revealed its guidance for insurers and other financial services businesses on cyber security – and has invited the public to consultation on the new guidelines. The consultation period runs until March 31, 2023.
Do you think the FSRA’s measure would ensure fairer auto insurance rates in Ontario? Let us know in the comments section below.
