The Financial Services Regulatory Authority of Ontario (FSRA) announced that the Minister of Finance has approved its Fraud Reporting Service (FRS) Rule and related guidance, creating a new requirement for Ontario automobile insurers to report specified auto insurance fraud information to FSRA once the government proclaims the related Insurance Act changes into force. The Rule applies to all automobile insurers in Ontario and is intended to improve tracking and identification of auto insurance fraud, which FSRA links to higher premiums. FSRA said the reporting will support better measurement of fraud in the province, identification and response to fraud trends, and creation of a baseline to track and reduce fraud over time, and it will work with industry and the Ontario government to support implementation before the Rule and Guidance take effect.
Financial Services Regulatory Authority of Ontario 2025-06-17
Financial Services Regulatory Authority of Ontario secures Minister of Finance approval for Fraud Reporting Service Rule requiring auto insurers to report fraud information
The Financial Services Regulatory Authority of Ontario announced the approval of its Fraud Reporting Service Rule, mandating Ontario automobile insurers to report specified fraud information once related Insurance Act changes are enacted. This initiative aims to enhance fraud tracking and identification, which FSRA associates with higher premiums, and will involve collaboration with the industry and government for implementation.