Financial Services Regulatory Authority of Ontario submits Fraud Reporting Service Rule to the Minister of Finance for approval

The Financial Services Regulatory Authority of Ontario (FSRA) has submitted its proposed Fraud Reporting Service (FRS) Rule and related guidance to the Ontario Minister of Finance for approval. If approved, the FRS Rule would require auto insurers to provide specified auto insurance fraud information to FSRA. FSRA intends to use the reported information to better determine the amount of auto insurance fraud in Ontario, identify and address fraud trends, and establish a baseline to track and reduce fraud over time. FSRA also published the board-approved rule materials, the proposed rule and guidance, and a summary of consultation feedback. If the rule is approved, FSRA plans to work with industry and the Ontario government to ensure auto insurers have sufficient time to implement the required changes before the rule and guidance take effect.