The Financial Services Regulatory Authority of Ontario has opened a consultation on the final chapter of its proposed Automobile Insurance Rating and Underwriting Supervision Guidance, setting out a new principles-based approach to reviewing automobile insurance product, rate and underwriting filings. The chapter proposes two filing streams for insurers, a fast track stream and a prior approval stream. It also introduces an accreditation concept under which insurers that consistently demonstrate adherence to FSRA’s fair consumer outcomes would receive streamlined processes for certain types of filings. FSRA frames the model as strengthening oversight of rating and underwriting practices, increasing accountability, and improving transparency around the factors influencing auto insurance rates, with an emphasis on rating accuracy and consumer protection. The consultation on chapter four closes on February 10, 2025.
Financial Services Regulatory Authority of Ontario 2025-01-10
Financial Services Regulatory Authority of Ontario consults on final chapter of proposed auto insurance rating and underwriting supervision guidance introducing fast-track and prior-approval filing streams
The Financial Services Regulatory Authority of Ontario has launched a consultation on the final chapter of its Automobile Insurance Rating and Underwriting Supervision Guidance. It introduces a principles-based approach with two filing streams for insurers and an accreditation concept for streamlined processes. This model aims to enhance oversight, accountability, and transparency in auto insurance rating and underwriting practices, focusing on rating accuracy and consumer protection.