From the Minister of Finance office:
Proposed Fraud and Abuse Strategy for the Auto Insurance Sector- DUE: July 12, 2021.The Ministry of Finance (MOF) and Financial Services Regulatory Authority of Ontario (FSRA) are consulting on a Fraud and Abuse Strategy (F&A Strategy)
https://www.ontariocanada.com/registry/view.do?postingId=37747&language=en
***
Recent consultations (now closed)
From the Financial Services Regulatory Authority:
***
Proposed new regulations under the Insurance Act from Auto Insurance Policy Unit, Financial Institutions Policy Branch, Ministry of Finance:
Auto Insurance “Regulatory Sandbox” due April 2, 2021: Would permit the Financial Services Regulatory Authority’s (FSRA) CEO to exempt insurers from certain requirements under the Insurance Act and / or its regulations, within a “regulatory sandbox” with defined parameters as set by FSRA guidance. This would enable insurers to pilot initiatives that bring new consumer-focused products and services to market more quickly in response to changing consumer needs. https://www.ontariocanada.com/registry/view.do?postingId=36247&language=en
***
Optional Direct Compensation – Property Damage (DCPD) Coverage due March 29, 2021: Would permit an insured to decide not to purchase DCPD coverage by providing written confirmation to their insurer. This would enable drivers who may determine that insuring their older vehicle costs more than the vehicle is worth to save on their auto insurance premium. https://www.ontariocanada.com/registry/view.do?postingId=36231&language=en
***
Electronic Delivery of Automobile Insurance Notices / Documents due March 29, 2021: Would make it faster and simpler for insurance companies and consumers to do business, including through the delivery of termination notices of auto insurance contracts through electronic means. This would further enable fully digital insurers to operate in Ontario. https://www.ontariocanada.com/registry/view.do?postingId=36230&language=en
