To the attention of all insurance companies licensed to transact automobile insurance in Ontario
With this Bulletin, the Financial Services Commission of Ontario (FSCO) is highlighting two regulation changes applicable to automobile insurance recently passed by the Ontario government concerning risk classification and underwriting criteria and non-payment terminations.
Risk Classification and Underwriting Criteria Restrictions Ontario Regulation 664 has been amended to add certain financial information, such as credit rating, and other �lifestyle� factors, such as home ownership and employment history, to the existing list of underwriting and risk classification criteria that are expressly prohibited.
Non Payment Terminations Requirements with which an insurer must comply before terminating an insured�s auto insurance contract due to non-payment of premium have been changed.
Text of the bulletin (pdf)