Toronto, ON (Apr. 16, 2020) – The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work together with the sectors that it regulates to ensure that industry and consumers receive the support they need during this time of rapid change and disruption.
FSRA has released guidance that is aimed at ensuring consumers are treated fairly, and insurers have a number of options for providing customers with financial relief during this temporary declared emergency period.
- Guidance: Consumer Relief During a Declared Emergency under the Emergency Management and Civil Protection Act.
FSRA’s guidance supports the public interest by providing the ability to offer emergency premium refunds and rebates, permitting insurers to make emergency relief rate filings with immediate effect to reduce automobile insurance rates, and includes a variety of other available actions insurers have the discretion to use to assist customers. This guidance supports the implementation of amendments to Ontario Regulation 7/00 (“Unfair or Deceptive Acts or Practices – UDAP”) approved by the Ontario Government on April 15, 2020.
FSRA would like to acknowledge those insurers who have already taken steps to assist their customers affected by the disruption, and encourage all insurers to explore how they may provide relief at this time.
Customers who have questions about their policy or any programs that their insurer is offering are encouraged to contact their broker, agent or insurance company.
For more information about how FSRA is supporting the sectors that it regulates during COVID-19, please see FSRA Announces Changes to Regulatory Requirements due to COVID-19.
FSRA is an independent regulatory agency created to improve consumer and pension plan beneficiary protections in Ontario.
FSRA was established to replace the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). The agency is flexible, self-funded and designed to respond rapidly to an evolving commercial and consumer environment. In this capacity, FSRA will:
- Promote high standards of business conduct;
- Foster a sustainable, competitive financial services sector;
- Respond to market changes quickly;
- Promote good administration of insurance and pension plans; and
- Encourage innovation.
Learn more about FSRA and our approach to achieving safety, fairness and choice in non-securities financial services at www.fsrao.ca.
SOURCE: Financial Services Regulatory Authority of Ontario (FSRA)Tags: auto insurance, auto premiums, Auto Rates, coronavirus, epidemic, Financial Services Regulatory Authority (FSRA), Ontario