Although there are encouraging signs of progress being made in the ongoing effort to promote balanced regulation among regulators and governments, in many cases proponents of balanced regulation say they are meeting with the same resistance they’ve encountered for years.
In Ontario, however, Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC) says there are positive signs that suggest the relatively new Financial Services Regulatory Authority (FSRA) appears to be interested in finding a new way forward.
Putting a priority on increasing access and affordability
In his address to the IBC’s regulatory affairs symposium, Forgeron went on to praise the regulator for being clear, transparent, and welcoming of feedback and dialogue. “It is putting a priority on increasing access and affordability in Ontario auto insurance and allowing insurers to move more quickly to get new products to market,” he says.
“It might be useful to imagine what a modern regulator should look like,” he told those gathered at the symposium. “It should be principles-based, rather than prescriptive, in order to be nimble. It should be willing to adapt as times change, as new products come on stream and as different challenges emerge. It should promote competition,” he adds, and “it should protect consumers and market stability while encouraging innovation so that Canadians can benefit from the latest advances in technology.”
“Here’s the good news: This imaginary regulator actually exists,” he says. “This is exactly the kind of balance we’ve been seeking for years. We hope it’s a model that other provinces will seek to duplicate.”
