The Financial Services Regulatory Authority of Ontario (FSRA) announced June 26 that it intends to be more proactive in its efforts to regulate the property and casualty (P&C) sector going forward. “Ensuring the fair treatment of consumers in the P&C insurance sector is a key FSRA priority,” they state.
Since its launch, the regulator says it has developed a comprehensive market conduct supervisory approach for the sector. “It began with new supervision activities in high risk and priority areas such as cyber incidents and commercial insurance, in addition to FSRA’s ongoing auto insurance supervision activities.”
FRSA’s stated intention of becoming a more proactive supervisor was published in its 2023-2026 Statement of Priorities. “FSRA has started to and continues to build supervision capacity and market intelligence in the P&C sector,” they state. “FSRA wants to work with the sector to develop a deeper understanding of the entities involved in product manufacturing, distribution, claims management and service to ensure fair outcomes for consumers.”
Among its current activities, the regulator is conducting a thematic review of home insurance claims, they say will help identify the greatest risks for consumer harm. It is also gathering market intelligence “to understand the relationships between insurers and P&C managing general agencies, the activities being outsourced to these entities and the potential impacts on consumers.”
