The Financial Services Regulatory Authority of Ontario (FSRA) is establishing a new technical advisory committee (TAC) to help with auto insurance reforms in the province.
The special purpose committee is expected to provide expert advice to advance the regulator’s reform strategy for auto insurance rates and underwriting in Ontario.
“This consumer-focused work is unprecedented in Ontario and few other jurisdictions have undertaken comparable reforms,” the regulator states in the committee’s terms of reference. “The work will be multi-faceted with significant implications for Ontario consumers and the insurers that serve them. The challenging, high-impact nature of the reform strategy makes stakeholder collaboration critical.”
The terms of reference also outlines committee member qualifications and responsibilities. The committee is expected to have 12 to 15 members and meet in person, at least quarterly, “with the possibility of more frequent meetings as required,” they write.
FSRA expects the committee to provide evidence-based advice to support the reform strategy’s outcomes and evaluate consumer benefits and harms in relation to policy issues. Fairness, profitability, operational risks, regulatory scope and transparency are all also items which may be considered. The committee is also expected to review and improve the regulator’s recommendations.
“FSRA is expecting the TAC to complete its mandate on or before March 31, 2024. FSRA may extend the TAC’s term if required,” they write.
