The Insurance Bureau of Canada (IBC) has issued a statement welcoming the provincial government of Ontario’s decision to push forward with its plans for the Financial Services Regulatory Authority (FSRA).
The government revealed in its latest budget that it has set aside funding for the planned regulating authority, set to be operational by April 2019.
“We see FSRA as a proactive, innovative regulator that will lead to sustainable improvement in rates for Ontario’s almost 10 million drivers,” said IBC Ontario vice-president Kim Donaldson. “Ontario’s insurers support this new regulator and we look forward to working with FSRA.”
According to the statement, additional proposed legislative changes will allow the FSRA to create rules that would require insurance companies to provide claims and vehicle repair history to individuals to be prescribed in regulation, most likely used car dealers. IBC has long advocated for a data access solution.
Ontario’s provincial government also announced changes to the Insurance Act as part of the budget, granting FSRA oversight of certain insurers in the province.