Ontario finance minister approves FSRA's proposed fee rule

New rule will take effect on December 1

Ontario finance minister approves FSRA's proposed fee rule

Insurance News

By Mika Pangilinan

The Financial Services Regulatory Authority of Ontario has announced that its proposed fee rule has been approved by the province’s finance minister.

The fee rule, officially known as Rule 2022 – 001 Assessments and Fees, outlines the framework governing how FSRA assesses and collects fees from various sectors under its regulatory purview. It includes calculations for an insurer’s share of an assessment of the insurance sector, as well as fees required under the Insurance Act.

In a news release, FSRA said the rule is intended to ensure that fees accurately reflect the regulatory efforts and activities necessary to safeguard the interest of Ontario consumers.

Minister of finance Peter Bethlenfalvy approved the FSRA’s proposal on September 13. The rule was initially submitted to his office in August following two rounds of consultations that were held beginning late last year.

The approved fee rule is set to take effect on December 1, 2023, according to the FSRA.

FSRA recently held another consultation on a proposed guidance document related to its public warning notices. This document outlined the principles behind issuing public warning notices and the rationale for their use.

“FSRA is taking steps to better protect consumers by ensuring they have the information they need when dealing with financial services providers,” Wendy Horrobin, head of licensing and risk assessment, said of the proposal in late July.

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