Improving Consumer Protection and Confidence in Ontario's Insurance Sector

TORONTO, Feb. 28, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is setting out its approach for supervision and risk assessment with the release of the Risk Based Supervisory Framework for Ontario Incorporated Insurance Companies and Reciprocals (RBSF-I) Guidance.

This guidance will contribute to the stability of the insurance sector and provide clarity to the processes and practices that FSRA will follow when establishing supervisory plans and taking supervisory action. The approach is aligned with international standards and best practices for insurance supervision.

"This is an important milestone that will strengthen the insurance sector and lead to better protection for consumers," said Mehrdad Rastan, FSRA Executive Vice President, Credit Union and Insurance Prudential. "This initiative will promote safety and stability and enhance the reputation of the Ontario Incorporated Insurers."

This guidance supports FSRA's efforts to:

• contribute to public confidence in the insurance sector and promote high standards of business conduct in the insurance sector.
• protect the rights and interests of policy holders.
• foster strong, sustainable, competitive, and innovative financial services sectors; and
• promote and otherwise contribute to the stability of the insurance sector while allowing insurers to compete effectively while taking reasonable risks.

Learn more:

• Final Risk Based Supervisory Framework Approach Guidance
• Consultation Summary Report
• 2022 Consultation on the Proposed Insurance Prudential Supervisory Framework Guidance

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness and choice for consumers.

Learn more at www.fsrao.ca.

For media inquiries:

Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario