TORONTO, July 15,
2024 /CNW/ - To reduce consumer harm and the
additional costs associated with auto insurance fraud,
Ontario's Financial Services
Regulator (FSRA) is proposing a new Rule on auto insurance
fraud reporting. Once the Proposed Rule is in effect,
insurance companies will be required to provide specific
information to FSRA.
"This new reporting Rule could help us better determine the
amount of auto insurance fraud in the province,
identify fraud trends and establish a baseline to be
able to track the amount of fraud into the future,"
said Glen Padassery, Executive Vice
President of Policy and Auto Insurance, FSRA. "If adopted, we
believe it will reduce consumer harm and the additional costs
associated with auto insurance fraud."
FSRA is seeking feedback on a Proposed Rule and Guidance that
includes:
- a proposed definition of what constitutes a 'fraud
event'
- when insurers are required to report information about a
fraud event
- how often insurers will need to report information about
fraud events to FSRA
- FSRA's approach in administering the Proposed Rule
Once the Proposed Rule comes into force, insurers will be
required to provide prescribed information about auto insurance
fraud to FSRA. With the benefit of this information,
FSRA will determine what can be done to reduce fraud
and the consumer harm and costs arising from
fraud.
The consultation period for the Proposed Rule is now open and
will close on October 14, 2024. FSRA
invites stakeholders to review the Proposed Rule and Guidance and
submit their feedback.
Join FSRA live online for an overview of the proposed
Fraud Reporting Service Rule and Guidance, as well as
an interactive Q&A session.
Tuesday, August 20, 2024
1-2 p.m. ET
Register now
Learn More
FSRA continues to work on behalf of all stakeholders, including
consumers, to ensure financial safety, fairness, and choice for
everyone. Learn more at www.fsrao.ca.
- Fraud Reporting Service Proposed Rule
- Fraud Reporting Service Proposed Guidance
- Notice of Proposed Rule
FOR MEDIA INQUIRIES:
Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: russ.courtney@fsrao.ca
SOURCE Financial Services Regulatory Authority of Ontario