TORONTO, Sept. 12, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has taken action against health service providers to better protect consumers and help maintain fair and reasonable auto insurance rates.
FSRA suspended or revoked the licences of 170 health service providers who did not comply with their annual business reporting obligations. The regulator informed these individuals about potential enforcement action and followed up with them multiple times.
"It's essential that health service providers comply with their legal annual reporting requirements so we can better protect consumers and help maintain fair and reasonable auto rates," said Huston Loke, Executive Vice President, Market Conduct, at FSRA. "This is crucial information as it informs our supervision plan for the sector and identifies trends that could lead to consumer risks and areas of concern."
Service providers with suspended or revoked licences may still provide care to motor vehicle accident victims but cannot receive direct payment from insurance companies. Instead, claimants will receive money from their insurance companies to reimburse those service providers.
FSRA is responsible for licensing and supervising the conduct of licensed health service providers in Ontario. It assesses compliance with regulatory requirements to help reduce opportunities for fraud and better protect consumers.
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.
- View health service providers with suspended and revoked licences
- Find current information on a service provider's licence status on the Public Registry of Licensed Service Providers
- Get answers to frequently asked questions about the health services providers Annual Information Return
- Learn more about how FSRA supervises the sector in the Health Service Provider Supervisory Plan (2022-2024) and licensed service provider obligations in the Health Service Provider Licensing Toolkit
- Review the Health Service Provider Quick Guide to Compliance for a brief overview of obligations under the Insurance Act, its regulations and applicable FSRA Rules
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
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