Taking Steps to Track and Reduce Auto Insurance Fraud in Ontario - Join FSRA's webinar to learn about our new Proposed Rule and Guidance

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: [email protected] 

SOURCE Financial Services Regulatory Authority of Ontario