The Ontario Broker - Volume 20, Issue 1 - 37

ONTARIO GOVERNMENT & MINISTRY OF FINANCE
Changes to Ontario's auto insurance product must be triggered legislatively
through the Provincial Government. Once their directive is put into motion,
the industry and its regulators carry out the amendments for consumers. 

IBAO INVOLVEMENT

The current government has indicated a will to implement
sweeping changes to the auto product-our proposals have
been identified within this process and the majority have been
outlined by the Driver Care Advisory Group.

PROVINCIAL REGULATORS
FSRA

RIBO

The Financial Services
Regulatory Authority is an
independent regulatory
agency created to improve
consumer protection in Ontario,
including the Property &
Casualty Insurance sector.
FSRA is accountable through
the Minister of Finance, to the
Ontario Legislature.

The Registered Insurance Brokers of
Ontario is the self-regulatory body
for Ontario insurance brokers. They
regulate the licensing, professional
competence, ethical conduct and
insurance related financial obligations
of independent general insurance
brokers. Though they are self regulated,
RIBO's authority could be reshaped
through legislative action triggered by
the Ontario Government.

New regulator (FSRA)-new mandate, new proposed processes,
new relationships and the opportunity to educate decision
makers on the broker and consumer experience .
Participation in FSRA's Stakeholder Advisory Committee,
sharing key messages on market conduct of insurers.
Coordinating market response to FSRA's Treating Consumers
Fairly guidelines.
Discussions with RIBO on national licensing standards.


NATIONAL OVERSITE REGULATORS
CCIR

OSFI

The Canadian Council of
Insurance Regulators is an
association of insurance
regulators with a mandate of
facilitating and promoting an
efficient and effective insurance
regulatory system to serve the
public interest.

The Office of the Superintendent
of Financial Institutions is an
independent federal government
agency that regulates federally
regulated financial institutions like
insurance companies to determine
whether they're in sound financial
condition and meeting requirements.

Responding to CCIR's Fair Treatment of Consumers Guidelines,
liaising with CCIIR, FSRA and RIBO on the marketing
implications of these guidelines. 
Leading market alignment discussions on OFSI's Proposed
Reforms to Reinsurance Supervision, sharing specific
broker feedback and lending our support and insight to the
reinsurance company coalition regarding their approach to
the issue. 

Advocating for consumers when market availability issues arise
Responding to insurance company marketing/branding/consumer
acquisition strategies
Supporting the need for fair underwriting processes

INSURANCE COMPANIES
& TECHNOLOGY VENDORS

37

IB AO.ORG

INDUSTRY BODIES

Leading legal reviews of insurance company & technology vendor
contract rewrites, negotiations and disputes including broker
compensation formulas
Advocating for brokerages with cancelled company contracts 
Championing collective broker and consumer data protection
needs and leading industry blueprint development
Facilitating legal consultations with brokers and vendors on
consumer data breach issues

Volume 20 | Issue 1
http://www.IBAO.ORG
The Ontario Broker - Volume 20, Issue 1

Table of Contents for the Digital Edition of The Ontario Broker - Volume 20, Issue 1
