Your FSRA 2020 Auto Insurance Attestation is here!
The Financial Services Regulatory Authority of Ontario (FSRA) requires all insurance companies in Ontario providing private passenger auto (PPA) insurance to complete the Annual Auto Insurance Attestation. This request is being made under the authority of section 442.3 of the Insurance Act, which is administered by FSRA.
To protect consumers and promote high standards of business conduct, FSRA may make requests for information in order to confirm insurance companies have adequate controls, procedures and processes in place that comply with auto insurance legislation and regulations. This year's attestation includes:
- the Statutory Accident Benefits Schedule
- the Unfair or Deceptive Acts or Practices (“UDAP”) Regulation applicable to the adjustment and handling of SABS claims
- underwriting rules, rates and risk classification systems that comply with auto insurance law
Insurers must complete the attached attestation form to confirm compliance with auto insurance laws. The form must be signed by your company’s CEO or most senior officer responsible for operations in Ontario and submitted to FSRA by October 30, 2020. Forms may be received by email at marketconduct@fsrao.ca.
If you have any questions, please contact Jacqueline Tse, Senior Compliance Officer, by email at jacqueline.tse@fsrao.ca.