IBC welcomes news of FSRA’s implementation date

The Insurance Bureau of Canada (IBC) says it’s pleased to hear that the new Financial Services Regulatory Authority (FSRA) will be operational by April 2019, according to an announcement in Wednesday’s 2018 Ontario budget.

“We see FSRA as a proactive, innovative regulator that will lead to sustainable improvement in rates for Ontario’s almost 10 million drivers,” Kim Donaldson, vice-president of IBC Ontario, said in a news release. “Ontario’s insurers support this new regulator and we look forward to working with FSRA.”

Related: IBC reacts to the federal budget

The 2018 Ontario budget also announced changes to the Insurance Act that give FSRA prudential oversight of specific insurance companies incorporated in the province. Additional proposed legislative changes would allow FSRA to make rules that require insurers to provide claims and vehicle repair history information to persons such as used car dealers.

Wednesday’s budget saw the government reaffirm its commitment to the Fair Auto Insurance Plan announced in December. In addition, the province announced plans to create a special legal team dedicated to supporting drug-impaired driving prosecutions in light of the upcoming legalization of recreational cannabis.

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