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Ontario is adopting a new regulator in insurance



June 17, 2019 09:30

Photo : Freepik

The Ontario government has launched a new regulator for the financial services and pensions on the 8th of June. It is theAuthority of ontario’s financial services regulation (ARSF), the result of the merger between the financial services Commission of Ontario and the Corporation of ontario deposit insurance. The ARSF is ” integrated, independent and self-funded “, she said by way of press release.

“The Authority of ontario’s financial services regulation is a regulatory agency of modern and innovative with a regulatory authority that promotes the soundness of sectors of the financial services and pensions while protecting the public interest, said the minister of Finance, Vic Fedeli. Its mandate is to be open — open to new ideas, open for business and open to the needs of consumers. The ARSF has the potential to reduce the administrative formalities, to commercialize its products more quickly and to better respond to the needs of businesses. “

The regulator oversees the providers of financial services, excluding securities that are regulated under the securities Commission of Ontario. The sectors of insurance, pension plans, loan companies and trusts, credit unions and caisses populaires, mortgage brokers and service providers in Ontario who bill auto insurers for accident benefits claims will be under the wing of the ARSF.

Several priorities for its first year

The ARSF to tackle to reduce the regulatory burden in its first year of activity. The new regulator also states that he will play a crucial role in the reform of the automobile insurance market ” to increase the access and make it affordable for the drivers.” The framing of the title of financial planner is also part of his priorities.

“Our government recognizes that Ontario’s openness to businesses depends on the guarantee that the financial services are effective and responsive to consumers and businesses. The ARSF will play a key role in the growth of businesses, while protecting consumers, ” said Mr. Fedeli.

The ministry of Finance of Ontario will be responsible for the service of complaints to the financial services Commission of Ontario until June 30, 2020. All the current cases continue to follow their course, but new cases will not be opened.

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