FSRA's new Fraud Reporting Service Rule approved by the Minister of Finance Français
TORONTO, /CNW/ - Fraud drives up the cost of auto insurance for everyone operating a vehicle. That's why Ontario's financial services regulator (FSRA) is taking a critical step to help combat the effects of auto insurance fraud, with its Fraud Reporting Service (FRS) Rule and Guidance.
The Rule, which has now been approved by the Minister of Finance, applies to all automobile insurers in Ontario and will come into effect when the government proclaims the related changes to the Insurance Act into force. FSRA will work with the industry and the Ontario government to ensure auto insurers clearly understand the new expectations and are able to effectively implement the changes before the Rule and Guidance take effect.
"This is an important step toward more effectively tracking and identifying auto insurance fraud" said Glen Padassery, Executive Vice President of Policy and Auto Insurance, FSRA. "Fraud drives up costs for drivers. By improving how fraud is tracked and reported, we're helping build accountability across the system to better protect consumers."
Once effective, the FRS Rule will require auto insurers to provide specific auto insurance fraud information to FSRA. These insights will help to:
Better determine the amount of auto insurance fraud in the province
Identify and address fraud trends
Establish a baseline to be able to track and reduce the amount of fraud in the future
By identifying and addressing fraud, auto insurance rates could be reduced.
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.
FOR MEDIA INQUIRIES:
Ashley Legassic
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 647-719-8426
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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