FSCO Priorities
Consultation
Financial Services
Commission of Ontario (
FSCO)
has released its 12th
annual Statement of
Priorities in draft for
consultation. The draft
sets out a number of
initiatives under
various priorities but
notes that FSCO is
prepared to change its
initiatives and projects
during the year as
conditions dictate. FSCO
sets out its values –
professionalism,
fairness, equity,
accountability,
excellence, respect, and
teamwork. In its
environmental scan they
note the volatility of
the global economy. FSCO
is focusing compliance
and enforcement efforts
on those risks that are
most directly related to
the current economic
climate. Governance
standards are key in
this effort. Solvency
monitoring of regulated
institutions has
increased. In addition,
market practices of
insurance companies are
being monitored to
maintain consumer
protection standards.
FSCO’s three priorities
are set out below along
with a selection of the
initiatives set out for
each priority:
Conduct FSCO’s
activities in accordance
with risk-based
principles
-
Upgrade licensing
and compliance
systems to better
identify companies
and intermediaries
that pose the
greatest risk to
financial services
businesses in
Ontario.
-
Undertake a study of
closed bodily injury
claims, in
partnership with
automobile insurers,
to provide a more
detailed analysis of
the injuries, costs
and other factors
contribution to
automobile insurance
claims in Ontario
-
Establish a protocol
for the processing
and payment of SABS
claims by the Motor
Vehicle Accident
Claims Fund (MVACF)
and subsequent
recovery of MVACF
costs from the auto
insurance industry
in the event of an
insolvent insurer.
Work with the Ministry
of Finance and FSCO
stakeholders to
Continuous improvement
in the delivery of our
services
Foster a coordinated
approach to regulatory
issues
CCIR
