FSCO Releases A Draft Statement Of Priorities For 20140 April 30, 2014 at 6:48 am by Willie Handler
Section 11 of the FSCO Act requires FSCO to deliver to the Minister of Finance and publish in The Ontario Gazette by June 30th of each year, a statement setting out the proposed priorities of the Commission for the fiscal year in connection with the administration of this Act and all other Acts that confer powers on or assign duties to the Commission or the Superintendent.
FSCO has released a draft Statement of Priorities for 2014 and invites stakeholders to submit comments on the proposed priorities and initiatives by May 30, 2014. The draft is loaded with auto insurance initiatives which reflects the high level of activity on this file by the government over the past few years. Here is a summary of the auto insurance initiatives:
Licensing Business Systems and Business Practices of Service Providers
In the 2013 Ontario budget, the government committed to take further action to tackle fraud in the auto insurance sector. Among other measures, the government expanded FSCO’s mandate to include the licensing and regulation of the business systems and business practices of healthcare service providers that directly invoice auto insurers for statutory accident benefits. In 2014, FSCO plans to launch a licensing regime to reduce fraudulent billing practices in the sector.
Develop Minor Injury Treatment Protocol
FSCO has contracted scientists and medical experts to develop an evidence-based protocol to treat auto accident claimants who sustain minor injuries. The protocol will inform the Superintendent when developing a revised Minor Injury Guideline.
Support the Ministry of Finance in the implementation of a Cost and Rate Reduction Strategy for auto insurance
Work with Ministry of Finance on statutory and system reviews
In 2013, FSCO commenced a consolidated three year review of Part VI (Auto Insurance) of the Insurance Act, and related regulations. Once the review is complete, FSCO will submit a report to the Minister of Finance in the Fall, 2014.
Design and implement an information technology Enterprise Development Program
A new web-based information management platform will provide FSCO with the required tools to effectively regulate in an increasingly challenging financial marketplace, while providing stakeholders with centralized access to the services they expect. The first phase will be launched in Spring 2014 to complement licensing of the healthcare service providers sector.
Work with the Ministry of Finance on the Dispute Resolution System Review implementation
Enhance auto insurance information and analysis
- Examining factors contributing to cost changes in third-party liability bodily injury, and releasing a final report on the findings in 2014.
- Reviewing actuarial data to gauge the effect of the automobile insurance reforms, and studying the effect of the reforms on automobile insurance rate levels.
- Working with the General Insurance Statistical Agency to collect Ontario’s 2013 auto insurance statistical data, and analyzing the data to monitor automobile insurance cost changes and to review the reasonableness of automobile insurance rates.
- Reviewing the Health Claims for Auto Insurance system to determine reports necessary to provide additional information on statutory accident benefits treatment trends.
Provide information to consumers about fraud prevention
Review and implement requirements for usage-based auto insurance
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