Regulation - LGIC
Proposed new regulation under the Insurance Act with respect to Financial Services Regulatory Authority of Ontario (FSRA) Chief Executive Officer (CEO) exemption orders under section 15.1 of the Act.
Regulation Number(s):
O. Reg. 704/21
Instrument Type:
Regulation - LGIC
Bill or Act:
Insurance Act
Summary of Decision:
O. Reg. 704/21: Exemption Orders under section 15.1 of the Act was filed on October 14, 2021: https://www.ontario.ca/laws/regulation/r21704.
Analysis of Regulatory Impact:
This proposed new regulation under the Insurance Act with respect to FSRA CEO exemption orders under section 15.1 of the Act, if approved, would not increase compliance costs on businesses and key business sectors, and would have no impact on the Broader Public Service or non-profit sectors. There is no cost to government as a result of this proposal.
Further Information:
Insurance Act
Consultation - Exemption orders under section 15.1 of the Act
Proposal Number:
21-MOF004
Posting Date:
February 11, 2021
Summary of Proposal:
The Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020, includes amendments to the Insurance Act (new section 15.1) to provide authority for the Financial Services Regulatory Authority of Ontario (FSRA) Chief Executive Officer (CEO) to make an order exempting a person or entity from any requirement imposed by, or from the application of any provision in, the Insurance Act, a regulation under the Insurance Act, or an Authority rule, that is prescribed by regulation.
The intent of these Insurance Act amendments is to enable FSRA to operate an automobile insurance "regulatory sandbox" for insurers to pilot innovative initiatives to bring new consumer-focused products and services to market more quickly in response to changing consumer needs.
The Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020 received Royal Assent on December 8, 2020.
A new regulation under the Insurance Act is required to:
- Prescribe requirements imposed by, or provisions of, the Insurance Act, a regulation under the Insurance Act, or an Authority rule, for the purposes of FSRA CEO exemption orders under subsection 15.1 (1); and
- Prescribe limits and conditions that a FSRA CEO exemption order may be subject to for the purposes of subsection 15.1 (2).
The Ministry of Finance requests comments regarding this proposed new regulation under the Insurance Act with respect to FSRA CEO exemption orders under section 15.1 of the Act.
A consultation draft of this proposed new regulation under the Insurance Act with respect to FSRA CEO exemption orders under section 15.1 of the Act is attached.
The intent of these Insurance Act amendments is to enable FSRA to operate an automobile insurance "regulatory sandbox" for insurers to pilot innovative initiatives to bring new consumer-focused products and services to market more quickly in response to changing consumer needs.
The Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020 received Royal Assent on December 8, 2020.
A new regulation under the Insurance Act is required to:
- Prescribe requirements imposed by, or provisions of, the Insurance Act, a regulation under the Insurance Act, or an Authority rule, for the purposes of FSRA CEO exemption orders under subsection 15.1 (1); and
- Prescribe limits and conditions that a FSRA CEO exemption order may be subject to for the purposes of subsection 15.1 (2).
The Ministry of Finance requests comments regarding this proposed new regulation under the Insurance Act with respect to FSRA CEO exemption orders under section 15.1 of the Act.
A consultation draft of this proposed new regulation under the Insurance Act with respect to FSRA CEO exemption orders under section 15.1 of the Act is attached.
Contact Address:
Auto Insurance Policy Unit
Financial Institutions Policy Branch
Ministry of Finance
95 Grosvenor Street
Frost Building North, 4th Floor
Toronto, ON
M7A 1Z1
Financial Institutions Policy Branch
Ministry of Finance
95 Grosvenor Street
Frost Building North, 4th Floor
Toronto, ON
M7A 1Z1
Effective Date:
January 1, 2022
Decision:
Approved