Service Provider Licensing - Proposed Amendment to O. Reg. 90/14 (Service Providers - Standards for Business Systems and Practices)
Ontario Regulation 90/14 (Service Providers – Standards for Business Systems and Practices)
Regulation - LGIC
Bill or Act:
Summary of Decision:
The amendment to Ontario Regulation 90/14 (Service providers - standards for business systems and practices) has been approved.
September 30, 2014
Summary of Proposal:
This amendment would introduce a duty to report accurately to the Superintendent of Financial Services, in the periodic return established under section 288.4(5) of the Insurance Act, all information necessary to calculate any applicable fees established pursuant to section 121.1 of the Insurance Act.
An important part of maintaining a Service Provider licence is meeting the standards of business practices described in O. Reg. 90/14. Under s. 21 of this regulation ("annual information return") licensees must report certain information to the Superintendent on an annual basis. The accuracy of reported information is vital in order to ensure effective and efficient regulation of the sector.
Insurance Policy Unit
Financial Institutions Policy Branch
Ministry of Finance
95 Grosvenor Street
Frost Building North, 4th Floor
December 1, 2014