FSCO releases priorities for comment

The Financial Services Commission of Ontario (FSCO) has released its annual statement of priorities for comment, highlighting continued movement to more risk-based regulation and national harmonization of rules.Among the plans put on the table for 2004 is to implement a risk-based market conduct review of property and casualty claims, specifically statutory accident benefit (SABS) and individual variable insurance contracts.Greater consumer information on auto insurance rates, costs and consumer rights is another priority. As well, FSCO wants to increase its ease of communication with the industry, including web-based filing of auto insurance rates through the Automated Rates and Classification Technical Information Communication System (ARCTICS), and developing an electronic filing system for dispute resolution services.FSCO says it also wants to put further efforts toward fighting insurance fraud, implement a replacement to the Designated Assessment Center (DAC) system as already proposed, and institute stable funding for the Motor Vehicle Accident Claims Fund.On the national front, FSCO wants to look at changing reinsurance rules to harmonize with federal rules.