FSCO releases its Statement of Priorities
The Financial Services Commission of Ontario (FSCO) is mandated by law to release its Statement of Priorities by June 30 of each year. As such, FSCO has just released this year’s document – its thirteenth Statement of Priorities.
In this year’s Statement, FSCO outlined several key focus areas. Work in these areas will be carried out along with FSCO’s core responsibilities in the regulated sectors.
The focus areas include:
- Supporting automobile insurance reform, including: implementing the government’s announced package of auto insurance reforms and monitoring the reforms post-change; working with the General Insurance Statistical Agency to confirm data requirements to assist with market monitoring and rate estimates; use the findings published in the 2008 World Health Organization’s Neck Pain Task Force to expand the Minor Injury Guidelines; appoint a panel of experts to recommend changes to the definition of catastrophic impairments in the SABS
- Modernizing and strengthening Ontario’s pension system, including developing a comprehensive approach to risk-based regulation or pension plans and working with the Canadian Association of Pension Supervisory Authorities (CAPSA) to develop guidelines related to the “prudent person rule”
- Improving compliance with the Mortgage Brokers, Lenders and Administrators Act, 2006 to enhance consumer protection in the mortgage brokering industry - Fostering a coordinated national approach to regulatory issues
To see the full Statement of Priorities, see this PDF.
As of March 31, 2010, FSCO licensed or registered: 365 insurance companies; 8,342 mortgage agents; 8,300 pension plans; 83 mortgage administrators; 186 credit unions and caisses populaires; 1,630 co-operative corporations; 56 loan and trust companies; 43,224 insurance agents; 1,346 mortgage brokerages; 4,275 corporate insurance agencies; 2,812 mortgage brokers and 1,510 insurance adjusters.
