TORONTO, June 20, 2016 /CNW/ - Insurance Bureau of Canada (IBC) today commented on the recommendations included in the final report from the Expert Panel reviewing the mandate of the Financial Services Commission of Ontario (FSCO). The panel's final report builds on the recommendations in its preliminary report released in the fall of 2015 and favourably aligns with the P&C insurance industry's input. The recommendations are also grounded in international regulatory principles and reflect recent innovations and best practices in financial services regulation.
In its report, the panel recommends that the Ontario government modernizes financial services regulation by replacing FSCO with a new independent regulatory agency – Financial Services Regulatory Authority (FSRA) – with the objective of creating a world-class regulatory system.
"Given the rapid pace of change in the financial world, we believe the new regulator needs to be nimble and foster a strong, vibrant and innovative financial services sector," said Kim Donaldson, Vice-President, Ontario, for IBC. "The regulator must be an effective model for excellence for financial sector regulation in Ontario, with a mission to protect and promote a broad range of consumer interests in a manner that is proactively responsive to changing consumer needs, as well as adaptive to new and sometimes disruptive future technologies."
IBC will encourage the government to move quickly to implement the recommendations through the necessary legislative and regulatory changes and to announce them as early as this fall's economic statement.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and @IBC_Ontario or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC. If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
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