19 Oct, 2021, 10:30 ET
TORONTO, Oct. 19, 2021 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) regulates the billing practices of service providers licensed by FSRA to help maintain fair and reasonable auto insurance rates for consumers.
FSRA is now issuing its 2021-2022 Health Service Provider Supervision Plan. FSRA's supervision focused on ensuring service providers licensed by FSRA to direct bill auto insurers for Statutory Accident Benefits complied with regulatory requirements related to such billing. The 2021-22 plan will continue this work with an emphasis on overseeing service providers' billing practices and business systems and practices. FSRA will take action against service providers who are found to be non-compliant. These actions include education, warning letters or, in more serious cases, licence suspension or revocation.
All licensed service providers are required to file an Annual Information Return (AIR) and pay an annual regulatory fee (ARF). Due to COVID-19, FSRA extended the deadline to submit the 2020 AIR to June 30, 2021. FSRA is taking action against service providers that do not comply with this requirement and will prioritize multiple-year non-filers.
Most Ontarians who have been involved in a motor vehicle accident access the care they need to recover through service providers who are licensed with FSRA. With over $600 million in claims and 46,000 new claimants last year, this sector requires effective supervision to reduce fraud so that auto insurance rates don't increase unnecessarily.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.
SOURCE Financial Services Regulatory Authority of Ontario
For further information: FOR MEDIA INQUIRIES: Serina Yau, Senior Communications Advisor, Financial Services Regulatory Authority, C: 437-216-9534, Email: [email protected]
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