Ontario regulator releases final statement of priorities for 2013

The Financial Services Commission of Ontario has released its Statement of Priorities for 2013, outlining its intention to clear the dispute resolution backlog around auto insurance in the province and implement a new Minor Injury Guideline.

 In early April, FSCO released a draft of its statement, requesting feedback from stakeholders.

Under Ontario legislation, FSCO must deliver its statement of priorities to the Minister of Finance and publish it in The Ontario Gazette, by June 30 of each year.

The document identifies key challenges facing FSCO, outlines proposed strategic priorities, highlights initiatives and notes recent progress on significant projects.

Among the main priorities for auto insurance regulation are:

• The development of a new Minor Injury Treatment Protocol
• The examination of cost-containment strategies for Ontario’s auto accident claims costs
• The continued reduction of the dispute resolution backlog. FSCO aims to assign all files and eliminate the dispute resolution backlog in 2013.

FSCO also said it expects a report from a study examining the return on equity (ROE) benchmark for auto insurance companies, including recommendations, to be submitted by mid-year.

The statement also touches on continued fraud-fighting measures and social media communications efforts.