The Financial Services Regulatory Authority (FSRA) has launched a public consultation related to “Take-All-Comers” requirements.
They want to hear from consumers, insurers, brokers and agents. Input received will help FSRA more effectively supervise auto insurers and better protect the public.
FSRA is also reviewing various activities and practices by insurers and licensed intermediaries that may be contravening the Take-All-Comers rule and will be conducting supervisory reviews of insurance companies to identify risks or instances of consumer harm. RIBO will work with them to ensure a coordinated approach is taken across the auto insurance system.
Any industry partners with submissions should respond to the following questions and identify any other issues, risks or priorities that parties believe FSRA should address.
• What reporting and oversight mechanisms are in place to support compliance with the Take-All-Comers rule?
• How does your organization address instances of non-compliance with the Take All Comers rule?
• What changes to the Take-All-Comers rule would reduce the risk of consumer harm and/or sector instability?
The Take All Comers Consultation will be open from March 9, 2020 until June 5, 2020.
RIBO encourages all brokers to consider providing feedback though the following link:
For More Information
If you have any questions or need more information, contact FSRA at: