fsra opens the gates
The Financial Services Regulatory Authority of Ontario (FSRA) has opened applications for auto insurance Point of Sale Test and Learn Environment (TLE). The TLE will test the sale of auto insurance at Ontario motor vehicle dealerships by licensed agents and brokers. FSRA is now accepting applications for a TLE designed to offer more convenience and choice for consumers when they buy auto insurance in the province, while ensuring consumers are informed and protected with strong safeguards in place. The TLE will make it possible for consumers to purchase auto insurance directly at a motor vehicle dealership through a licensed insurance agent or broker when they buy a vehicle. “FSRA is making it safe to test new and creative ways for consumers to purchase auto insurance in Ontario,” said Stephanie Appave, Director of FSRA’s Innovation Office. “The Test and Learn Environment (TLE) for the Point of Sale program will help FSRA evaluate how this model works in practice and ensure those who purchase auto insurance during this TLE are informed and protected.” Those approved to participate in the TLE will receive a two-year exemption from the current prohibition on selling auto insurance at dealerships under the Insurance Act, with the possibility of a one-time, two-year renewal. All other insurance regulatory requirements will continue to apply. FSRA will monitor the TLE to assess whether Point of Sale models improve consumer convenience, whether they introduce any additional risks, and how those risks can be effectively mitigated. Those approved to participate will be required to implement enhanced consumer safeguards, including clear disclosure that consumers are not required to purchase auto insurance at the dealership. This initiative supports Ontario’s commitment to broaden FSRA’s TLE and provide greater convenience to consumers. Interested parties are encouraged to contact FSRA before applying at PointofSaleTLE@fsrao.ca Learn more here: |