FSRA released its Health Service Provider Supervision Plan to help maintain fair and reasonable auto insurance rates for consumers
TORONTO, Nov. 28, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) today released a two-year supervision plan for Health Service Providers which will focus on higher risk service providers.
By ensuring these health service providers comply with the law and their licensing requirements, FSRA helps to maintain fair and reasonable auto insurance rates for consumers and promote high standards of business conduct.
If you are a health service provider who receives direct payment from auto insurers for benefits claimed under the Statutory Accident Benefits Schedule, FSRA may select your practice for examination. You may be selected:
if you are a service provider conducting examinations to assist an insurer to determine if an insured person is or continues to be entitled to a benefit
for a focused compliance review. These reviews mainly involve service providers who have never been examined by FSRA
if you have a sanctioned practitioner listed on your HCAI roster
Health Service Providers help people who have been injured in an auto accident.
"By focusing on service providers who are higher risk, FSRA promotes high standards of business conduct and protects consumers' rights and interests," said Beata Morris, Senior Manager, Market Conduct. "FSRA's oversight and supervisory activities are designed to foster compliance, but also awareness in the sector. That's why, as part of its supervisory activities, FSRA will be doing more to help service providers understand what they need to do to meet their obligations and treat consumers fairly."
FSRA expects service providers to review the supervision plan. They should also review other relevant publications, like this Quick Guide to Compliance, to ensure they comply with the law and their licensing requirements.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.
Beginning in 2022, FSRA is extending its supervision plan to a two-year period. This allows FSRA to conduct active supervision programs while regularly engaging with industry stakeholders for feedback. Read the 2022-2024 Health Service Provider Supervision Plan.
Refer to this Quick Guide to learn more about key areas of non-compliance and what you should do to ensure you follow your legal requirements
Know more about the main areas of HSP non-compliance in the HSP Compliance report 2021-2022
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SOURCE Financial Services Regulatory Authority of Ontario
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