OSOT Responds to FSRA Consultation on Proposed Statement of Priorities 2021-22
The Financial Services Regulatory Authority (FSRA) regulates the financial services industry which includes oversight of the auto insurance system in the province of Ontario. FSRA's proposed annual priorities for attention were circulated for review and input in a Statement of Priorities 2021-22.
OSOT has reviewed and responded to those priorities that relate to the auto insurance industry. View OSOT's response.
Additionally, the Society has responded in collaboration with sectoral health professional associations in the Coalition of Health Professional Associations in Ontario Automobile Insurance Services. View Coalition response.
Implications for Occupational Therapists
Occupational Therapists working in the auto insurance sector will be interested to monitor the priorities of the Financial Services Regulatory Authority as they relate to implications to the Statutory Accident Benefits Schedule and benefits (including rehabilitation) covered within the sector.
OSOT's Auto Insurance Sector Team has reviewed the FSRA Statement of Priorities to identify areas of concern impacting occupational therapists or the clients they serve. Comments addressed the following issues:
- FSRA's proposed move to principled-based regulation.
- length of time and transparency of claimant complaints process.
- the need for relief for health care providers impacted by COVID-19. e.g. regulatory fees.
- risks of providing insurance product options when consumers are not fully informed.
- constitution and membership of proposed Consumer Advisory Panel.
View OSOT Response