TORONTO, Ont. – Runaway vehicle insurance rates will soon get a regulatory oversight, thanks to a panel being set up by the Financial Services Regulatory Authority of Ontario (FSRA).
The Technical Advisory Committee for Auto Insurance Data and Analytics Strategy will explore the way auto insurance, including commercial vehicle insurance, is regulated in Ontario, the Crown corporation said in an announcement.
“This special purpose committee will provide expert insight to the FSRA as we seek to improve regulatory efficiency and effectiveness by using data, analytics and technology.”
It said the panel will also provide expert advice and deliver on outcomes that will help to inform the development and implementation of the FSRA’s auto insurance data and analytics strategy.
The goals are:
- To improve the way auto insurance is regulated in Ontario;
- To improve data sharing to better serve consumers and key enablers; and
- To better understand the regulatory implications governing the use of artificial intelligence (AI) and big data analytics (BDA) in the auto insurance system to protect consumer interest while promoting market innovation.
The agency is seeking representation from a variety of stakeholders to form the advisory committee.
It said members could be from insurance companies and other financial services providers, data aggregators, regulatory reporting agencies, government agencies and regulators, academic and research institutions, fintech companies, and public/consumer interest representatives.
Those who would like to participate, must make a submission on or before Aug. 10, the agency said.
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