Annual Compliance Report Identified Several Areas of Non-Compliance, Need for Sector Education
To help maintain fair and reasonable auto insurance rates for consumers and reduce opportunities for fraud, the Financial Services Regulatory Authority of Ontario (FSRA) regulates the billing practices of licensed health service providers.
In its 2021-2022 health service provider compliance report, FSRA identified four main areas of non-compliance, such as insufficient policies and procedures. In cases of non-compliance, FSRA issued warning letters, accepted licence surrenders or escalated for enforcement action.
FSRA will continue to work with stakeholders to explore educational opportunities for licensed service providers. Sector education will assist licensed service providers with understanding their regulatory compliance requirements.
Licensed service providers must comply with the duties, responsibilities and regulatory compliance requirements of their licence. Service providers who engage in an Unfair or Deceptive Act or Practice as outlined in FSRA’s new Rule (effective April 1, 2022) may be subject to investigation and sanctions from FSRA.
FSRA expects principal representatives and licensed service providers to review the 2021-2022 compliance report findings and ensure they meet all legislative requirements. They should also review the Health Service Provider Licensing Toolkit and other FSRA publications for more on their licensing requirements and obligations.
Service providers are typically clinics offering medical, health and rehabilitation services. A FSRA licence allows them to receive direct payment from automobile insurers for approved treatment and expense claims from people injured in motor vehicle accidents.
Learn more:
- Health Service Provider 2021-2022 Market Conduct Compliance annual report
- Health Service Provider (HSP) licensing toolkit, understanding your FSRA licensing obligations
- Approved Unfair or Deceptive Acts or Practices Rule strengthens protection for insurance consumers across Ontario
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Financial Services Regulatory Authority of Ontario – 2022-08-31.
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