Who regulates automobile insurance in Ontario?

The regulation of automobile insurance in Ontario is overseen by the Financial Services Regulatory Authority of Ontario (FSRA). FSRA is responsible for administering the Insurance Act and related regulations, ensuring that the insurance market operates fairly and that consumers are protected. This includes overseeing the licensing of insurance companies, brokers, and agents, as well as monitoring the conduct of these entities to ensure compliance with applicable laws and regulations.

The role of FSRA extends to making sure that insurance products and practices are transparent and fair for consumers. It also provides oversight in terms of rates and policy coverages offered by insurance providers. This creates a regulatory framework aimed at maintaining stability and trust in the auto insurance market in Ontario.

Other organizations mentioned, such as the Ontario Ministry of Transportation, the Insurance Brokers Association of Ontario, and the Ontario Automobile Dealers Association, have various roles related to transportation and automotive services but do not have the direct regulatory authority over automobile insurance. Therefore, the FSRA stands out as the governing body responsible for these regulations in the province.