The Financial Services Commission of Ontario (FSCO) is releasing updated Private Passenger Automobile Filing Guidelines – Simplified (Simplified Filing Guidelines) to be used for filing changes to automobile insurance rates and risk classification systems.
In addition, FSCO has updated its analysis of loss costs trends and auto reform adjustment factors based on Ontario industry private passenger data to December 31, 2013 from the Automobile Statistical Plan. Insurers are reminded that this analysis is based on the distribution of risks Ontario-wide. In determining appropriate factors to use, insurers should consider the differences in the distribution of risks in their own portfolios as compared to the Ontario-wide analysis. Updated benchmarks are found in Exhibit 2 of FSCO's Technical Notes.
The updated Simplified Filing Guidelines and updated benchmarks are effective immediately and supersede previous versions of each.
The Filing Guidelines and the Technical Notes are posted on FSCO's website at www.fsco.gov.on.ca. The website now contains only the most current Filing Guidelines and Technical Notes.
For inquiries regarding this Bulletin, please contact your Team Lead/Analyst in the Automobile Insurance Services Branch at FSCO.
For information on actuarial requirements, please contact FSCO's actuarial staff.
Chief Executive Officer and
Superintendent of Financial Services
September 12, 2014