What is the primary function of the Financial Services Regulatory Authority (FSRA) in Ontario?

The primary function of the Financial Services Regulatory Authority (FSRA) in Ontario is to regulate and oversee the insurance sector. This involves ensuring that insurance companies operate in compliance with the established laws and regulations, promoting fair treatment of consumers, and maintaining the integrity of the financial services marketplace. FSRA plays a critical role in protecting consumers by monitoring the activities of insurers and ensuring they meet licensing and solvency requirements. This regulatory oversight helps to build trust in the insurance system and safeguard policyholders' interests.

While setting insurance premium rates, investigating claims, and providing education on insurance products are important activities within the insurance industry, these specific functions are not the primary responsibilities of FSRA. Rather, those functions may be carried out by other bodies or organizations involved in specific aspects of insurance regulation and consumer education.