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ARTICLE · 27 JANUARY 2022

FSRA Releases Final Innovation Framework And Opens Testing Environment For Auto Insurance Innovations

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On January 24, 2022, the Financial Services Regulatory Authority of Ontario ("FSRA") released their Final Innovation Framework ("Framework") and proposed Test and Learn Environment ("TLE") Guidance...

CanadaFinance and Banking
Darcy Ammerman
Darcy Ammerman
Ricki-Lee Williams
Ricki-Lee Williams
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On January 24, 2022, the Financial Services Regulatory Authority of Ontario ("FSRA") released their Final Innovation Framework ("Framework") and proposed Test and Learn Environment ("TLE") Guidance, after the creation of the Innovation Office in 2020 and the positive feedback received during the Innovation Framework consultation.

FSRA also announced that the first test environment is now open to the auto insurance sector.

The Framework outlines FSRA's approach to working with regulated and non-regulated entities in the pursuit of sustainable innovative opportunities as a way to bolster the responsivity of the financial services to support the creation of accessible, affordable, and tailored products and services for consumers, and to ensure that Ontario's financial services sector remains competitive with global markets.

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