One of Financial Services Commission of Ontario's (FSCO) strategic priorities is to promote a co-ordinated national approach to regulatory issues. In this respect, FSCO works with other Canadian regulators in co-ordinating regulation of the financial services industry at the national level.
FSCO supports the development of harmonized regulatory solutions through participation in the Canadian Association of Pension Supervisory Authorities (CAPSA) and the Canadian Council of Insurance Regulators (CCIR). As a member of these national organizations, FSCO also participates in the Joint Forum of Financial Market Regulators (Joint Forum).
FSCO is a member of the General Insurance Statistical Agency (GISA), an agency that oversees the Automobile Insurance Statistical Plan, and a member of the Canadian Insurance Services Regulatory Organizations (CISRO), an inter-jurisdictional group of regulatory authorities dedicated to developing consistent standards of qualifications and practice for insurance intermediaries.
The Mortgage Broker Regulators’ Council of Canada (MBRCC)
The Mortgage Broker Regulators’ Council of Canada (MBRCC) is an inter-jurisdictional association that seeks to improve and promote harmonization of mortgage broker regulatory practices. The MBRCC strategic plan for 2012-2015 outlines its strategic priorities and initiatives. As one of its members, FSCO will support the work of the MBRCC towards improving the regulatory framework for consumer protection and an open and fair marketplace.
FSCO is participating with these national organizations as a member of, or in some cases as a lead of, committees and project teams.
Canadian Council of Insurance Regulators (CCIR)
The Canadian Council of Insurance Regulators (CCIR) is an inter-jurisdictional association of regulators of insurance. Its mandate is to facilitate and promote an effective regulatory system in Canada to serve the public interest. CCIR works co-operatively with other financial services regulators to enhance consumer protection and to support the development and harmonization of insurance policy and regulation across jurisdictions.
Canadian Association of Pension Supervisory Authorities (CAPSA)
CAPSA is an inter-jurisdictional association of pension supervisory authorities whose mission is to facilitate an efficient and effective pension regulatory system in Canada. It discusses pension regulatory issues of common interest and develops policies to further the simplification and harmonization of pension regulation across Canada.
Joint Forum of Financial Market Regulators (Joint Forum)
The Joint Forum serves as a mechanism through which pension, securities and insurance regulators could promote the co-ordination, harmonization and simplification of the regulation of financial products and services in Canada. Its goal is continuous improvement of the financial services regulatory system through greater harmonization and coordination of regulatory approaches.
General Insurance Statistical Agency (GISA)
GISA was incorporated on June 28, 2005 as an independent legal entity to carry out the activities of a statistical agent on behalf of participating insurance regulatory authorities across Canada.
GISA was appointed as a statistical agent by participating jurisdictions across Canada effective April 1, 2006 when it became fully operational.
As a federally incorporated, not-for-profit corporation governed by a tripartite Board of Directors, GISA provides governance, accountability and oversight of the mandated statistical plans.
Canadian Insurance Services Regulatory Organizations (CISRO)
CISRO is an inter-jurisdictional group of regulating authorities that promotes harmonization of qualifications and practice for intermediaries dealing in insurance of persons and property, and fosters consensus regarding issues of insurance regulation. CISRO's goals and objectives include creating a common voice to deal with issues that may be of interest to other financial services regulators, consumers and intermediaries and increasing the profile of CISRO. FSCO is a member of CISRO, along with other regulatory authorities for insurance intermediaries from all Canadian jurisdictions.
Canadian Automobile Insurance Rate Regulators Association (CARR)
The Canadian Automobile Insurance Rate Regulators Association was formed in October 2008. CARR is the product of a common desire among automobile insurance rate regulators to have a forum to: educate board members and staff on industry issues; discuss topics of concern; and share expertise exclusive to automobile insurance rate regulators.