Issue No 2, January 2014
Does your business currently invoice auto insurers directly on an Auto Insurance Standard Invoice (OCF-21) through HCAI?
If so, as of fall 2014, your business will need to be licensed as a Service Provider with the Financial Services Commission of Ontario (FSCO)
to continue receiving direct payments from auto insurers. As mentioned in the first Issue
of FSCO's Service Providers eNewsletter, the application process is expected to begin in the spring of 2014. More information will be provided in upcoming eNewsletters.
Prepare for licensing
It is critical that the individuals running your business know how to prepare for licensing:
- Identify a person to be the Principal Representative
The Principal Representative is the individual who will be FSCO's primary contact and primarily responsible for the Service Provider licence and compliance with all requirements applicable to Service Providers. Visit FSCO's website to find out the eligibility requirements to be designated as a Principal Representative, and what important responsibilities they will have.
- Subscribe to our monthly Service Providers eNewsletter
FSCO will update you regularly on the licensing framework and its requirements through a monthly newsletter. It is the business' responsibility to be informed. Subscribe now to receive all updates directly in your inbox, every month.
- Maintain accurate and up-to-date information within HCAI
Every facility, branch, or location of a licensed Service Provider is still required to be registered and in good standing with HCAI . Don’t wait! Ensure that information about every practitioner, facility, branch, or location is accurate and up-to-date in HCAI.
Regulating billing and business practices
FSCO will license businesses that invoice auto insurers directly for Statutory Accident Benefits (Service Providers) and will regulate their business and billing practices. This licence will be required in order for Service Providers to receive direct payments from auto insurers for specific listed expenses.
Licences will be issued at the business entity level. This means only one licence is needed to cover all of a business' facilities, branches or locations that invoice auto insurers for Statutory Accident Benefits.
Take a look at FSCO's FAQs
for additional information.
FSCO is a regulatory agency of the Ministry of Finance who regulates certain financial services sectors conducting business in Ontario (read more
Check out this month's infographic