Service Providers eNewsletter – Issue #20
Annual information return (AIR): filing results
By law, you were required to electronically file the AIR and pay the annual regulatory fee by March 31, 2017. This applies even if you did not do any business in 2016.
Thank you to those who filed on time – as of the deadline, 83.2 per cent of service providers had filed.
If you failed to file and pay the regulatory fee by March 31, 2017, the Financial Services Commission of Ontario (FSCO) may immediately suspend or revoke your service provider licence (Insurance Act, section 288.6(3)) without further notice. This means you will no longer be able to receive direct payments from auto insurers for listed expenses. A record of the suspension/revocation will be posted on the public registry.
In addition to licence suspension or revocation, you may also face an administrative monetary penalty of $2,000. Any missed deadline may result in enforcement action taken by FSCO.
If you have not filed and paid the regulatory fee, you must do so immediately by following the step-by-step instructions.
The information provided in the AIR helps FSCO to better plan its monitoring and compliance activities. The questions will also help you to understand FSCO’s expectations regarding compliance with the Insurance Act and regulations.
FSCO has taken enforcement action against 59 health services providers who failed to file the 2015 AIR, which resulted in licence suspensions or revocations. For more information on recent enforcement action in the service provider sector, please visit FSCO’s website.
YOU SHOULD KNOW: Enforcement action has a lasting impact. If your licence is revoked or suspended, the history of that enforcement action remains on FSCO’s website as a matter of public record – even if your licence is restored to good standing at a later date.
First-ever Market Conduct Symposium for service providers
FSCO is holding its first ever Market Conduct Symposium for service providers on April 25, 2017. The agenda and theme – “Protect consumers, protect your industry” – will provide attendees with useful ideas for improving consumer protection regarding billing practices at the health care facility level.
As this is a pilot event, invitations have been extended to a limited number of principal representatives from across the service provider sector. For those who are not able to attend, symposium highlights will be shared in our next newsletter. Invitations are not transferable. FSCO is considering expanding this event in future years, and will keep you informed.
IT corner: How to change your principal representative and other tips
How to change your principal representative
Only the service provider’s current principal representative can make changes to the business information FSCO has on file. The process requires the current principal representative of the business to submit an application to change the principal representative. The process also requires the proposed new principal representative to consent and agree to this change.
The proposed new principal representative must be a Director/Officer/Partner of the business. For more information about changing your Principal Representative see:
How to surrender your service provider licence
If you no longer wish to conduct business, you must surrender your service provider licence. Please note: Your licence will remain in force until the surrender has been approved by the Superintendent. Until then, you must continue to file the AIR and pay the annual regulatory fee. The fee paid for the current licensing year will not be refunded. To surrender a licence, your Principal Representative must submit an application to FSCO by logging into their FSCO account and completing the online application entitled "Surrender Licence."
YOU SHOULD KNOW: You can now update your email address and language preference in the left menu once you log into your FSCO account.
Where to go for more information
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