Final Innovation Framework
The Innovation Framework will help emerging and existing innovators develop their ideas in a sustainable, responsible and accessible way, while maintaining consumer confidence in financial services.
We would like to thank everyone who provided feedback to the Innovation Framework consultation. Overall, stakeholder response was positive with emphasis on the importance of FSRA supporting digital innovation. A detailed summary of feedback is now available, and includes, for example, how FSRA is responding to:
- strengthening the protection of confidential information
- simplifying the initial intake process
- clarifying transparency throughout the TLE process
- maintaining a level-playing field among all TLE applicants (sector incumbents and new entrants).
Test and Learn Environment (TLE) Guidance
The new TLE Guidance establishes a mechanism that will validate and assess new and unique non-capital market financial services products, services, or business models before they are introduced into the Ontario market. This guidance applies to the following sectors:
- Property and casualty insurance
- Life and health insurance
- Credit unions and caisses populaires
- Loan and trust
- Mortgage brokers
- Health service providers as they relate to auto insurance
- Financial planners and advisors
FSRA’s Innovation Office will collaborate with innovators and businesses to encourage experimentation, promote innovative thinking, and look at ways to enhance Ontario’s regulatory competitiveness for financial services innovators while protecting the public interest.
The TLE Guidance will remain open for consultation in 2022 to ensure that stakeholders and participants have the opportunity to submit feedback that could influence and shape future versions of test environments.
Auto Insurance Test and Learn Environment now open
The first test environment is now open to auto insurance sector applicants with innovative and consumer-focused solutions. An intake form is available for download and more information on how to apply is available in the TLE Guidance: Appendix 2 – Guide to Applications for Auto Insurance Exemptive Authority TLE. All applicants must submit the required information to TestandLearn@fsrao.com. Any questions should be directed to Innovation@fsrao.ca.