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Annual Information Return (AIR) Service Providers Market Intelligence and Analysis Unit (MIAU) February 21, 2015 Financial Services Commission of Ontario.

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Presentation on theme: "Annual Information Return (AIR) Service Providers Market Intelligence and Analysis Unit (MIAU) February 21, 2015 Financial Services Commission of Ontario."— Presentation transcript:

1 Annual Information Return (AIR) Service Providers Market Intelligence and Analysis Unit (MIAU) February 21, 2015 Financial Services Commission of Ontario

2 Agenda  What is an AIR?  Who is required to submit the AIR?  What is the annual regulatory fee?  Where can I find the forms required to submit the AIR?  What information is required to submit the AIR?  When is the AIR/Annual Regulatory Fee due?  Communication Plan February 21, 2015 Financial Services Commission of Ontario 2

3 What is an AIR? The AIR is an annual questionnaire designed to collect specific information from service providers licensed by FSCO. Filing the AIR is a mandatory legal requirement under Section 21 of the Ontario Regulation 90/14 and section (5) of the Insurance Act for all services providers licensed by FSCO. The AIR must be filed electronically and may only be completed by the principal representative. At the time of submitting the AIR, the principal representative will also have to pay the annual regulatory fee. The information submitted through the AIR will assist FSCO in its risk assessment and oversight of service providers. Please refer to FSCO’s regulatory framework for further details on FSCO’s regulatory approach. February 21, 2015 Financial Services Commission of Ontario 3

4 Who is required to submit the AIR? All service providers with a licence from FSCO as of December 31st of the prior calendar year are required to submit the AIR to the Superintendent by March 31st of the current calendar year. The AIR must be filed electronically. The principal representative is responsible to for submitting the AIR and paying the annual regulatory fee.  YES even if no business in the prior calendar year  YES if licence suspended  NO if licence surrendered or revoked February 21, 2015 Financial Services Commission of Ontario 4

5 What is the annual regulatory fee? All service providers licensed by FSCO are required to pay an annual regulatory fee. The fee:  covers the yearly cost of regulating the service provider sector  is paid in advance for FSCO’s next fiscal year starting April 1 st All service providers with a licence from FSCO as of December 31 st of the prior calendar year are required to submit the AIR to the Superintendent by March 31 st of the current calendar year. At the time of submitting the AIR, the service provider is also responsible to pay the annual regulatory fee. Service providers that did not hold a licence from FSCO as of December 31st and applied for a licence before March 31st of the current calendar year, paid the annual regulatory fee up to March 31st at the time of the initial licensing application. Once the licence application is approved, the service provider will be required to pay the annual regulatory fee for FSCO’s next fiscal year starting April 1st. February 21, 2015 Financial Services Commission of Ontario 5

6 Where can I find the forms required to submit the AIR? The principal representative will receive an from FSCO with a personalized link to the AIR. A valid username and password for a FSCO account is required in order to login and access the AIR. Alternatively, the principal representative may access the AIR directly from the FSCO website after they login to their account. Look for the “Submit AIR” link which is located just left of the navigator panel. You can save the application as a draft and complete it at a later date by clicking the “Save as Draft” button found at the bottom of each application page. The draft application will be saved for 90 days and you can resume it at any time by using the application link in the list of files found on your account dashboard. February 21, 2015 Financial Services Commission of Ontario 6

7 What information is required to submit the AIR? The information required to submit the AIR refers to the period January 1 to December 31 of the prior calendar year and includes:  General Information regarding the Principal Representative  General Information regarding the Service Provider/Business  Membership Information  General Business Information  Business Systems and Practices  Billing Information and Practices  Suitability Unless otherwise specified, all the questions included in the AIR are mandatory. February 21, 2015 Financial Services Commission of Ontario 7

8 When is the AIR/Annual Regulatory Fee due? February 21, 2015 Financial Services Commission of Ontario 8 Applicants Licenced by FSCO AIR/Annual Regulatory Fee Licensed as of December 31 st March 31 st, detailed AIR Licensed January 1 st to March 15 March 31 st Licensed March 16 to April 15 April 30 th Licensed April 16 to May 15 May 31 st

9 Communication Plan  FSCO e-Newsletter (February, prior to launch)  FAQs on FSCO’s website will be available for AIR related questions  on launch date (estimated before the end of February)  Reminder s (frequency increases closer to the deadline)  If deadline missed (non-compliance) FSCO will follow-up with additional communication. The purpose of this communication is initially educational. However, should non-compliance persist, FSCO may decide to take regulatory action. Regulatory action is decided on a case by case basis, and may include administrative monetary penalties and/or suspension or revocation of licence. February 21, 2015 Financial Services Commission of Ontario 9

10 Questions? February 21, 2015 Financial Services Commission of Ontario 10


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