On March 27, 2020 the Financial Services Regulatory Authority of Ontario (FSRA)
announced a payment deferral
for the fiscal 2020 – 2021 assessment fee as a result of the COVID-19 pandemic. We also committed to providing 15 days notice before issuing invoices.
FSRA is now providing advance notice that invoices for this year’s assessments will be issued on July 23, 2020.
The invoice will include two components: FSRA’s assessment and an assessment for other services. The FSRA assessment is a regulated organization’s share of FSRA’s budgeted costs for the period from April 1st, 2020 to March 31st, 2021.
This year’s FSRA assessment payment covers a 12-months period, compared to last year’s FSRA assessment, which covered the period from June 8, 2019 to March 31, 2020.
The FSRA assessment has been determined based on FSRA Rule 2019 – 001 Assessments and Fees. The fee rule may be found at
Regulations and Rules
.
Payment is due to FSRA within 30 days of the date of the invoice. Information on the assessment for other services and payment details will be provided along with the invoice and are also available at
Assessments – FAQ
.
In response to the challenges that sectors face presently, the fiscal 2021 assessment billings will be held at last year’s level, representing a 3% reduction from the original budget. The reduction from the original budget for each of the insurance sub-sectors is as follows:
