functions of FA board of directors
one of the function on battlecards is:
RATE CHANGES: approve rate changes & filings
I don't understand what rate changes they approve, do they approve their own rates (like government mandated) or need to file to the provincial regulator for approval? (ex: prior approval filing for FA in ON)
Comments
The FA is not the regulatory board of the province. They are just an insurer of last resort. Consequently, I think they have to go through a rate filing and all the other bureaucracies just like regular insurers when they want to charge a different rate and the board of directors would approve a proposed rate change before it is sent to FSRA