Insurance Industry Congratulates Provincial Regulator for Cracking Down on Auto Insurance Fraud
TORONTO, Jan. 17, 2013 /CNW/ - Insurance Bureau of Canada congratulates Financial Services Commission of Ontario (FSCO) for laying 84 charges under the insurance act in connection with false insurance claims submitted to auto insurers. Two Toronto area clinics and four individuals face charges.
"Certainly, auto insurance fraud is a widespread problem that plagues our industry," said Ralph Palumbo, Vice President Ontario, IBC. "This latest announcement underlines the need for the Ontario Government to immediately implement the recommendations of the Anti-Fraud Task Force report."
KPMG estimates insurance fraud in Ontario could be as high as $1.6 billion annually.
IBC recently teamed up with Crime Stoppers in Ontario to help tackle insurance fraud and the anonymous reporting of suspected cases. If you suspect insurance related fraud or crime call the long established hotline number 1-800-222-TIPS which is well known and universal in all of North America. Crime Stoppers can also take secure and anonymous tips online at www.tipsubmit.com.
In addition to Crime Stoppers, you can still report suspected insurance fraud to ibc.ca or call IBC's anonymous TIPS line (1-877-IBC TIPS).
For more information on IBC's partnership with Crime Stoppers click below:
For more information on insurance crime click below:
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 115,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $44 billion.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE: INSURANCE BUREAU OF CANADAFor further information:
To schedule an interview, please contact:
Director, Media Relations
Insurance Bureau of Canada
416-362-2031 ext. 4387