IBC reacts to FSCO Mandate Review report
TORONTO, Nov. 5, 2015 /CNW/ - Today, Insurance Bureau of Canada (IBC) welcomed the preliminary Expert Advisory Panel findings that indicated the Ontario regulatory regime for insurance, pensions and other financial services activity is not as effective as it could or should be.
"IBC and its members believe that Ontarians will be best served by a framework that is focused on consumers, is proactive and strongly committed to promoting innovation and competition in the marketplace," said Don Forgeron, President and CEO, IBC. "We look forward to continuing our work with the panel to this end."
The findings were contained in the Financial Services Commission of Ontario (FSCO) Mandate Review preliminary report released yesterday. The report was prepared by an Expert Advisory Panel appointed by the Ontario Minister of Finance to examine the mandates of three regulatory agencies: Financial Services Commission of Ontario (FSCO), Financial Services Tribunal (FST) and Deposit Insurance Corporation of Ontario (DICO).
The panel reviewed the mandates and made recommendations for a restructured financial services regulator that reflects a vision of a modern agency with appropriate mandates, governance, accountability, and regulatory approaches to most effectively regulate Ontario's robust financial services sector.
"What many people do not know is that insurers have to apply to FSCO to adjust their auto insurance premiums, whether up or down. This process is slow, cumbersome, lacks flexibility for insurers and does not serve the best interests of consumers," added Forgeron. "Ontario's insurers are committed to delivering affordable, high-quality auto insurance that offers secure protection and choice. A modern and efficient system is vital to delivering that product."
To view the preliminary report, click here.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 118,000 Canadians, pays $6.7 billion in taxes and has a total premium base of $48 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.
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SOURCE Insurance Bureau of Canada
For further information: Celyeste Power, Manager, Media Relations, IBC, 416-362-2031 ext. 4312 (office), 647-384-9872 (after hours), firstname.lastname@example.org