TORONTO, Nov. 14, 2016 /CNW/ - Insurance Bureau of Canada (IBC) today congratulated the Government of Ontario for moving forward with the creation of a new financial services regulator. In its 2016 Economic Outlook and Fiscal Review, the government announced it would be introducing legislation to establish the initial parameters of the new Financial Services Regulatory Authority (FSRA).
"Canada's insurers are pleased that the government is reforming the way Ontario regulates insurance," said Kim Donaldson, Vice-President, Ontario, IBC. "Today's Economic Outlook outlines a process for establishing a world-class insurance regulator that can adapt to changing consumer needs and industry trends."
Today's announcement follows the recommendations from the province's expert advisory panel to modernize the regulation of financial services in Ontario. The government has committed, once enabling legislation is in place, to develop a detailed implementation plan and to appoint FSRA's initial board of directors.
IBC encourages the government to quickly introduce enabling legislation, and to work closely with the property and casualty insurance industry as it shapes the new regulator's mandate. An area of importance for automobile insurers will be the ability of the new regulator to modernize Ontario's rate regulation process; the current system stifles innovation and prevents the benefits of a competitive market from being fully realized.
"We look forward to learning the details of this new legislation," added Donaldson. "IBC will continue to work with the government to better serve the consumers of this province."
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 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and @IBC_Ontario 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.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
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