TORONTO, Dec. 5, 2017 /CNW/ - Today, the Government of Ontario announced its Ontario Fair Auto Insurance Plan. This announcement comes after extensive consultation by the government on David Marshall's report entitled Fair Benefits Fairly Delivered: A Review of the Auto Insurance System in Ontario.
"We welcome this announcement and look forward to working with the Government as its proposed auto insurance changes are implemented," said Kim Donaldson, Vice President, Ontario, Insurance Bureau of Canada (IBC). "Comprehensive structural change is the only way to lower the cost of auto insurance for consumers. Ontario's property and casualty insurers will continue to be an active partner, along with other stakeholders, to help make this system better for all Ontarians."
Today's Plan outlined several measures aimed at improving the stability and long-term health of the auto insurance system in Ontario. Significantly, the Government formally announced the creation of a Serious Fraud Office which will be responsible for detecting, preventing and prosecuting auto insurance fraud. Fraud is a major contributor to high insurance costs.
The Government also indicated that through amendments to the Insurance Act, the new Financial Services Regulatory Authority (FSRA) will have more rule-making abilities. The new regulator will be better positioned to advocate for consumers and will be better able to help implement changes as needed.
"A proactive, innovative regulator will champion achievement of long-term change leading to sustainable improvement in rates for Ontario drivers," added Donaldson. "Ontario's insurers support the creation of this new regulator and we look forward to working with FSRA."
More information on Ontario's Fair Auto Insurance Plan can be found 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 120,000 Canadians, pays $9 billion in taxes and has a total premium base of $52 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
For further information: To schedule an interview, please contact:Andrew McGrath, Manager, Media Relations,416-362-2031 ext. 4312, [email protected]
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 114,000...