The Ministry of Finance has released the final report of the Ontario Automobile Insurance Anti-Fraud Task Force outlining 38 recommendations, many of them will expand the power of FSCO, the province’s insurance regulator.
The report confirms that fraud is a substantial problem in Ontario despite the fact the Task Force was unable to accurately quantify how much it costs policyholders. The report indicates that the public is aware that fraud is a problem but calls for educating consumers so they can better recognize and avoid fraudulent activity. In addition the report calls for greater public disclosure on
the part of insurers, provincial-wide licensing for the towing industry and licensing health care and independent assessment facilities. My report to the Task Force on licensing heath care and independent assessment facilities was also released by the Ministry of Finance.
There is a considerable expansion in responsibility for FSCO proposed by the Task Force. In recognition of the challenge that the implementing the recommendation will present FSCO, the Task Force is recommending that the governmentt should ensure that government-wide hiring constraints do not delay or prevent the FSCO from acquiring necessary resources to carry out an expanded mandate.
In addition, the Minister of Finance should, at an appropriate time, commission an independent review of how well FSCO is carrying out its new responsibilities.