Friday 23 August 2013

Ontario Government Moves Forward On Its Rate Reduction Strategy

This week the amendments to the Automobile Insurance Rate Stabilization Act, 2003 (AIRSA) were proclaimed in force effective August 16, 2013. 

In addition, the government filed an Industry-Wide Rate Reduction Target Regulation which calls for an average rate reduction of 15% by August 15, 2015.  The government is also aiming to make an average 8% rate reduction by August 15, 2014. It will also expect a report in January 2014 from FSCO to show an approved rate reduction of 3% to 5%.

This was followed by FSCO releasing a bulletin that begins the process for insurers in Ontario to refile their auto insurance rates. 

Also announced today was the appointment of  Douglas Cunningham also has been appointed to lead a review of Ontario’s auto insurance dispute resolution system and make recommendations on transforming the current system.  Mr.  Cunningham is a former Associate Chief Justice of the Ontario Superior Court of Justice.

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