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.