Wednesday, 18 December 2013

Ontario Auto Insurance Three-Year Review

Section 289 of the Insurance Act requires the Superintendent of the Financial Services Commission of Ontario (FSCO) to undertake every three years a review of Part VI of the Insurance Act (Automobile Insurance) and related regulations. In 2013, the government consolidated existing statutory auto insurance reviews and increased the frequency of a major review to every three years to better respond to the rapidly evolving auto insurance landscape in Ontario. FSCO is initiating a review of the auto insurance system to meet this requirement. 

Consumers and stakeholders are invited to provide comments and suggestions on how to ensure a stable, sustainable and competitive auto insurance system, including:
  • reducing claim costs
  • decreasing regulatory, product and administrative complexity for industry, service providers and consumers  
  • promoting greater consumer choice and protection
  • increasing transparency in communications between insurers, service providers, policyholders and claimants
  • improving the availability of auto insurance for individuals and businesses
  • basing treatment of motor vehicle accident injuries on scientific and medical evidence, and
  • considering approaches used in other jurisdictions
The deadline for submissions is March 31, 2014.

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