The Insurance Bureau of Canada (IBC) says it welcomes the Ontario government’s announced review of the auto insurance system.
In its Fall Economic Statement released Nov. 15, the Ontario government stated that it is “seeking to reduce burden in the auto insurance market by conducting a review of how auto insurance rates are regulated.”
The government will be conducting this review jointly with the Financial Services Regulatory Authority of Ontario, a new independent regulator. “The review will examine practices in other jurisdictions and identify opportunities to achieve greater efficiencies and introduce more competition in the system,” says the Economic Statement.
"We congratulate the government on working to create the type of insurance system that is long overdue," said Kim Donaldson, Vice-President, Ontario, IBC. "Consumers are looking for more common-sense innovations such as usage-based insurance and the ability to show electronic copies of their insurance documents. Insurers applaud the objective of the Ontario government to modernize the rate regulation process."
To learn more, consult the Fall Economic Statement here.