Following a public call for applications, the Financial Services Regulatory Authority of Ontario (FSRA) has convened a new committee to help the regulator reform auto insurance in Ontario.
Calling the effort “critically important work,” Tim Bzowey, executive vice president for auto insurance products at FSRA says “we will be looking to these new committee members to provide us with expert insight and advice on ways to reform the regulation of auto insurance rates and underwriting in Ontario.”
They add that the purpose of the reforms is to make auto insurance rates and underwriting fairer, to promote regulatory efficiency and help consumers make more informed decisions. The 15-member committee is a who’s who of representatives from property and casualty companies across the industry. It also includes one brokerage owner and a representative from the Insurance Bureau of Canada (IBC). The special interest committee will also evaluate consumer benefits and harms related to policy issues and share operational expertise and technical advice to help prioritizing and sequencing implementation efforts.
The work, they add, is unprecedented in Ontario. “Few other jurisdictions have undertaken comparable reforms,” they write in the committee’s terms of reference.
