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Ontario Government Announces Strategy to Reduce Auto Insurance Premiums

The Ontario Government has announced its strategy to reduce auto insurance premiums. A news release, issued on April 30, 2013, identifies that the Government will be introducing legislation to address the following:

  • Require a premium reduction of 15 per cent on average.
  • Require insurers to offer lower premiums to consumers with safe driving records.
  • Provide the Superintendent of Financial Services with the authority to require insurers to file new rates.
  • Expand and modernize the Superintendent's investigation and enforcement authority, focusing on fraud prevention.
  • Give the Financial Services Commission of Ontario the authority to license and oversee health clinics and practitioners who invoice auto insurers.
  • Make the Superintendent's Guidelines, incorporated by reference in the Statutory Accident Benefits Schedule, binding.

The news release can be read in its entirety by clicking here.

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