FSCO to review Ontario car insurance legislation
Regulator calls for submissions from stakeholders
Tuesday, June 3, 2008
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Ontario’s Superintendent of Financial Services is calling for submissions to a review of auto insurance legislation.
The review, which is required every five years, will focus on enhancing protection for automobile insurance consumers and ensuring ongoing product affordability and availability, notes the Financial Services Commission of Ontario.
Specifically, it suggests that issues covered may include: the affordability and availability of insurance; enhancing consumer protection in purchasing auto insurance and accessing compensation and services following an accident; possible changes and improvements to the Statutory Accident Benefits Schedule, in particular to reduce complexity and enhance compliance; possible changes that could improve the dispute resolution process at FSCO; and any other issue that may improve the fairness and efficiency of the auto insurance system including proposals for reducing the regulatory burden.
The deadline for submissions is July 14.
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