April 9, 2010
Insurers in Ontario are extending support for recently unveiled auto insurance reforms.
Although the Insurance Bureau of Canada (IBC) is still reviewing the finer points of the amendments, released by the Financial Services Commission of Ontario (FSCO) March 3, “Our initial reaction is that the proposed changes appear to be a step in the right direction for the benefit of consumers,” Ralph Palumbo, the IBC’s vice president, Ontario, told CI via email March 19.
Palumbo cited the new cost control measures and consumer choice as progressive steps for the provincial auto insurance system, noting, “Once fully implemented we are hopeful the changes will benefit drivers and will maintain affordable auto insurance in Ontario.”
The upcoming changes will require targeted education for consumers and for company staffers before the new regulations take effect in September. Palumbo stressed. “There is a tremendous amount of work to be done to assist and educate consumers on the new choices and selections they can make, and to train claims personnel to operate within the new Statutory Accident Benefits Schedule,” he said.
The IBC will continue to work with stakeholders and consumers to implement the changes, he added.
This story was originally published by Canadian Insurance Top Broker.