FSCO calls for submissions for review of Insurance Act

The Financial Services Commission of Ontario (FSCO) has requested submissions from stakeholders to assist with its review of part VI of the Insurance Act dealing with automobile insurance.
The deadline for submissions is July 14, 2008.
The review is being conducted pursuant to section 289.1 of the Act, which states that the superintendent must review section VI of the Act and any regulations under this part at least every five years, recommending any amendments to improve the effectiveness and administration of this part.
According to a FSCO bulletin, part VI of the Act includes provisions that deal with the approval of forms, motor vehicle liability policies, statutory conditions, direct compensation, limitations on accident insurance, court proceedings and dispute resolution.
Regulations include the Statutory Accident Benefits Schedule (SABS), uninsured automobile coverage, fault determination rules, disputes between insurers and court proceedings.
Focus will be on enhancing protection for automobile insurance customers and ensuring ongoing product affordability and availability, the bulletin notes.
Interested parties are asked to identify issues and concerns and to provide suggestions that will improve Ontario’s automobile insurance system, the bulletin continues.

Submissions are to be made in writing and mailed to:
Willie Handler,
Senior Manager,
Automobile Insurance Policy Unit, FSCO,
5160 Yonge Street, 15th Floor, Box 85,
Toronto, Ontario,
M2N 6L9

or via e-mail to 5YearReview@fsco.gov.on.ca.