FSCO itemizes research priorities related to auto insurance reforms

The future priorities of Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), include undertaking several studies intended to support the province’s forthcoming auto insurance reforms.
In its draft June 2010 Statement of Priorities, FSCO itemizes several upcoming research projects. They include:
•    working with the General Insurance Statistical Agency (GISA) “to confirm data requirements to assist with market monitoring, rate analysis and estimates of the impact of policy changes on auto insurance projects;”
•    conducting “a review of profit provisions for auto insurance to ensure rates for Ontario automobile insurance are fair;”
•    using findings published by the World Health Organization’s Neck Pain Task Force “to examine the feasibility of expanding the Minor Injury Guideline to provide a more comprehensive continuum of care for those injured in auto accidents;”
•    conducting a study of closed automobile insurance claims to understand the factors contributing to cost changes, and creating an up-to-date framework for projecting the impact of auto insurance product design or system changes; and
•    appointing a panel of experts to recommend changes to the definition of catastrophic impairment in the Statutory Accident Benefits Schedule (SABS), as well as developing minimum standards that would establish the training and experience required for assessors of catastrophic impairment.
The full list of priorities can be found at:
http://www.fsco.gov.on.ca/english/pubs/priorities/default.asp