FSCO recommendations positive for accident victims: trial lawyers

The recommendations from the Financial Services Commission of Ontario (FSCO) regarding the five-year review of automobile insurance is good news for accident victims facing massive deductibles imposed by auto insurers, according to the Ontario Trial Lawyers Association (OTLA) and the Ontario Bar Association (OBA).
The OTLA and the OBA welcomed the report, focusing on Recommendation 31, which suggests reducing deductibles for injured accident victims currently at $15,000 and $30,000 to $10,000 and $20,000, respectively.
FSCO further recommended that deductibles charged to families of deceased accident victims be eliminated for awards covering pain and suffering, the OTLA and OBA notes.
“We look forward to working with the McGuinty government and the insurance industry to implement these changes without distractions from industry threats about increased premiums,” said Richard Halpern, chair of the OBA’s automobile insurance working group. “As it has been doing for weeks, the insurance lobby will likely now claim that they need higher premiums to afford the kinds of smart, progressive changes in the FSCO report.
“But the insurance industry has always been one of Canada’s most profitable – and, in our view, they can easily afford the progressive and sensible changes proposed in the FSCO report.”