FSCO seeking submissions for three-year auto insurance review

The Financial Services Commission of Ontario is requesting submissions for compiling its three-year report on auto insurance regulation in the province.

The Insurance Act requires FSCO to conduct a review every three years of Part VI of the act (auto insurance) and related regulations. That part of the act includes provisions dealing with approval of forms, motor vehicle liability policies, statutory conditions, direct compensation for property damage, court proceedings and dispute resolution.

Some of the related regulations include the Statutory Accident Benefits Schedule (SABS), uninsured automobile coverage, fault determination rules, disputes between insurers, court proceedings and coverages and categories of automobile insurance and risk classification systems.

“In 2013, the government consolidated existing statutory auto insurance reviews and increased the frequency of a major review to every three years to better respond to the rapidly evolving auto insurance landscape in Ontario,” the regulator’s website notes. “FSCO is initiating a review of the auto insurance system to meet this requirement.”

The time period covered will include major reforms in 2010, and other changes addressing auto insurance fraud brought about between 2011 and 2013, according to FSCO.

There are also currently several other reviews under way, including of the “auto insurance dispute resolution system, ongoing work by medical and scientific experts to develop an evidence-based treatment protocol for minor injuries, and a transparency and accountability report by outside experts.”

The three-year review report is expected to be submitted to the Minister of Finance in or about the fall of 2014, FSCO said.

Consumers and stakeholders can provide comments and suggestions in writing by March 31, 2014. Specifics on what kind of feedback is being sought and how to provide it are available on FSCO’s website.