February 5, 2004 by Canadian Underwriter
Insurers and brokers will soon have real-time access to driver records through a new program from the Insurance Bureau of Canada (IBC). The IBC, working with the Ontario Ministry of Transportation (MTO), is preparing to launch the program April 1.
In the past, motor vehicle records (MVRs) were only available through an overnight batch download, causing errors in the rating of auto insurance policies. The new system also provides new levels of security, notes an IBC press release.
“Drivers will benefit from knowing that their most current driving record is being used when their insurance policy is being evaluated,” says Transportation Minister Harinder Takhar. “This fast and reliable service will improve the insurer’s ability to rate a driver’s policy correctly.”
The IBC and MTO are also working on a system to confirm insurance coverage at the time of licence plate renewal to get uninsured vehicles off the road. Also, the two groups are setting up a system to brand stolen and damaged vehicles.