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IBC pleased Ontario government making auto insurance reforms
Province promises to build upon the 10% auto insurance rate reduction.
Staff on September 26, 2016
The Government of Ontario today released mid-point mandate letters for all Cabinet Ministers, including an item on auto insurance reform — something the Insurance Bureau of Canada (IBC) supports.
“The government’s continued focus on auto insurance reforms builds on the progress already made and shows a strong commitment to helping Ontarians keep more of their hard-earned money for other household priorities,” said Don Forgeron, President and CEO, IBC, in a release.
One of the key items in the Minister of Finance’s mandate letter is to continue to work with Ontario’s Advisor on Auto Insurance to build upon the 10% auto insurance rate reduction and to pass additional savings on to Ontario consumers.
In addition, the Premier has asked the Minister of Infrastructure to work with the Minister of the Environment and Climate Change to make improvements to the capital planning process. The IBC feels this is an important step in building more resilient infrastructure that can better withstand the impacts of climate change – a key priority for many of Canada’s insurance and reinsurance companies.
“IBC works with the Government of Ontario on an ongoing basis to push for measures that benefit policyholders in this province,” added Forgeron. “This past June, IBC was pleased to see the government implement much-needed auto insurance reforms to make premiums more affordable while giving consumers more affordability and choice.”
In addition to auto insurance reforms, IBC says it will continue to work with the government on fighting auto insurance fraud and on implementing changes to the Financial Services Review Commission to better help the insurance industry serve Ontarians.
IBC pleased Ontario government making auto insurance reforms
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