IBC launches second test of critical coverage reporting

February 15, 2002 TORONTO – The Insurance
Bureau of Canada’s second round of testing of Critical Coverage Reporting (CCR) is
underway. Nine insurance companies and 66 insurance broker and agent offices in Ontario
have volunteered to take part in the four-week initiative.

The purpose of the second round of CCR
testing is to help the industry and IBC prepare for the rollout of the Uninsured Vehicles
(UV) Project set for this fall and the province wide launch of CCR in April.

CCR is a procedure whereby time sensitive
changes to mandatory vehicle insurance coverage are sent directly to the Insurance Bureau
of Canada (by brokers, agents and insurers) using IBC’s own web-based application,
CSIO-standard store and forward technology, and direct electronic exchange.

The UV Project is a joint undertaking
between the P&C insurance industry and the Ontario Ministry of Transportation, aimed
at reducing the number of uninsured vehicles on Ontario roads. On behalf of the insurance
industry, the Insurance Bureau of Canada maintains a database of vehicles identified by
Vehicle Identification Number (VIN) and insurance status as reported by insurers, agents and brokers.

IBC is the national trade association of
the private property and casualty insurance industry. It represents about 200 companies
that provide more than 90 percent of the non-government home, car and business insurance
in Canada. IBC is also the industry’s data repository. It maintains statistics and
information products on automobile, property and commercial liability insurance across
Canada, and is the official statistical agency for automobile insurance in Alberta,
Ontario, Yukon, Northwest Territories, Nunavut and the Atlantic Provinces and for
commercial liability in Ontario. Visit our Web site at
www.ibc.ca for more news releases and information.

For more information on IBC’s Critical Coverage Reporting testing, please contact:

Carole Machtinger – 416-445-5912 ext. 226