Toronto, ON (Nov. 24, 2014) – The Insurance Brokers Association of Ontario (IBAO) is pleased with the Ontario government’s recent passing of Bill 15, The Fighting Fraud and Reducing Automobile Insurance Rates Act, 2014. When fully implemented, this Bill should help reduce the cost of auto insurance rates for Ontario consumers and improve access to justice with a more effective dispute resolution process.
“On behalf of the six million policyholders our brokers represent province-wide, IBAO is happy to see the passage of Bill 15,” says Chris Floyd, IBAO President. “This is a good step towards the responsible reduction in insurance costs by fighting fraud.”
The Bill promises to continue to tackle the issue of auto insurance fraud by:
- Transforming the Dispute Resolution System to help injured Ontario drivers settle disputed claims faster. The new system will put an end to the chronic backlogs. There are over 10,000 cases backlogged in the arbitration system. The new system intends to hear and decide a case within six months from start to finish.
- Reduce the amount of time a vehicle can be stored, accruing charges, after an accident without notice to the driver from 60 days to a shorter timeframe.
- Regulate the towing and vehicle storage industries through measures that tackle questionable practices.
“The faster fraud can be tackled, the faster premiums can be lowered for Ontario drivers,” added Floyd. “It’s essential these reforms are done responsibly and effectively.”
The Insurance Brokers Association of Ontario is a ‘not for profit’ association that represents and serves the interests of over 12,000 independent Property & Casualty Insurance Brokers in the Province of Ontario. For information about IBAO, visit www.ibao.org to receive timely news and information updates.
Source: Insurance Brokers Association of Ontario