Fall Economic Statement Falls Back & Good News re FSRA’s SAC

The Ford Government’s Fall Economic Statement makes clear intentions to continue its Auto Insurance Reform agenda by potentially altering mandatory coverages. While last spring’s Budget suggested there wouldn’t be tinkering with current AB levels it now seems tinkering may be the form of “increased choice” as we heard discussed in consultations over the past months.  The previous government slashed away at AB limits and we’d hope these days were behind us. As hope is not enough, we will continue to advocate to ensure that greater flexibility of coverage doesn’t compromise the needs of the seriously injured. I’ve extracted from the full statement [link] http://budget.ontario.ca/2019/fallstatement/chapter-1a.html#section-15 the key points for Health Service Providers, below. Italics are mine. Action to reduce system costs that drive up auto insurance premiums for drivers, includes:

• Increasing consumer choice by allowing drivers to decide for themselves what coverage they need;
• Enhancing competition by supporting innovation and reducing barriers for new and existing companies to compete in Ontario; and
• Fighting fraud and taking costs out of the system by working with the Financial Services Regulatory Authority of Ontario (FSRA) to prevent bad actors in the system, replace inefficient processes and reduce fees

The good news is that we continue to be invited to consult. I am very pleased to have been selected to join FSRA’s Health Service Providers Stakeholder Advisory Committee. We meet with FRSA Management this coming Tuesday.Back at the ORA ranch we are working on HSP rates data and strategy and I will be reaching out shortly to the members who will be supporting our work on non-regulated rates.

Laurie Davis, Executive Director