"Auto insurance fraud continues to be a serious problem and has plagued the Ontario auto insurance system costing as much as $1.6 billion a year," said Kim Donaldson, Vice-President, Ontario, Insurance Bureau of Canada. "We are thrilled to see the Government make the fight against fraud a priority."
Also announced in the Budget, the Government is working with the regulator on ways to assist with the rapidly expanding sharing economy. It will enable new insurance products for ride-sharing services to be approved faster, even if interim approvals are necessary. The Government and the Financial Services Commission of Ontario (FSCO) will also work with insurers to develop legislative and regulatory changes necessary to integrate the sharing economy into the auto insurance system.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
To schedule an interview, please contact:
Ariella Kimmel
Manager, Media Relations
416-362-2031 ext. 4312 (office)
416-550-9062 (after hours)
akimmel@ibc.ca