“For many, many years the public has often been forced to rely on questionable, untested data released by the insurance industry. This data was used by insurers in support of attempts to, among other things, reduce benefit payouts or increase premiums. In fact, it is the industry sponsored Insurance Bureau of Canada which collects industry data on behalf of the General Insurance Statistical Agency. Stated simply, it is wrong to have the fox in charge of the hen house.”
OTLA today said that “…to address this glaring power and information imbalance, OTLA stood alone in recommending transparent, independent, regular audits of all insurance claims and financial data by the auditor general to provide the public, legislators and all stakeholders with greater certainty about our mandatory auto insurance coverage.”
Yesterday, in his budget, the Minister of Finance announced “…a “transparency and accountability mechanism” in the form of an “independent annual report” by “outside experts” who will “look at the impact of reforms introduced to date on both costs and premiums.” While the annual report will not deal with auto insurance profits per se, it will “review industry costs and changes to premiums, and recommend further actions that may be required to meet the government’s reduction targets.”
Monforton added: “this is an important initiative which will help the people of Ontario better understand an industry which wields considerable power over their lives when anyone suffers injury in an auto accident.”
Greg Monforton is available for commentary and can be reached at 519-258-6490 or 519-965-1559 to discuss this matter.
Contact: Greg Monforton
http://www.gregmonforton.com
Greg Monforton & Partners
Suite 801 – 1 Riverside Drive West
Windsor, ON N9A 5K3
519-258-6490 or 519-965-1559
Greg Monforton & Partners
PMP Marketing Group
561-253-6712
pressrelease@pmpmg.com
Source: EmailWire.Com
