- Uber operations in Toronto spark possibility of strike in taxi industry.
- Ontario highway incident management the "missing piece" of auto insurance fraud reform.
- A fascinating article on how Uber manages the marketplace and why taxis are doomed.
- Evolution of transportation may change the auto insurance industry.
- The Florida Insurance Commissioner thinks it may be time to eliminate no-fault.
- Toronto Star reports there is a lot of confusion regarding the snow tire discount that becomes mandatory beginning January 1.
Friday, November 20, 2015
Insurance News - Friday, November 20, 2015
Here are the leading auto insurance headlines from ONTARIO AUTO INSURANCE TOPICS ON TWITTER for Friday, November 20, 2015:
Tuesday, November 17, 2015
Insurance News - Tuesday, November 17, 2015:
Here are the leading auto insurance headlines from ONTARIO AUTO INSURANCE TOPICS ON TWITTER for Tuesday, November 17, 2015:
- Ontario Conservatives seek to regulate Uber, AirBnB and the sharing economy province-wide.
- Insurer cancelling policies of UberX drivers: “considered commercial use and is unacceptable for personal vehicles”.
- Uber says it needs self-driving cars to avoid ending up like the taxi industry.
- A decline in accident frequency due to safer vehicles and the adoption of autonomous vehicles could shrink the U.S. personal auto insurance sector by 60 percent within 25 years,
- Ready or not, Tesla Autopilot means self-driving cars are already on Canadian roads.
- Public consultation on Ontario tow truck regulations coming to a close.
Thursday, November 12, 2015
Insurance News - Thursday, November 12, 2015
Here are the leading auto insurance headlines from ONTARIO AUTO INSURANCE TOPICS ON TWITTER for Thursday, November 12, 2015:
- Ontarians pay more than double in car insurance than in some provinces.
- Trial lawyers have updated their report on profitability in the Ontario auto insurance market.
- Self-driving cars will be tested on Canadian roads in 2016.
- Car companies intend to accept full liability for self-driving car accidents.
- Tesla just beat Google to make the self-driving car.
- Could Google be auto-piloting itself into the insurance business?
Thursday, November 5, 2015
FSCO Mandate Review Undecided on Auto Rate Regulation
The preliminary report by Panel reviewing the mandate of the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO) has been made public by the Ministry of Finance. Panel members are George Cooke, Lawrence Ritchie and James Daw.
The report is virtually silent on how auto insurance rates should be regulated in the province.
The report recommends the creation of a regulatory body - the Financial Services Regulatory Authority (FSRA). The FSRA would be self-funded and arm's-length from the government. There would be three distinct functions - pension regulation, prudential regulation and market conduct regulation. Under market conduct regulation, there would also be product regulation which might include auto insurance responsibility.
The FSRA would have a board of directors and reporting to the board would be a CEO. Each regulatory function would be headed by a Superintendent. The FSRA would have rule making authority.
FSRA would be given authority over any self-regulatory body operating within the financial services sector in Ontario not otherwise overseen by another statutory body. All relevant participants in the Ontario financial sector, such as payday lenders and loan brokers, consumer credit reporting agencies, debt and credit counsellors, and guarantee and warranty insurers would also fall under the FSRA. Regulatory oversight of the Cooperatives sector would be transferred to an agency or entity other than the FSRA. The administration and funding of the Motor Vehicle Accident Claims Fund should be transferred to the industry operated Facility Association.
The Financial Services Tribunal would operate separately from FSRA, with its own budget, subject to normal government process.
The Panel made no recommendation with respect to the prior approval of auto insurance rates. It appears a preference would be to move away from the rate setting approach currently used in Ontario. The Panel has reservations about continuing this approach within FSRA as it might unnecessarily dominate the agenda of FSRA to the detriment of other sectors.
At least three options were presented to the Panel during the consultations: continue rate approval within FSRA as practiced today; remove this function from FSRA and transfer it to a formal rate-setting board, or; give FSRA authority/responsibility for rate regulation, the approach to which to be determined through its rule-making authority.
Feedback on the preliminary report is being solicited by the government. The deadline is December 14, 2015. A final report will submitted to the government in the winter
The report is virtually silent on how auto insurance rates should be regulated in the province.
The report recommends the creation of a regulatory body - the Financial Services Regulatory Authority (FSRA). The FSRA would be self-funded and arm's-length from the government. There would be three distinct functions - pension regulation, prudential regulation and market conduct regulation. Under market conduct regulation, there would also be product regulation which might include auto insurance responsibility.
The FSRA would have a board of directors and reporting to the board would be a CEO. Each regulatory function would be headed by a Superintendent. The FSRA would have rule making authority.
FSRA would be given authority over any self-regulatory body operating within the financial services sector in Ontario not otherwise overseen by another statutory body. All relevant participants in the Ontario financial sector, such as payday lenders and loan brokers, consumer credit reporting agencies, debt and credit counsellors, and guarantee and warranty insurers would also fall under the FSRA. Regulatory oversight of the Cooperatives sector would be transferred to an agency or entity other than the FSRA. The administration and funding of the Motor Vehicle Accident Claims Fund should be transferred to the industry operated Facility Association.
The Financial Services Tribunal would operate separately from FSRA, with its own budget, subject to normal government process.
The Panel made no recommendation with respect to the prior approval of auto insurance rates. It appears a preference would be to move away from the rate setting approach currently used in Ontario. The Panel has reservations about continuing this approach within FSRA as it might unnecessarily dominate the agenda of FSRA to the detriment of other sectors.
At least three options were presented to the Panel during the consultations: continue rate approval within FSRA as practiced today; remove this function from FSRA and transfer it to a formal rate-setting board, or; give FSRA authority/responsibility for rate regulation, the approach to which to be determined through its rule-making authority.
Feedback on the preliminary report is being solicited by the government. The deadline is December 14, 2015. A final report will submitted to the government in the winter
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