Insurance News - Friday, March 20, 2015

Here are the leading auto insurance headlines from ONTARIO AUTO INSURANCE TOPICS ON TWITTER for Friday, March 20, 2015:

• Driveless cars may drive down your insurance costs.
• Not surprising, some insurance companies have suggested that driverless cars  may be a possible financial threat.
• Google has announced the introduction of a United States version of its Google Compare auto insurance shopping site, which has been operating in Britain for two years.
• Who is going to own and control the automotive market when driverless cars are introduced? Car manufacturers or technology companies?
• Uber and Lyft fail to convince judges their drivers are merely 'contractors'.
• Uber's "low-cost" UberPop service has been banned in Germany after a court decided it violated transport laws.

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Government Begins FSCO Mandate Review

The Ontario government has launched a review of the mandates of the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO).

The mandate reviews were announced as part of the 2014 Ontario Fall Economic Statement.  A panel of experts has not been established to take the lead on the mandate reviews:

• George Cooke - former president and CEO of The Dominion of Canada General Insurance Company, and current chair of the board of directors of OMERS Administration Corp. 
• James Daw - former Toronto Star personal finance columnist who has written extensively about all facets of Ontario's financial system.
•  Larry Ritchie - Osler, Hoskin & Harcourt LLP partner and former vice-chair of the Ontario Securities Commission.

The FSCO mandate review is timely given a number of government actions.  In the fall, the government passed Bill 15 which includes provisions that when enacted will remove the auto insurance dispute resolution system from FSCO and create a new system at the Licence Appeal Tribunal.  In addition, the 2014 Auditor General report  proposed assigning the regulation of a number of entities (e.g., agents, adjusters and mortgage brokers) to industry associations. 

 The review will include broad consultations with the financial services sectors regulated by FSCO including the insurance sector and pension plans. As well, a consultation paper will be posted online and the public will be invited to comment on the issues being examined. The government will consider any necessary legislative changes based on the outcomes of the review. The government expects the review to be completed by early next winter.

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Insurance News - Tuesday, March 3, 2015

Here are the leading auto insurance headlines from ONTARIO AUTO INSURANCE TOPICS ON TWITTER for Tuesday, March 3, 2015:

• IBC CEO Don Forgeron is suggesting that Ontario look at Nova Scotia on how to do auto insurance reforms.
• If 90% of auto accidents are due to human error, then who becomes liable when there are driverless cars on the road?
• In fact a University of Michigan study suggests that driverless cars will not be a panacea for road deaths, and could even worsen road safety for other drivers during the long transition period.
• Apple is being sued for poaching engineers to work on driverless car technology.
• A U.S. senator is urging the Justice Department to investigate insurance companies and auto repairs done at their 'preferred' repair shops across the country, because of safety concerns.