FSRA receives the Residents' Reference Panel's final report on Automotive Insurance in Ontario

TORONTO, March 12, 2021 /CNW/ - As part of its ongoing commitment to include consumers in the policymaking process, The Financial Services Regulatory Authority of Ontario (FSRA) convened its first Residents' Reference Panel on Automotive Insurance in Ontario. The panel's mandate was to provide an everyday citizen's perspective on how to make the Ontario auto insurance system clearer, easier to understand and more transparent.

FSRA is pleased to receive the Residents' Reference Panel's final report on Automotive Insurance in Ontario.

The Panel's recommendations have six main themes:

1. Confidence in the system is low. 
2. Greater transparency is needed throughout the auto insurance system. 
3. Access to timely recovery-focused care is needed. 
4. FSRA should steward the development of a more user-friendly automotive insurance system for consumers. 
5. Ontario drivers should be given the opportunity to reduce their premiums. 
6. Innovations that lower costs, enhance choice, and develop safer driving behaviours should be adopted. 

"We are so grateful to our 36 volunteers who enthusiastically invested close to 1,000 hours learning and deliberating" said Tim Bzowey, Executive Vice President, Auto/Insurance Products. "The panel's recommendations will inform how FSRA sets and delivers on its priorities related to auto insurance."

For more information please view the Residents' Reference Panel's final report.

Learn more: FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca

SOURCE Financial Services Regulatory Authority of Ontario

For Media Inquiries: Melissa Hogg, Director, Corporate Communications, Financial Services Regulatory Authority of Ontario, C: 437-218-1250, Email: [email protected]

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www.fsrao.ca