FSRA forms committee to help reform Ontario’s auto insurance system
FSRA forms committee to help reform Ontario’s auto insurance system | Insurance Business Canada
Motor & Fleet
FSRA forms committee to help reform Ontario’s auto insurance system
It has 15 members
Motor & Fleet
By
Mika Pangilinan
The Financial Services Regulatory Authority of Ontario (FSRA) has announced the formation of a new committee to aid in reforming the auto insurance system in the province.
The committee, called the Technical Advisory Committee (TAC) for Transforming Auto Insurance Regulation (ARURR), will provide expert advice to advance FSRA’s auto insurance reform strategy, which aims to make the Ontario system fairer while promoting regulatory efficiency and helping consumers make better and more informed decisions.
In a statement issued late last week, FSRA welcomed the committee’s 15 members who were selected through a public call for applications based on their professional experience, knowledge of relevant issues, representation across the sector, and diversity criteria.
Name
Title/Role
Organization
Deborah Upton
Vice president, pricing
Gore Mutual Insurance
Greg Robertson
President/owner
Robertson Insurance Broker
Jennifer Power
Vice president, distribution design & delivery
Allstate
Julie Nolette
Vice president, personal line corporate underwriting
Intact
Lydia Roy
AVP FI pricing and profitability
TD Insurance
Malcolm Winer
Director compliance and ombudsman
Travelers Canada
Maria Benjamins
Director corporate underwriting auto
Desjardins
Rahul Gumber
Chief risk officer
Aviva Canada
Sebastien Vachon
Vice president, personal insurance pricing
Definity
Sherene Hariprasad
Insurance product manager
CAA
Stephane McGee
Head of product and actuarial
Onlia
Steve Cohen
Vice president of insurance and chief UW officer
Rates.ca
Todd Saunders
Associate vice president, regulatory affairs & rating systems
Co-operators
Trevor Foster
Director auto & commercial policy
IBC
Warren Ting
Vice president, underwriting
Hamilton Township Mutual Insurance Company
“We will be looking to these new committee members to provide us with expert insight and advice on ways to reform the regulation of auto insurance rates and underwriting in Ontario, which is critically important work,” said Tim Bzowey, executive vice president for auto insurance products at FSRA.
The committee’s mandate includes evaluating consumer benefits and harms related to policy issues, such as fairness, profitability, operational risk management, scope of rate regulation/coverage, and transparency. The TAC will also review and improve FSRA’s recommendations for reforming the regulation of rates and underwriting.
“We strongly believe these advancements will lead to an auto insurance system that is more effective, transparent and fairer for consumers,” Bzowey added.
Ontario’s estimated auto insurance premiums increased by 12% in 2023 compared to 2021, according to a recent survey by RATESDOTCA Insuramap. The average estimated premium now stands at $1,744, marking the largest increase in the history of the survey.
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