FSRA forms committee to help reform Ontario’s auto insurance system

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

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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.

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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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