IBC congratulates Ontario Liberal party on election victory
Insurance Bureau of Canada (IBC) congratulates the Liberal party of Ontario, Premier-elect Dalton McGuinty and all new and re-elected MPPs on their election victory.
“Auto insurance is one of the most highly regulated products in the province,” said Ralph Palumbo, Vice-President, Ontario, IBC. “IBC looks forward to working with the government and all MPPs to ensure auto insurance premiums become more affordable for Ontarians.”
Under Premier Dalton McGuinty, the Liberal government implemented auto insurance reforms in September 2010, and struck an Auto Insurance Anti-Fraud Taskforce earlier this year. IBC will continue to work with government and other stakeholders to ensure that the reforms continue to be implemented and closely monitored. Insurers are working diligently to protect honest policyholders from the costs of fraud and abuse of the system.
IBC has advocated for measures to address the underlying factors that contribute to the problem of insurance fraud, including strict regulation to oversee the ownership and operation of medical clinics in Ontario, combined with tougher criminal and civil penalties pertaining to identity fraud and theft.
