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Posted November 23, 2012

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Anti Fraud

Ontario Brokers Association Urge Immediate Adoption of Auto Insurance Anti-Fraud Task Force Report

Toronto - The Insurance Brokers Association of Ontario (IBAO) is urging the Ontario government to accept and implement the report introduced today by the Auto Insurance Anti-Fraud Task Force.

The IBAO congratulates the Task Force for producing a well-researched, comprehensive and robust final report. The report makes 38 recommendations, including the licensing of health clinics that treat auto insurance claimants; the regulation of the towing industry; educating consumers about fraud at key ‘learning moments’; and, enhanced authority and resources for the Financial Services Commission of Ontario (FSCO) dedicated to investigating and combating fraud and abuse.

The IBAO participated in the development of the report as a member of the Consumer Engagement and Education Working Group. “The IBAO is urging the Ontario government to fully adopt the report produced today,” stated IBAO CEO Randy Carroll. “If implemented, it will represent a giant step forward to combat fraud and abuse that will ultimately lead to lower premiums for Ontario drivers.”

One of the key drivers of increasing premiums has been the growth in accident benefits. Fraud and abuse of the system has been a major contributor to this growth. Affordability of auto insurance is of prime concern to the IBAO and its customers, Ontario drivers.

To ensure that auto insurance remains both affordable and available, the IBAO agrees with the report’s overall perspective that everyone has a role to play in combating auto insurance fraud, including the government, consumers, insurance companies, lawyers, paralegals, health care practitioners, tow truck operators, collision repair facilities and all others in the insurance system.

The report concludes that the most effective way to combat fraud is to cut off the flow of funds to fraudsters. The report estimates that fraud cost Ontario drivers as much as $1.6 billion in 2010. The cost of fraud in the GTA is up to $540 per insured vehicle. “We need to do what we can as soon as we can to remove that cost,” says Randy Carroll. “Combating fraud and lowering auto insurance premiums is a non-partisan issue and we’re urging the government and all parties to adopt the recommendations and implement them as soon as possible.”

Submit press release to pressrelease@exchangemagazine.com - Editor Jon Rohr - Content published on this site represents the opinion of the individual/organization and/or source provider of the Content. ExchangeMagazine.com is non-partisan, online journal. Privacy Policy. Copyright of Exchange produced editorial is the copyright of Exchange Business Communications Inc. 2012/*.*. Additional editorials, comments and releases are copyright of respective source(s) and/or institutions or organizations.

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