Today, the amended Automobile Insurance Regulations were released and will take effect on September 1, 2010. The government’s mandate was to provide better protection for the consumer while providing choice. After reading the amendments, it appears they have achieved their goal and we pleased with the result and the final regulations.
The regulations are posted on e-laws and FSCO Bulletin A-01-10 Changes to Auto Insurance Regulation is on FSCO’s website. There are seven regulation documents that have been affected.
Lets face it, change is tough for brokers and consumers alike. For Brokers even minor changes require an extensive audit on your internal processes and procedures to ensure all clients are adequately informed in itself can be a very unsettling process. For consumers who are already very busy and don’t have time to read more paper, they want to know they are getting the right recommendations on what coverage to purchase.
So what is IBAO doing for you?
Starting on April 19t the IBAO will be hosting over 50 roadshow education events in 26 locations across Ontario. These sessions will be FREE to IBAO members and focus on the following:
- Specific changes of the proposed reforms
- Best practices for Brokers
- The legal and professional obligations of Brokers
- A preview of some of the tools we will be developing for members to help inform your customers.
IBAO is working closely with all stakeholders including Government, E&O providers and legal consultants to ensure that you will be able to embrace these changes efficiently while adding value to your client. We will continue to keep you informed on our plans as things progress, and provide you with more information as it becomes available.
If you have any suggestions as to the issues we should focus on in these sessions, feel free to let IBAO know directly or post your comments below.