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 |
|
|
Lydia Roy |
AVP FI pricing and profitability |
TD Insurance |
|
Malcolm Winer |
Director compliance and ombudsman |
Travelers Canada |
|
Maria Benjamins |
Director corporate underwriting auto |
|
|
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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