Ontarians gave Kathleen Wynne's Liberals a strong majority mandate last night at the polls. So what does a Liberal majority government mean for brokers?
Last night’s election results gave the Liberals 59 seats for a majority, with the Conservatives taking 27 seats and the NDP winning in 21.
One of the first casualties of the election was PC leader Tim Hudak, who immediately tendered his resignation as leader following last night's defeat.
However, the true first casualty of the election was Bill 171, which was on the cusp of being passed in the legislature until Premier Kathleen Wynne called for an election back in May, when it was made clear that the spring budget would not receive the necessary support from the New Democratic Party.
Ralph Palumbo of the
Insurance Bureau of Canada and Randy Carroll of the Insurance Brokers Association of Ontario were lobbying hard at Queen’s Park for the quick passage of Bill 171 – a piece of legislation that is seen as crucial to enabling that province’s insurers to meet the mandated 15 per cent reduction in auto insurance premiums by 2015.
“I’ve been trying to get the MPPs to understand that we need Bill 171 to pass,” Palumbo told Insurance Business back in April, adding that although the NDP doesn’t want to see the Bill passed, “there has to be a dose of realism here.”
The Fighting Fraud and Reducing Automobile Insurance Rates Bill is integral to meeting an August 2015 deadline, the
IBAO has stated on several occasions, and “there will be no way for Ontario to deliver the promised 15 per cent average rate reduction by August 2015,” without it. (continued.)
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The NDP took aim at the Liberals during the election, accusing the Liberals of focusing more on protecting the insurance industry and not the 15 per cent mandate.
“When the Liberals needed to save their own seats last year, they promised to reduce auto insurance rates by 15 per cent,” stated the NDP. “But once the threat of an election passed, they went to helping out insurance companies, and leaving drivers waiting. After moving at light-speed to help well-connected insurance companies save billions, Ontario drivers are still waiting to see the savings.”
