IBC Tag Archives

10 Things We Learned at The September LAT Stakeholder Meeting

OTLA staff and members attended the Licence Appeal Tribunal Stakeholder Consultation Meeting on behalf of OTLA. At the meeting, the LAT provided us with an update on their operations and different stakeholders (OTLA, the IBC, The Advocates Society and the OBA) each presented concerns and potential solutions to help the LAT.

Give and Take: Auto Insurance Premiums Drop at Expense of Ontario’s Injured and Vulnerable

Signs at Rally for Fair Insurance Benefits

OTLA President-Elect Adam Wagman recently appeared with Jerry Agar on Newstalk 1010, Scott Thompson of AM900 CHML, and also with Tom Hayes on Global News to speak about concerns with Ontario‚Äôs new auto insurance rules. On June 1, 2016, in an effort to reduce insurance premiums in Ontario, the Provincial government has mandated changes to accident benefits. These changes include a $1 million dollar reduction …

Profits Soar for Ontario Auto Insurance Companies

Last week, an updated study from York University School of Business Professors Fred Lazar and Eli Prisman was released that reveals consumers likely overpaid $1.5 billion in the last two years for auto insurance. This includes overpayments of $700 million (or about $100 for each insurance policy) in 2014 on top of the $840 million ($120 per policy) in 2013. This study is further proof …

Disproportionate amounts spent on Independent Medical Examinations drive claim costs

doctor types at laptop computer

This month, the Insurance Bureau of Canada (IBC) released the Ontario Health Claims Database (HCDB) Standard Report. The Report analyzes data collected through the Health Claims for Auto Insurance (HCAI) system. Since February 2011, HCAI has been the mandatory system that Ontario health care facilities are required to use when submitting auto insurance claim forms to insurance companies. The insurers respond to the claims through …