Bill 15 Explained
Bill 15 was officially passed by the Ontario Legislature on Nov 20, 2014. The Insurance Bureau of Canada (IBC) and the Insurance Brokers Association of Ontario (IBAO) believe that Bill 15 is a good step towards achieving a responsible reduction to car insurance costs in Ontario by fighting fraud.
Included in Bill 15 are provisions to:
- Establish a more efficient and effective dispute resolution system
- Reduce prejudgment interest that can be awarded for non-economic losses
- Reduce fraud and abuse in the towing and vehicle storage industries.
Bill 15 also ensures that claimants and insurers continue to have the right to appeal dispute resolution decisions to the courts and that claimants do not lose any rights to pursue tort claims through the courts.
The IBAO, IBC and it member companies worked closely with the Liberal government and, more particularly, the Minister of Finance, Charles Sousa, to recommend the firm measures contained in the bill to reduce fraud and other costs within the Ontario auto insurance system.
For more information on Bill 15 and other important insurance issues related to the P&C insurance industry connect with an ALIGNED Insurance Advocate today.
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