Ontario auto change sneak peek

Ontario insurance regulation

The government of Ontario has advised the insurance companies of how they must start to inform the public about the changes coming to Ontario auto insurance.

The standard auto policy in Ontario is changing as of September 1, 2010. So the Financial Services Commision of Ontario (FSCO) and a working group that included brokers and insurance companies has put together documents which have to be mailed out to the people of Ontario without alteration.

Watch for "Changes to Ontario Auto Insurance Give you More Choice" which will be in the mail no later then June 30, 2010.

The insurance companies are also required to send a Point of Sale (POS) Disclosure Document which is attached to and forms part of your insurance certificate. This one is "Summary of Important Changes to your Policy" and is for the consumers to consider prior to policy renewal.

The second POS document is "Providing More Choice to Consumers: What You Need to Know About changes to Auto Insurance in Ontario". This documents gives you more detailed information on the changes to automobile insurance policies after September 1, 2010.

The requirements to the insurance companies are that they must send these two documents with the first renewal of any existing policy with any renewal date that falls between September 1, 2010 and August 31, 2011. The Point of Sale Disclosure Document, including the POS document and the More Choice mailer, must be included with the first renewal of any existing policy with a renewal date that falls between Sept. 1, 2010 and Aug. 31, 2011.

For your sneak peek at these documents check out the FSCO Website