Technical Advisory Committee for Auto Rates and Underwriting Regulation Reform
Summary of the meeting of June 20, 2024
TAC members present:
|
Name |
Organization |
|---|---|
|
Deborah Upton |
Gore Mutual Insurance |
|
Greg Robertson |
Robertson Insurance Broker |
|
Jennifer Power |
Allstate |
|
Julie Nolette |
Intact |
|
Lydia Roy |
TD Insurance |
|
Malcolm Winer |
Travelers Canada |
|
Maria Benjamins |
Desjardins |
|
Michael Wang (alternate) |
Aviva Canada |
|
Edward Lam |
Definity |
|
Sherene Hariprasad |
CAA |
|
Stéphane McGee |
Onlia |
|
Todd Saunders |
Co-operators |
|
Trevor Foster |
IBC |
|
Warren Ting |
Hamilton Township Mutual Insurance |
FSRA members and external attendees present:
|
Auto/P&C Policy |
Chris Georgakopoulos, Jonas Schwab-Pflug, Rheena Arthur, John McKee, Haafiz Alibhai |
|---|---|
|
Auto/Insurance Products |
Cong Wang, Eugene Shmeilin, Michelle Dodokin |
|
External |
Moji Akande (MOF) |
General comments
This was the fourth Auto Rates and Underwriting Regulation Reform (ARURR) Technical Advisory Committee (TAC) held by FSRA. FSRA started the meeting by discussing key takeaways from the previous meeting and reviewing written submissions.
The meeting was focused on engaging committee members on Chapter 4 of the Auto Insurance Rating and Underwriting Supervision Guidance, which covers the new Rate Filing Approach guidance. The meeting concluded with a demo and overview of FSRA’s Rate Comparison Tool.
Auto Insurance Rating and Underwriting Supervision Guidance
Rate Filing Guidance
Discussion was based around timelines and requirements for each prescribed rating process, including the premium change thresholds that would determine which process an insurer would have to file under. The discussion also touched on insurer requirements related to proportionality and the use of internal indicators and annual net trends to determine premium change thresholds.
Rate comparison tool
The group discussed many features of the rate comparison tool, such as the ordering of the insurer list, the disclaimers to inform consumers of the limitations of the tool, and the premium ranges the tool provides based on user information. The presentation provided committee members with a step-by-step guide on how to use the tool, and various profiles to show what a consumer can expect when using the tool.