NDP: Give FSCO mandate to lower insurance premiums

Today in the legislature, Bramalea-Gore-Malton MPP and Consumer Services Critic Jagmeet Singh asked Premier Wynne if the government will give the Financial Services Commission of Ontario the legal mandate and tools to lower auto insurance rates by 15 per cent.

“The government has brought in changes to help the industry make more profits, but has told drivers time and time again that there’s nothing more they can do,” explained Singh. “Is the government finally prepared to take some real action to help drivers – not just the industry?”

In last week’s auto insurance committee hearings it was confirmed that the Financial Services Commission of Ontario needs to be given a mandate from the government to implement a 15% reduction in auto insurance premiums.

“People are tired of the status quo that isn’t working for them. It hasn’t worked and it’s time for some real results for people in this Budget.”

“The government has already supported the NDP’s motion to lower auto insurance premiums by 15%,” said Singh. “When will this government give the Financial Services Commission of Ontario the legal mandate and tools to lower rates by 15 per cent?”

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