Type of Intervention: Regulation
Sectors Involved: Finance/Economy, Private Sector and Businesses
Intervention Categories: Legal and policy; Regulatory change
Level of Jurisdiction: Ontario
Lead People/Agency: Minister of Finance Rod Phillips, Financial Services Regulatory Authority of Ontario (FRSA)
Overview: The Ontario government has enabled auto insurance companies to provide temporary premium rebates to drivers during the COVID-19 pandemic, which amends a regulation under the Insurance Act. This aims to ease financial pressure on working Ontarians during this time. This amendment to the Insurance Act will allow insurance companies to provide auto insurance premium rebates to consumers for up to 12 months after the declared emergency has ended.
Full details here: https://news.ontario.ca/mof/en/2020/04/ontario-enables-auto-insurance-companies-to-provide-driver-rebates-during-covid-19.html
Type of Justification: Advice of INTERNAL government advisory committee or group
Source of Evidence or Justification: Sub-national, government ministry (Finance)
Evidence/Justification: Rod Phillips, Minister of Finance, explains the justification for this action as a means to mitigate the extraordinary financial pressures that the COVID-19 pandemic has caused. He explains that insurance companies should provide relief to their customers that reflects the financial hardships customers are facing.