FSCO - Report on the five year review of auto insurance

[intelmic]

I just read the 13:yikes: pages long Executive Summary from the brick thick 72 pages report.

I barely see how it fits the Syllabus section B3.


Compare and contrast different types of rate
regulation; discuss state/provincial rate
filing guidelines.

Range of weight: 0-5 percent

a. Forms of rate regulation (e.g., prior approval, flex
rating, competitive rating, state-price governed)
b. Effects of rate regulation
c. Filing guideline requirements

Can someone point me how I should tackle it?



This report is mainly on high Acc Benefit costs in Ontario and what should be done to improve it. There are a few references to rates (should lower deductibles and have optional limits...)

[intelmic]

How do the numerous recommendations fit in the syllabus?

Let's take an example

Recommendation #24: Only trained nurses or therapists should assess victims for the attendant care benefit.

Why this recommendation?: Beacause attendant care costs increased a lot! (Severity stable but Frequency increased by 60%). A lot of minor injuries victim are claiming attendant care benefits.


Should I really learn all the problems and the solutions!?
As this is a new text, did they forget to upgrade the knowledge statements?

For a [0;5]% range, I just can't see myself learning 39 recommendations...

[hemsky]

Hi intelmic, how did you manage to get a copy of this note? I think it's new in the syllabus, but I don't think the study kit is available yet in the CAS online store?

[Darkness Falls]

Hi intelmic, how did you manage to get a copy of this note? I think it's new in the syllabus, but I don't think the study kit is available yet in the CAS online store?

http://www.fsco.gov.on.ca/English/insurance/auto/5yr-review/FiveYearReviewReport.pdf

Half of the syllabus can be easily found by putting the title into Google.

[Darkness Falls]

By the way is the article interesting Intelmic?

Seems like it might be something worthwhile to read for work.

[intelmic]

It is interesting. It has quite an impact on prospective and maybe retrospective business. (I'm on the reserving side).

The fact is, I pretty much knew all of it.

On November 2th, The McGuinty government has announced a package of 41 reforms to automobile insurance in Ontario. In fact, the government enacted almost all of the FSCO recommendations.


The proposed reforms, ... are based on recommendations provided by the Superintendent of the Financial Services Commission of Ontario's Five-Year Automobile Insurance Review report, as well as feedback received from dozens of insurance industry, health care, legal and consumer experts and groups.



The press release is almost copy paste from the report.

http://news.ontario.ca/mof/en/2009/11/ontarios-proposed-auto-insurance-reforms.html