Personal Injury Lawyers Ottawa. The Ontario’s Minister of Finance recently introduced Bill 171. This bill is entitled the “Fighting Fraud and Reducing Automobile Insurance Rates Act” and claims to be put in place to help Ontario drivers.
The question is …Is it helping drivers or helping insurance companies? A very important provision in the bill lowers the interest rate paid by the insurance companies from 5% to 1.3%. As Ottawa personal injury lawyers , we feel that this highly impacts our personal injury clients . Insurance companies will now be less inclined to settle and pay out benefits to people who have been injured and are waiting and relying heavily on this money. A lower interest rate will not be incentive for insurance companies to settle quicker. This delay in payment may directly impact the lives of people who are waiting to rebuild their lives and often cannot afford such delays. This reduction in interest rate may cause a serious injustice. Insurance companies will now be in a position where they could potentially invest the funds and make more profit by delaying b the payout.
Bill 171 also eliminates powers given to arbitrators from the Financial Services Commission Ontario (FSCO) who review the personal injury cases and decide whether or not both sides are acting fairly. Arbitrations will now be conducted through the Ontario Licence Appeal Tribunal. As Ottawa personal injury lawyers, we find all these changes very disturbing. It seems these changes are being made quickly and there doesn’t seem to be many opportunities for input from stakeholders. Perhaps this is by design ?
Over the past few years there have been numerous changes and reductions to Ontario accident benefits and the insurance regime. These changes are not to be taken lightly as they have serious and potentially devastating consequences for Ontario drivers who have been seriously injured.
If you have questions that relate to insurance and accident benefits in Ontario, our Ottawa personal injury lawyers are here to help you. We can offer you free advice and help you decide what your best options are if you have been injured in an accident in Ontario. We have over 25 years experience in maximizing insurance claims and helping people rebuild their lives. Contact us free of charge at www.ottawainjury.ca