OTLA report attacks insurers’ low profit figures
Responding to widespread disappointment with the transparency process that was meant to clarify insurer profits, and the lack of political will to address the issue, the Ontario Trial Lawyers Association has released an updated independent financial report that confirms allegations of overcharging and dubious accounting tactics by insurers. The resulting furor is destined to land on the desk of the newly appointed special advisor on auto insurance.
Maia Bent, president of the Ontario Trial Lawyers Association, was one of those who was seriously disappointed with the apparent sabotaging of the transparency initiative. “E-mails obtained [through the Freedom of Information Act] reveal that the government knew prior to retaining them that KPMG was in a conflict of interest due to the fact that KPMG acted for insurance companies and the IBC in ratefiling applications. Even knowing this, it went ahead.