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2 1600 members lawyers must devote less than 5% of time or derive less than 5% of income from institutional clients Goals: Provide training in advocacy Promote the administration of justice Maintain the dignity of the legal profession Encourage cooperation and sharing of knowledge Advance the cause of those injured by others

3 Activities: Continuing legal education programs; Publishing journals and newsletters; Acting as a friend of the court in interventions on select cases; Consultation by government on proposed legislation

4 No fault introduced in 1990 by Liberals Purpose: severely limit tort rights in exchange for generous no-fault benefits 25 years of cuts to no-fault benefits followed At the same time, tort rights eroded

5 Introduction of Minor Injury Guideline max payout $3,500 Medical / Rehabilitation limits from $100,000 to $50,000 Introduction of incurred expense requirement Reduction of interest rate on past due payments to injured people (accident benefit) Reduction of pre-judgment interest (tort)

6 Removal of the right to sue in court for accident benefits Medical / Rehabilitation limited to 5 years from 10 Attendant Care reduced from $86,000 to $65,000 Catastrophic Medical & Attendant Care from $2,000,000 to $1,000,000

7 Non-earner waiting period eliminated but limited to 2 years Other goods and services must be essential AND agreed upon by the insurer Tort deductible adjusted to reflect inflation since 2003 and ongoing Monetary threshold also adjusted for inflation Benefits NOT increased for inflation

8 Definition of catastrophic impairment changed so it is harder to qualify, especially those with mental disorders New requirement for positive imaging on scans for brain injuries Proposed: include mild traumatic brain injuries in the Minor Injury Guideline ($3,500 max)

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10 Deductible retroactively indexed to inflation effective 2003 Vanishing point also retroactively indexed to 2003 Interest rates reduced to Courts of Justice Act (5% becomes 1.3%)

11 Promised 15% rate reduction Only a few MPPs truly understand this complex area False perception that our system is the most generous in Canada Quest for scientific accuracy and up-to-date medical knowledge is just excuse Not about what a victim needs, but what treatment costs Premium and profit not protection

12 OTLA advocated for independent actuarial analysis of industry data Ontario government retained KPMG OTLA concerned about conflict & methodology Retained Dr. Lazar & Dr. Prisman from the Schulich School of Business, York University for second look

13 Authors concluded that auto insurers have been allowed to make too much money for 20 years Regulatory cap that permitted 12% ROE since 1995, reduced to 11% ROE in 2013 Should be no higher than 5.5% Profitable companies earned: : 9.7% ROE 2012: 12.4% ROE 2013: 17.5% ROE

14 Consumers overpaid by $4 billion $840 million in 2013 alone The 2010 auto legislation changes reduced costs significantly for insurance companies More could be done by the insurers to reduce costs and pass along savings to consumers

15 From , pattern emerges of consistently profitable & consistently unprofitable companies Profitable companies in the majority 62.5% from % in % in 2013 Unprofitable companies brought overall ROE to negative territory in

16 Professors contend that it is reasonable to exclude chronically unprofitable companies Economic theory dictates that unless a company earns a competitive rate of return over time, it will exit the market None of the companies exited, despite losing money every year for 13 years More capital invested into the market For a company with negative ROEs to remain, either profitability is understated or auto unit is a loss leader

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18 Brokers at increased risk for not selling Optional Benefits Pedestrians, cyclists without car insurance suffer More costs shifted onto tort claims Those without tort claims out of luck Fewer small tort claims Fewer referrals to medical or financial experts

19 Individuals need to increase tort limits and optional insurance Further changes will not improve system or drive substantial savings Time for a total rethink

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