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Owen Giddens Charged with Auto Insurance Offences

August 9, 2011

 
Toronto – The Financial Services Commission of Ontario (FSCO) has charged Owen Giddens with six counts of knowingly making false or misleading statements to an auto insurer to obtain payment for goods and services provided to an insured. The first appearance for this matter is scheduled for September 29, 2011. 
 
FSCO investigates allegations of misconduct, unfair practices and non-compliance with legislation or regulations in its regulated sectors. If warranted, FSCO takes enforcement action, such as initiating a prosecution.
 
FSCO is an agency of the Ministry of Finance established under the Financial Services Commission of Ontario Act, 1997. It regulates insurance, pension plans, loan and trust companies, credit unions and caisses populaires, co-operative corporations and mortgage brokerages and administrators in Ontario.
 

QUOTES

  • “FSCO is cracking down on unscrupulous participants in the Ontario auto insurance system. We will prosecute those who submit false claims.”– Philip Howell, CEO and Superintendent of FSCO

 

QUICK FACTS

 

  • The Government of Ontario has established an Auto Insurance Anti-Fraud Task Force to determine the scope of auto insurance fraud in the province and to make recommendations on detection, investigation, enforcement and consumer education.
  • Auto insurance fraud has become a major financial problem for both insurance companies and consumers. Every time an insurance company pays a fraudulent claim, it increases its cost of doing business, which in turn is reflected in higher premiums.
  • Insurers have rights and responsibilities under the Statutory Accident Benefits Schedule (SABS) to challenge questionable or abusive claims, including verifying invoices and expenses.
  • Ontario auto insurers will be required to annually attest that their companies have established effective compliance controls to satisfy the rules that protect the rights of policyholders and accident victims.
  • As of February 1, 2011, all Ontario health care facilities or providers were required to transmit auto insurance claim forms to insurers through Health Claims for Auto Insurance (HCAI). This database will help to detect auto insurance abuses.
 

LEARN MORE

 
 

CONTACT

 

 

  • Public inquiries:
    1-800-668-0128