FOR IMMEDIATE RELEASE
November 10, 2004
Consumers' Association Calls For Ontario's Finance Minister To Step Aside as the Regulator of the Insurance Industry
Ottawa, November 10, 2004 - The Consumers' Association of Canada today called on Ontario's Finance Minister Greg Sorbara to relinquish his responsibilities as minister responsible for overseeing the insurance industry. "The revelation that Mr. Sorbara had and may still have a financial interest in a large insurance brokerage firm is shocking", said Mr. Bruce Cran, President of the Consumers' Association of Canada.
Minister Sorbara has repeatedly stated that there is no need for the Ontario Government to conduct an inquiry into the activities of insurers and brokers similar to what is happening in the United States. Attorney Generals are investigating major insurance brokers in the United States, Great Britain, and Australia for engaging in practices that have harmed consumers and businesses.
"All the facts about Minister Sorbara's financial interests with respect to the insurance industry need to come out into the open", said Mr. Cran. "It will be impossible for the Ontario Government to restore consumer confidence in the insurance industry when the Minister in charge may have a financial interest in an insurance brokerage himself."
The Consumers' Association has previously called for an independent inquiry in the insurance industry's practices in Canada.
For more information, contact:
Mr. Bruce Cran
CAC President
Telephone: (604) 454-7827
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