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In the 1980s, provincial governments across Canada saw auto insurance premiums balloon and insurance company profits soar. In response, several provinces closed the private auto insurance market, opting to set up a public provincial monopoly that ran with a not-for-profit mandate. Other provinces, like Ontario, instead opted for a model of government oversight and regulation, where private companies were required to apply to a provincial regulator to raise or lower their premiums. We analyse approved applications for premium rate changes in Ontario from 1999 to 2022 to understand the implication of this oversight, and if profits in the Ontario auto insurance industry were indeed controlled.