April 18, 2018
The following statement was given today in the House of Assembly by the Honourable Sherry Gambin-Walsh, Minister of Service NL:
Auto Insurance Review Ongoing in Province
Mr. Speaker, Newfoundland and Labrador has the highest automobile insurance rates in Atlantic Canada - rates which have steadily increased over the past 13 years since the last review of the province’s insurance industry.
Last July, our government provided the Terms of Reference to the Board of Commissioners of Public Utilities to conduct public consultations, as well as two independent closed claims studies: one on the rising insurance claims costs, and a second specifically focused on claims related to taxi operators. We have now launched government’s portion of the consultations process which will complement the review currently underway by the PUB.
Mr. Speaker, government’s consultations will explore issues outside the scope of the PUB’s mandate such as the rate setting process itself. There are also opportunities for the public to share their ideas about measures to improve highway safety and accident prevention in the province.
The goal of the review is to identify opportunities to lower rates that will benefit consumers and help bring stability to the industry. Feedback will help inform potential future changes to the Automobile Insurance Act and the Insurance Companies Act in fall 2018.
Mr. Speaker, our survey is available on the main page of Service NL’s website or can be completed online at EngageNL.ca . Feedback can also be shared via email at email@example.com, or through regular mail to Service NL. Consultations will continue until May 31, 2018.
Thank you, Mr. Speaker.
2018 04 18 2:20 p.m.