April 9, 2018
Provincial Government Begins Consultations on Automobile Insurance
The Provincial Government today launched its public consultations process on automobile insurance, which will complement the review currently underway in the province by the Board of Commissioners of Public Utilities (PUB).
Last July, government provided the Terms of Reference to the PUB to conduct public consultations, as well as two independent closed claims studies: one on the rising automobile insurance claims costs, and a second specifically focused on claims related to taxi operators. Insurance rates have steadily increased over the past 12 years since the last review of the province’s insurance industry.
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 automotive accident prevention in Newfoundland and Labrador.
A questionnaire can be completed online at www.EngageNL.ca . Anyone wishing to share feedback via email can do so at firstname.lastname@example.org. A link to the questionnaire is also available on the main page of the Service NL website at www.engagenl.ca/participation-opportunities/current .
Participants can also send feedback by mail to:
Financial Services Regulation Division
100 Prince Phillip Drive
P.O. Box 8700, St. John’s, NL A1B 4J6
The consultation period will continue until May 31, 2018.
It is anticipated that any potential changes the Automobile Insurance Act would be introduced in the House of Assembly in fall 2018.
“We launched a review of the automobile insurance industry to help modernize the system in an effort to provide greater benefits and better value for the residents of the province. It is our hope that we will find solutions that will benefit consumers and help bring stability to the industry. I encourage submissions to our consultations and look forward to reviewing the feedback we receive.”
Honourable Sherry Gambin-Walsh
Minister of Service NL
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Provincial Government Mandates Review of Automobile Insurance: www.gov.nl.ca/releases/2017/servicenl/0704n02.aspx
Insurance Regulation in Newfoundland and Labrador: www.servicenl.gov.nl.ca/insurance/
Automobile Insurance Act: www.assembly.nl.ca/Legislation/sr/statutes/a22.htm
Board of Commissioners of Public Utilities: www.pub.nf.ca/
2018 04 09 2:35 p.m.