Provincial Government Begins Consultations on Automobile Insurance
On Monday the Provincial Government launched its public consultations process on automobile insurance.
The consultations will complement the review currently underway in the province by the Board of Commissioners of Public Utilities.
Last July, 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 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.