Changes to Help Stabilize Insurance Rates #nltraffic
On August 1, there will be several changes to the Automobile Insurance Act and the Insurance Companies Act will come into effect.
Under the Automobile Insurance Act, uninsured motorists involved in an accident prior to August 1, 2019 are eligible for compensation from the Uninsured Automobile Fund. Where an accident occurs on or after August 1, 2019, uninsured motorists will be prohibited from accessing the uninsured fund for payment of damages for injuries arising from the accident.
The Insurance Companies Act will now include a reduction of commission rates for taxis and limousines. Previously, Facility Association paid brokers a six per cent commission rate for taxis and limousines. The commission rate for taxis and limousines is cut in half, from six per cent to three per cent, which must be reflected in the next rate filing from Facility Association.