ST. JOHN'S, July 30, 2019 /CNW/ - Insurance Bureau of Canada (IBC) welcomes the news that the Superintendent of Insurance of Newfoundland and Labrador has released guiding principles that permit the use of electronic proof of auto insurance in the province.
Enabling drivers to show their "pink slip" proof of insurance on electronic devices was one of the potential improvements to the automobile insurance system referenced by the Board of Commissioners of Public Utilities in its report to the provincial government this past January.
IBC's Atlantic Vice-President, Amanda Dean, said, "This is a good step. IBC supports any changes that help make insurance more accessible for consumers. Clearly, the government understands that consumers deserve, and are looking for, a modern insurance product. We look forward to continuing to work with the government to bring more choice and innovation to Newfoundlanders and Labradorians."
Newfoundland and Labrador joins Nova Scotia in being the only Canadian provinces that allow drivers to show proof of insurance on their electronic devices and improve the experience for consumers. IBC anticipates other provinces will follow suit. Many U.S. states already allow electronic proof of insurance.
"While today's news is encouraging," Dean added, "This government still needs to address the core issues behind the high claims costs and therefore the high premiums in the province. IBC fully intends to continue the dialogue with the government on reforms aimed at helping consumers see relief from the high cost of their auto insurance."
About Insurance Bureau of Canada Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 126,000 Canadians, pays $9 billion in taxes and has a total premium base of $54.7 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @IBC_Atlantic and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC (1-844-227-5422).
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
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Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000...