HALIFAX, Aug. 15, 2017 /CNW/ - Insurance Bureau of Canada (IBC) welcomes the Government of Newfoundland and Labrador's announcement of the terms of reference which will guide the province's review of its auto insurance system.
"The Government of Newfoundland and Labrador has announced terms of reference which will provide for a sweeping and comprehensive review of the auto system in this province," said Amanda Dean, Vice-President, Atlantic, IBC. "This is exactly what is needed to make sure auto insurance is sustainable, available, and beneficial when drivers need to make a claim."
While no set timeframe was set, the terms of reference outline a review that would take place in two phases. Phase One will consist of a study into personal automobile claims and a separate study into commercial claims made by taxi operators. Phase Two will take the findings from Phase One and will examine current auto insurance products and possible options to help contain costs. The review will also look at whether new legislation or regulatory rules should be enacted to address changes and trends in auto insurance and will examine further measures that could improve highway safety across the province.
"Consumers in Newfoundland and Labrador ought to have an auto insurance system that provides effective rehabilitative care while keeping costs down," added Dean. "The terms of reference announced today lay the groundwork to achieve that. IBC is committed to working with the government, on behalf of Canada's auto insurers, to help make the system more sustainable and more accessible for the people of Newfoundland and Labrador."
The Government of Newfoundland and Labrador is also inviting members of the public to provide input and share their feedback by emailing [email protected].
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 120,000 Canadians, pays $9 billion in taxes and has a total premium base of $49 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and @IBC_Atlantic or 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.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
For further information: Andrew McGrath, Manager, Media Relations, 416-362-2031 ext. 4312, [email protected]