Department of Justice - Auto Insurance



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Government announces automobile
insurance reforms

Tough new amendments will require all insurance companies doing business in New Brunswick to file new auto insurance rates by Aug. 15, 2003, and to justify these rates before the Public Utilities Board. Companies that do not file new rates by that date will see all of their rates automatically reduced by 20 per cent, Premier Bernard Lord said.

Based on the new lower rates, the proposed Bill will also require insurance companies to refund excess premiums to consumers retroactive to July 1, within 45 days of their new rate being approved by the PUB.

“To ensure consumers receive the benefits of new lower rates quickly, we are asking the PUB to act expeditiously to complete their filing and hearing process… New Brunswickers should begin to experience a reduction in their auto insurance premiums very soon.”
- Premier Bernard Lord - July 29, 2003

(Full story)

Release of consultation paper on public auto insurance

FREDERICTON (CNB) -- New Brunswickers will be better able to make an informed decision about the question of public auto insurance with the release of a consultation paper on public auto insurance. Justice Minister Bradley Green presented the paper today in Fredericton to New Democratic Party leader Elizabeth Weir, who was appointed chair of the Select Committee on Public Auto Insurance by Premier Bernard Lord.

"Public auto insurance is a complex issue that requires detailed analysis and thoughtful consideration," Green said. "This consultation paper will give New Brunswickers a chance to learn more about our current auto insurance system and the various insurance models, whether tort-based or no-fault, public, private or a combination of the two."

(Full story)

July 29, 2003

Legislation

Bill (1) - Insurance Act Amendment
Summary of Amendments
Insurance Act
Regulations