Insurance Reform

Automobile Reforms — August 1, 2005

In 2004 Government committed to investigate other possible reforms to the automobile insurance system. Based on the Public Utilities Board's March 2005 Report to Government (see below) and the Department's review of several issues, additional reforms are being implemented effective August 1, 2005.

1. What Auto Insurance Reform Means to You (PDF: 215 KB)
2. Bulletin To All Insurance Companies Licensed for Automobile Insurance (PDF: 44 KB)
3. Bill 26 — An Act to Amend the Automobile Insurance Act
4. Newfoundland and Labrador Gazette Weekly Issues (PDF: Cannot perform fsize(): Win32 Error Code = 3
   KB)
   1. Automobile Insurance Regulations (Amendment) - 51/05
   2. Automobile Insurance Prohibited Underwriting Regulations (Amendment) - 52/05
5. Disclosure to Claimant Form (PDF: 10 KB)
6. Additions to Prohibited Elements (PDF: 8 KB)
7. Additions to Prohibited Grounds (PDF: 8 KB)
8. Type of Use — Private Passenger (PDF: 10 KB)

Automobile Insurance Review

Government directed the Public Utilities Board to review, consult and report on a number of issues affecting automobile insurance. This is the Board's report out of that process (PDF: 2,343 KB).

Homeowner, Commercial, Liability, and Marine

The Government of Newfoundland and Labrador retained Mercer Oliver Wyman Actuarial Consulting for actuarial consulting assistance related to homeowner, commercial property and liability, and marine insurance.

The study reviewed the history of insurance product profitability, made comments on insurance company profits, and the feasibility of regulating rates. The principal research and findings of this analysis are contained in the report Study of Homeowner, Commercial Property, Liability, and Marine Insurance (PDF: 1,079 KB).

Automobile — March, 2005

The Department of Government Services addressed several issues related to automobile insurance reform which are in addition to the Terms of Reference of the review conducted by the Public Utilities Board.

Responses must be in writing and received by March 4, 2005.

The issues being addressed can be located here (PDF: 131 KB).

Automobile — August, 2004

The rising cost of auto insurance has been an issue in this province for over eight years. Following an extensive review of the Report of the Select Committee on Property and Casualty Insurance, and an extensive public consultation process, automobile insurance reform is here.

Effective August 1, 2004, government has mandated changes saving consumers money. Changes include a $2500 deductible on third party liability claims and new underwriting guidelines.

Information

1. Auto Insurance Reform Backgrounder
2. Insurance Reform Is Here Information Pamphlet (PDF: 13 KB)
3. August 2, 2004, News Release

Proclamation and Regulations

1. Newfoundland and Labrador Gazette, Extraordinary Issue 2004-08-01 (PDF: Cannot perform fsize(): Win32 Error Code = 3
   KB)

Forms

1. Excluded Driver Endorsement Form (PDF: 9 KB)
2. Insurance Company Withdrawal Notice Form (PDF: 13 KB)