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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 have been implemented effective August 1, 2005.

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 (1.5 MB).

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 (649 KB)

Automobile — March, 2005

Service NL addressed several issues related to automobile insurance reform which are in addition to the Terms of Reference opens new window of the review conducted by the Public Utilities Board. opens new window

The issues being addressed can be located here. PDF (130 KB)

Automobile — August, 2004

The rising cost of auto insurance has been an issue in this province. 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

Proclamation and Regulations

Forms

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