A $58-million rebate to Manitoba Public Insurance ratepayers has been approved.
The Public Utilities Board (PUB) approved the rebate Wednesday after a virtual meeting on April 29 and 30.
“The Application and the evidence at the hearing was that the proposed rebate would accelerate the return of excess capital to policyholders in the form of a one-time payment instead of assessing lower rates in the future,” reads the decision.
The Board decision says MPI must issue the rebate by May 31.
Read the decision below:
On April 23, Crown Services Minister Jeff Wharton announced that MPI would be asking for a $110-million rebate.
While MPI had the power to approve about $50 million of that $110 million as a rebate, it needed PUB approval for the remainder.
“Rebates will be based on what policy holders paid last year and expected to be around 11 per cent, or between $140 to $160,” the province said in a statement last month.
“Policyholders can expect a rebate cheque at the end of May to early June.”
MPI’s surplus is due to the fact there have been fewer claims during the novel coronavirus pandemic, Wharton said, combined with “strong year-end financial results.”