The Redford government is preparing to introduce a bill that would tighten regulation of auto insurance rates.
Currently the province decides how much mandatory auto insurance goes up every year- that includes third party liability and bodily injury.
With Bill 39, it’s now proposing to regulate optional insurance as well. That includes collision.
“Albertans have told us they want increased oversight in their auto insurance rates and we’ve listened,” says Minister of Finance Doug Horner. “These reforms will set insurance rates that are fair for Albertans and make our already strong auto insurance system even better.”
There’s another big change coming – rather than an industry-wide annual rate adjustment, each insurance company would have to file for approval of their rate increases to the Automobile Insurance Rate Board.
The Redford government also plans to announce changes to ensure Albertans injured in collisions receive faster access to health care services.