Government intervenes after insurance companies file for rate increases
The province has intervened in two New Brunswick Insurance Board hearings after companies filed for rate increases.
Finance Minister Cathy Rogers says the government is committed to preventing auto insurance rate increases that are not just and reasonable, which is why the province intervened in the hearings for the Wawanesa Mutual Life Insurance Company and the Facility Association.
Wawanesa applied to increase its private passenger automobile rate by 11.69 per cent, while the Facility Association applied for an increase of 18.2 per cent in its private passenger automobile rate, a 21-per cent increase in its taxi and limousine rate, and a 10.8-per cent increase to its commercial auto rate.
The New Brunswick Insurance Board regulates insurance rates, and a hearing must be held anytime an insurance company files a rate increase greater than three per cent.
Government says the attorney general and the consumer advocate for insurance have the right to intervene in any hearing before the board in order to protect the public interest.
The hearings are scheduled for October 16th-19th for the Facility Association and October 23-24th for Wawanesa Mutual Life Insurance Company.