Province Implements Automobile Insurance Regulatory Improvements

Government has introduced regulatory changes to enhance the automobile insurance system in the province and better protect consumers.

The automobile insurance regulatory package includes:

• reassigning Nova Scotia Insurance Review Board duties to the Utility and Review Board (UARB)
• introducing mandatory filing for approval of rates and risk classification systems
• adding new claims notification requirements.

"Government continues to improve the regulatory system for automobile insurance in Nova Scotia," said Finance Minister Michael Baker. "We want consumers to have access to up-to-date automobile insurance rates."

The UARB will take over the responsibilities of the Insurance Review Board to review applications from insurance companies to change automobile insurance rates.

Mandatory filing regulations mean automobile insurance companies are now required to apply for rate and risk-classification system approval every two years for private passenger vehicles and every three years for other vehicles.

Claims notification requirements ensure auto insurance companies provide written consumer notice of claims made or paid on policies.

For more information on the improvements package, visit www.gov.ns.ca/finance .