Co-operators General Insurance Co. says reimbursement cheques reflecting a 20.6% overall rate decrease effective July 1 for private passenger vehicles are in the mail.
“It’s just one of the signs that auto insurance reforms are working,” said region VP Terry McRorie, in a news release. “The refunds are directly linked to the province’s restrictions on pain and suffering payouts for sprains and strains.”
Other signs the recent reforms are working include more clients coming out of Facility Association and increased competition in Northern New Brunswick.
“The province controls the wordings on your auto policy and sets the rules for insurance companies. They are definitely on the right track. We are eager to pass savings along to our clients,” McRorie said. “There is more that the government can be doing in tightening up the auto policy that would result in further savings.
The Co-operators was the first insurer to file for a rate reduction in June 2003 and was the first insurer to promise reimbursements.
Although the company says it had hoped to have cheques processed by the end of the summer, the Public Utility Board required the company to appear at its hearings in September. To date, almost 9,000 refund cheques have been sent and over 12,000 premium adjustments made for clients on monthly pay plan.
<\/p>\n","protected":false},"excerpt":{"rendered":"
Refunds flow from auto insurance reform<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2312,2318],"tags":[],"yst_prominent_words":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/313234"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=313234"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/313234\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=313234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=313234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=313234"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=313234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}