Since the Terms of Reference was issued the Board has been planning its work to ensure that the necessary expertise and other resources are in place to complete the required work in a timely and efficient manner. A large component of the Phase I review involves the collection of data from insurance companies as part of the closed claims studies. This data collection is underway and is expected to take several months, after which the Board's consulting actuaries will complete the studies of rate impacts for various caps and deductibles and file its report. The Board will also be receiving a report on the review of taxi claims and the reasons behind the high claims costs for this industry.
As these reports become available they will be made available on this website and a process will be established to allow for review and comment of those reports.
Over the next few months, while the Phase I data collection work is underway, the Board plans to complete some Phase II work items, including the jurisdictional scan and the financial profitability study of the auto insurance industry in Newfoundland.
Work Plan and Schedule
Automobile Insurance Review Work Plan - 2017-10-18