What will be the new role of the Public Utilities Board (PUB)?
We will strengthen the public review of automobile insurance by creating a new Automobile Insurance Review Panel as part of the Public Utilities Board. Its mandate will be to review and approve future rate increases, monitor insurance issues affecting both companies and consumers, and undertake analysis and collect accurate statistics on accidents, claims, and industry performance to ensure an independent, public interest and assessment of the automobile insurance market in New Brunswick. Any rate increase averaging over three per cent during any 12-month period will now have to be reviewed and approved by the new Automobile Insurance Review Panel to determine if it is justified. Insurers will be required to appear before the Panel to justify their proposed increases. Insurers will also be required to file their rates at least once every twelve months for review. Any insurer that files a new rate more than twice in any twelve-month period will now be subject to a mandatory investigatio
