Draft:New Brunswick Insurance Board
Submission declined on 2 December 2024 by DoubleGrazing (talk).
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|  |
| Agency overview | |
|---|---|
| Formed | October 15, 2004 |
| Jurisdiction | New Brunswick |
| Employees | 9 |
| Annual budget | $2,608,392 |
| Agency executive |
|
| Parent department | Department of Finance |
| Website | https://www.nbib-canb.org/ |
The New Brunswick Insurance Board (NBIB), established on October 15, 2004[1], is an independent regulatory body overseeing insurance matters in New Brunswick, Canada. Its primary mandate is to review and approve automobile insurance rates, ensuring they are fair and reasonable by considering local driver and company experience and comparisons with other Atlantic provinces. Rate increases exceeding 3% in a year require Board approval, and the NBIB can investigate and mandate changes to rates deemed unfair.[2]
History
[edit]Between 2001 and 2003, car insurance rates in New Brunswick rose by 70%[3], becoming a major political issue during the 2003 provincial election. Premier Bernard Lord’s party saw its seat count drop from 47 to 26, while Liberal leader Shawn Graham gained support. The CBC reported:
Rookie Liberal leader Shawn Graham championed a 25 per cent insurance rate drop and even suggested implementing a public auto insurance scheme. It was clearly a platform that resonated with voters, as the Liberals gained substantially in what was essentially a one-issue campaign.[4]
In response, Bernard Lord's newly re-elected government created the New Brunswick Insurance Board (NBIB), with a mandate to investigate insurance rates and where the current rates are not just and reasonable, the NBIB can order that the rates are lowered. Previous to the creation of the NBIB, insurance was the responsibility of the Public Utilities Board.
In its first year of operation, the NBIB reduced the overall average combined premium for 2006 to $851, a decrease of 11.3%.[5] By 2014, they were reporting an average $670 to $680.
However, in recent years, car insurance rates have risen again, with some insurers requesting and receiving rate increases exceeding 10%.[6]
References
[edit]- ^ "New Brunswick Insurance Board - 2004 Activity Report" (PDF).
- ^ "- Insurance Act, 267.5 and 267.51". laws.gnb.ca. Retrieved 2024-12-01.
- ^ Government of Canada, Statistics Canada (June 19, 2007). "Add/Remove data - Consumer Price Index, annual average, not seasonally adjusted". www150.statcan.gc.ca.
- ^ "CBC - Tories hold shaky 28- seat majority".
- ^ "NEW BRUNSWICK INSURANCE BOARD - 2005 ANNUAL REPORT" (PDF).
- ^ "New Brunswick consumers face new price shock, this time for auto insurance".
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