Today the Government of Alberta ordered the Automobile Insurance Rate Board (AIRB) to pause new rate approvals that increase private passenger auto insurance premiums for Albertans. This pause is in place until December 31, 2023. Click here to read the news release.
Please note the Superintendent of Insurance issued two related bulletins:
- Interpretation Bulletin 01-2023: Premium Payment Plans for Private Passenger Vehicle Insurance
- Interpretation Bulletin 02-2023: Underwriting Rules Pertaining to Section C (collision and comprehensive) Coverage
It is important to know Albertans may still experience a premium increase when they renew based on previously approved rate increases. Premiums may also be impacted during the rate pause if, since their last renewal, policyholders have:
- a new at-fault claim,
- a new traffic violation added to their driving record,
- changed vehicle, and/or
- changed home address.
The AIRB is announced an update to the Filing Guidelines effective January 26, 2023. Insurers should refer to Bulletin 01-2023 for information on what has changed in the new version of the filing guidelines. The file and use limits for rate change and dislocation have been amended in accordance with Ministerial Order 11/2023. Insurers should contact the AIRB prior to any PPV filings during the rate pause.