Alberta auto changes allow for public insurers to enter province

New reforms tabled in the Alberta legislature would see public insurers allowed to sell auto insurance in the province.Bill 34, the Insurance Amendment Act, 2005 was introduced by Peace River MLA Frank Oberle on Monday.We are following through on a commitment made last summer to allow BC’s ICBC (the Insurance Corp. of B.C.), Saskatchewan’s SGI Insurance and Manitoba’s Public Insurance (MPI) to enter the province’s competitive insurance market,” says Oberle. “This proposed change also means these companies must follow the same regulations as private insurers.”Other changes proposed by Oberle include clarifying that the “all comers” rule applies only to private passenger vehicles; ensuring all insurers belong to the General Insurance OmbudService (GIO); and clarifying that insurers are not entitled to any compensation for revenue lost as a result of the government’s rate freeze.The changes would also give authority to the Superintendent of Insurance to “issue interpretive guidelines to assist with more effective regulation” of insurers.