Manitoba Public Utilities Board reviews MPI rebate amount

Manitoba’s Public Utilities Board is holding a hearing that may increase the amount of rebate MPI will pay to its insureds. Currently MPI is under a directive to rebate 10% of 2009-10 vehicle premiums by May 31, 2011. According to the Winnipeg Sun, MPI’s rate stabilization reserve has more than $400 million, close to $250 million more than necessary (a reserve of $95 million to $154 million is considered to be a reasonable range, according to the Sun).In December 2010, the PUB ordered MPI to rebate $70 million from its rate stabilization reserve.