The insurance industry believes in fair and balanced regulations. In fact, we believe the auto insurance industry should be regulated. Regulations should protect consumers from risk, but not prevent choice, innovation and change.
The right regulations in place makes it easier for insurers to better serve consumers as they are allowed to more easily and efficiently provide the products and services consumers expect and deserve.
The right regulations in place creates an environment where insurers can be more responsive to the needs of consumers and also provides consumers with access to more choice and innovative products. For example, with Bill 41 now in place, insurers should be able to give consumers the choice to have their premiums based on how often they use their vehicles and how they behave behind the wheel. This is good for drivers.
Removing or updating outdated and cumbersome regulations is a win for Albertans. It will make insurance more affordable for consumers and help stabilize the province’s insurance market.