Consultation seeks feedback on proposed changes to auto insurance contributions
Consultation seeks feedback on proposed changes to auto insurance contributions | Insurance Business Canada
Motor & Fleet
Consultation seeks feedback on proposed changes to auto insurance contributions
Public hearing also scheduled
Motor & Fleet
By
Terry Gangcuangco
The expert panel on automobile insurance contributions is opening the floor for public feedback on the planned changes put forward by the Société de l’assurance automobile du Québec (SAAQ) in its “Proposed Insurance Contributions for 2025-2027” information document.
In accordance with the Act respecting the Société de l’assurance automobile du Québec, the SAAQ is required to seek insights from an expert panel before implementing changes to insurance contributions.
The panel’s responsibility is to scrutinize the methodology employed by the SAAQ in setting these rates and to verify the data supporting the proposed amendments.
Per the legislation, the expert panel must consist of three members with expertise in actuarial science, finance, and insurance. On January 23, the government appointed Dominique Faribault from the life insurance sector, economist Bernard Turgeon, and actuary Micheline Dionne.
The panel will be chaired by Dionne, who has held several positions spanning the development of insurance products, risk management, evaluation of insurance financial commitments, matching of assets and liabilities, claims, and relations with institutional clients.
As part of its mandate, the panel is hosting a public consultation until April 19. The consultation aims to collect feedback from individuals and organizations on the proposed insurance contributions from next year.
The insights gathered from the public will contribute to the analysis conducted by the panel’s three experts. The consultation process is accessible online via the government’s official platform for public consultations, with a 5pm deadline on April 19.
Additionally, a public hearing is scheduled for May 7. The expert panel will engage with those who have made submissions on the SAAQ’s proposed insurance contributions. The session will be conducted virtually, allowing for live broadcasting and on-demand access.
The expert panel anticipates publishing its report in July, offering a comprehensive review of the proposed insurance contribution changes.
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