ALBERTA

Alberta Car Insurance Rates: Law Proposes More Regulation

11/06/2013 07:32 EST | Updated 01/23/2014 10:53 EST
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EDMONTON, CANADA - FEBRUARY 23: A view of the street signs in front of Rexall Place directing traffic to North and South Wayne Gretzky Drive seen before an NHL game between the Edmonton Oilers and the Phoenix Coyotes at Rexall Place on February 23, 2013 in Edmonton, Alberta, Canada. (Photo by Derek Leung/Getty Images)
EDMONTON - The Alberta government has brought forward a law that proposes further regulation to how car insurance rates are set.

Under the Enhancing Consumer Protection in Auto Insurance Act, both mandatory liability and optional collision rate hikes would be subject to review by the Automobile Insurance Rate Board.

Currently, only the mandatory rate hikes are subject to approval.

Insurance companies would also have to apply for rate hikes individually when wanted, rather than annually through an industry group.

Alberta Finance Minister Doug Horner says driver have been calling for more oversight of the insurance industry.

The government says areas of the system that deal with the definition of minor injury and the cap on payouts for minor injuries are still under review.

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