IBC supportive, but concerned by Nova Scotia auto reform package

Insurance Bureau of Canada (IBC) remains cautiously optimistic of Nova Scotia’s auto insurance reforms, expressing concern regarding the complexity of implementation issues associated with such comprehensive changes.
“IBC applauds the Nova Scotia government for its direction with these reforms and the thoughtful and consultative process that led to them,” said Bill Adams, IBC’s vice president of the Atlantic region.
“But it will be critical to implement the reforms properly, with a full understanding of the complexity of the task ahead. The insurance industry looks forward to working with the government to help make this happen.”
Among the key changes announced by the Nova Scotia government are the doubling of mandatory no-fault accident benefits for medical and rehabilitation treatments to a maximum of $50,000; adopting minor injury diagnostic and treatment protocols that mirror those used successfully in Alberta; and introducing an optional full-tort product, an IBC release says.
“These reforms will better serve collision victims, and ensure that they get the treatments they need to get well,” Adams continued. “At the same time, we are cautiously optimistic that the additional claims costs anticipated as a result of the reforms do not adversely affect the affordable price of auto insurance for all Nova Scotia vehicle owners over the long term.”
Adams also noted IBC was pleased with the government’s commitment to mandatory reviews of the auto insurance system every seven years. “However, an effective and stable auto insurance system demands more continuous monitoring and frequent sharing of information among all stakeholders.”