The AIRB will conduct an annual review and adjust premium level for basic coverage under the grid rating program and the allowable percentage increase for individual insurers’ rating programs. Go to related documents.
Accept and review insurers’ notices for offset adjustments, which permit insurers to adjust one or more rating variables under their rating program for basic coverage by up to 10 per cent, provided the overall effect is revenue neutral.
Special Request Review of Insurer’s Rating Program:
At the Superintendent’s request, the AIRB will review an insurer’s rating program for basic coverage and adjust the rating program and premium schedule, if necessary.
Equalization of Rate Differentials:
Accept plans from insurers to eliminate differentials in premiums for basic coverage that were created by the operation of the freeze order, with completion in 2008.
Review and approve private passenger rating programs for new insurers entering the province.
Monitor rating programs for optional coverage through a “file and use” system.
Duties of the Current Automobile Insurance Board:
Fulfill the functions and responsibilities of the former Alberta Automobile Insurance Board in areas not addressed by amendments to the Insurance Act and the Automobile Insurance Premiums Regulation, such as changes in premiums for third party liability and accident benefits for classes other than private passenger.