Alberta Rate Board releases 2010-2013 plan

The Alberta Automobile Insurance Rate Board (AIRB) has released its business plan for the three years starting April 1, 2010. In the plan, AIRB Chair Alfred Savage says that the Board’s priorities were developed in the context of the government’s overall business and fiscal plans.

The AIRB has identified five goals for the upcoming three years, namely:

1. Encourage an efficient and effective market that allows for fair and predictable rates
2. Responsive to rating programs that support fairness by accurate assessment of risk and price and, thereby, fostering healthy competition
3. Ensure consumers are heard and have access to sound information
4. Maintain a strong working relationship with Stakeholders
5. Maintain a strong working relationship with Government and Rate Regulators across Canada

The Board has identified several strategic priorities which can help achieve the above goals while also compliment the Board’s core activities. These priorities are:

1. Changing auto insurance environment – Engage with stakeholders to better understand industry dynamics; Implement harmonized profiles for applications and notices to revise rating programs that were standardized among private delivery jurisdictions through a CARR project
2. Automobile insurance legislation and regulations – Ensure procedures and approval processes are efficient and reflect current legislation and regulations
3. Training and development – Ensure appropriate training is provided to Board members on Governance, auto insurance and orientation for new members
4. Website optimization – Improve driver information resources: automobile insurance information; driver information, safety tips, etc.; mobile version of website
5. Affiliation with Canadian rate regulators – Continue to provide assistance and support to the Canadian Auto Insurance Rate Regulators Association; Ensure that the Canadian Auto Insurance Rate Regulators Association succeeds in delivering benefits to its members
6. Data collection and analysis – Work with GISA, IBC and other stakeholders to improve data collection to enable improved insight to the current position and future outlook for automobile insurance.

To view the full plan, see this PDF.

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