TORONTO, Nov. 27, 2003 – “As a result of our strong and sustained effort to process refund cheques to our automobile insurance policy-holders in Nova Scotia,” said George L. Cooke, president and chief executive officer of The Dominion of Canada General Insurance Company, “I am delighted to confirm that all of our eligible personal lines policy-holders in the province have received refund cheques or credits.”
Legislation proclaimed in late October required insurance companies to issue refunds by January 31, 2004.
“Approximately $3-million in cheques and premium reductions are now in the hands of Nova Scotians,” added Mr. Cooke. “We have consistently advocated for rate relief in the province, and look forward to working with the government in achieving this goal as expeditiously as possible.”
“The refund amounts range from $1, to well over $500”, said Mr. Cooke.
“However, most of the premium refunds issued by The Dominion exceed $50, and more than half are for amounts over $100. The amount of the refund varies, depending on the premium, the policy renewal date, and the method of payment elected by the customer.”
For example, a customer who makes one annual premium payment is likely to receive a refund cheque, whereas a policyholder making instalment payments is more likely to have the appropriate amount credited to future payments.
“Furthermore, premiums for all policies renewing after November 1, 2003 are twenty percent lower than they would have been without the reform measures being implemented,” added Mr. Cooke.