EDMONTON, Alta. - Alberta's controversial plan to overhaul its insurance industry by implementing a settlement cap for small injuries has been put on hold.The province had been touting a proposal that...
EDMONTON, Alta. – Alberta’s controversial plan to overhaul its insurance industry by implementing a settlement cap for small injuries has been put on hold.
The province had been touting a proposal that would see the settlement cap for minor injuries set at $4,000 in an attempt to bring down skyrocketing insurance premiums. That didn’t bode well with many residents, victims’ rights groups and even some MLAs.
“We’re back at the drawing board,” Finance Minister Pat Nelson told local media recently. “We’ve got a lot of work ahead of us this next month.”
Still, it appears the Tory government is still hoping to implement a cap at some point.
“The issue of a cap is a critical one from the perspective of if we’re going to have any kind of meaningful reform, that truly reduces the unaffordable, inappropriately high rates,” said Medicine Hat MLA, Rob Renner.
“We’re going to have to deal with this issue of limiting the amount of compensation for minor injuries.”
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