REGINA - With Saskatchewan Government Insurance’s (SGI) reserves now sitting at $1.1 billion dollars according to the Saskatchewan Auto Fund 2021 Annual Report, Saskatchewan NDP Leader Ryan Meili and Critic for SGI Aleana Young called on the Sask. Party government to return excess earnings to Saskatchewan people through lower rates.
“Even with the rebate called for by the NDP being delivered to Saskatchewan families, SGI still has a significant surplus of funds beyond what’s needed to ensure rate stability,” said Meili. “It’s not right for the Sask. Party to be holding on to excess funds - that’s not what public auto insurance is supposed to be about. That money is supposed to go back to Saskatchewan families through lower rates.”
SGI has applied to the Rate Review Panel to apply for a “revenue neutral” rate stabilization adjustment, with about half of the population set to see rate decreases and the other half set to see increases. This is the first time SGI has applied for a rate adjustment since 2014 when there was $218 million in the Rate Stabilization Reserve fund. That has grown to $1.1 billion in 2021.
“Saskatchewan families, especially those set to see rate increases, are entitled to ask why the Sask. Party government is holding on to more rate-payer money than they need,” said Young. “They resisted our call for an SGI rebate and called it a ‘vote-buying scheme’. When it comes to our Crowns, you can’t trust Scott Moe.”
Young also noted that the Rate Panel Review hearings are currently being held online only. “These proceedings should be public and in person. We need to maximize transparency and accountability in this process. We’re talking about money that belongs to Saskatchewan families - not the Sask. Party government.”