News > IBAN Pleased with Reduction of Retail Sales Tax

IBAN Pleased with Reduction of Retail Sales Tax

posted on March 29, 2018

 

 St. John’s, NL – The Insurance Brokers Association of Newfoundland (IBAN) is pleased with the governments decision to reduce the retail sales tax on auto premiums.

IBAN realizes that drivers in the province face some of the highest rates in the Atlantic Region and this measure is just one way to make auto insurance more affordable. IBAN is also in support of the work being done by government is addressing auto insurance through the review process.

 “The governments decision to cut the current 15% tax on automobile insurance by 2% as of January 1, 2019 and to make further reductions of one percent a year for the next three years will be beneficial for drivers and provides a positive step in helping to stabilize the insurance market in Newfoundland,” says Kent Rowe, Chairman of IBAN.

Brokers are keenly aware of the challenges faced by consumers in Newfoundland and Labrador’s auto insurance market. IBAN’s priority is to ensure that consumers have access to choice for their insurance needs. We advocate for a product that provides competitive rates in conjunction with fair and adequate coverage depending on the consumer’s individual requirements. 

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