The Saskatchewan NDP are calling on the province to lower SGI insurance rates after the Saskatchewan Auto Fund Annual Report found a significant surplus.
The report, released earlier in the week, says the Crown’s reserves sit at around $1.1 billion, an overvaluation of 156 percent.
NDP Critic Aleana Young says the recent SGI rebates were a good start, but more money needs to be returned to Saskatchewan residents.
“We see that even with this rebate, a rebate that the Sask Party first called a vote buying scheme when we proposed it in the last election, SGI still has far more money than it needs in reserves,” said Young. “In fact, since the last time SGI went before the rate review panel (in 2014), SGI’s reserves have increased five-fold, and that money belongs to Saskatchewan ratepayers, not the Sask Party.”
Young says the government doesn’t need to send out more rebate cheques as lower rates would more than pay that money back.
NDP Leader Ryan Meili says the rebate only did half the job, adding that if the province is going to go against what they originally said, they might as well go the whole way.
“While we appreciate that U-turn, it’s some pretty sloppy driving,” said Meili. “And it still didn’t get us to our destination to affordable auto insurance for Saskatchewan people.”
As the province prepares to work its way out of the economic deficit caused by the pandemic, Young says the timing of the review is somewhat questionable.
“2014 was the last time we saw SGI ask for a review,” said Young. “I would also like to note that, despite the province being open for business-as-usual starting next week, these review hearings are still not being done in person. Having this held remotely is a little bit questionable, to say the least.”