of Bill :
Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:
1 The Public Utilities Act, chapter P-27 of the Revised Statutes, 1973, is amended by adding after section 5.1 the following:
5.2(1) On or before October 1, 2003 the Board shall review the rates of all automobile insurers carrying on the business of automobile insurance in the Province, as of June 13, 2003, and make such orders as the Board considers proper requiring each automobile insurer to make such adjustments to its rates as the Board deems necessary to achieve an average premium reduction of 25% for the compulsory coverages of the standard automobile insurance policy offered by automobile insurers in the Province.
5.2(2) An order of the Board under subsection (1) shall be effective as of July 1, 2003 and shall be given full force and effect by any court of competent jurisdiction.
5.2(3) Following an order under subsection (1), each automobile insurer shall next file the rates it proposes to charge with the Board before June 1, 2004 provided that no such rates may be charged before July 1, 2004.
5.2(4) The Board shall investigate the application of all underwriting regulations in effect pursuant to the Insurance Act by automobile insurers and make such orders as it considers proper to enforce compliance with such regulations.