NDP Leader Ryan Meili speaks in Regina on Sept. 10, 2020, promising to cut SGI auto insurance premiums and to give policyholders a $100 rebate. (Joseph Ho/980 CJME)

By Joseph Ho

In pre-campaign announcement, Meili promises rebates, break on auto insurance

Sep 10, 2020 | 6:00 PM

Saskatchewan NDP Leader Ryan Meili is promising to have SGI cut auto premiums by seven per cent and to give policyholders a $100 rebate if he’s elected premier in the fall election.

The money would come from SGI’s Rate Stabilization Reserve (RSR), a fund that acts as a cushion to prevent big hikes to insurance rates in response to unforeseen events.

In a pre-campaign announcement Thursday morning in Regina, Meili said that fund has grown beyond what is necessary, sitting $117 million above the Crown corporation’s target.

He said it’s only fair to return money that has been overpaid, especially at a time when many are struggling financially.

“There’s money sitting there that, right now, people could use and it’s not going to a good use right now and it could be back in the pockets of ordinary people. That’s where we think it belongs,” Meili said.

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“Helping people have — through this program and many others — enough money to actually make ends meet, this is what our first priority should be right now. That’s what putting people first really looks like.”

In a statement, the Saskatchewan Party government responded, calling the NDP plan an “election slush fund that would plunge Saskatchewan almost $400 million further into deficit over the next four years.”

Breaking down that figure, the statement said the reduction in premiums would result in a $70-million loss of revenue each year, costing $280 million over four years.

The rebates would lead to a one-time, $115-million reduction to the RSR.