Manitoba Public Insurance (MPI) is set to give back $110 million to policy holders.
Rebates will be based on what policy holders paid in 2019 and it is expected to equal about 11 per cent. On average policy holders will receive between $140 and $160 for each insured vehicle.
Manitobans can expect to see their rebate in late May or early June.
MPI say that the rebate is a result of fewer claims during the COVID-19 pandemic as well as a strong year-end financial result for the crown corporation.
MPI operates on a break-even basis and is required by legislation to maintain certain reserve levels. Currently MPI reserves are exceptionally strong which allows the rebate to ratepayers as well as ensure the reserve is fully funded.
MPI says that although $50 million can be returned without oversight approval the Public Utilities Board (PUB) will need to approve the other $60 million announced today before it can be returned to ratepayers.
© News4.ca 2020
