Thank you, Mr. Speaker. Mr. Speaker, my questions today are for the Minister of Finance. Is the Minister familiar with how many insurance companies that provide coverage in the NWT are increasing their property insurance rates beyond regular average increases prior to the 2023 wildfire season? Thank you, Mr. Speaker.
Thank you, Member from Great Slave. Minister of Finance.
Thank you, Mr. Speaker. Mr. Speaker, I can say that to my information there's 150 individual insurers that are licensed under the Insurance Act. As for what each or every one of them may or may not be doing with increasing rates, I don't have that information. The Insurance Act gives me the ability -- or gives the department the ability to regulate but not necessarily to control the commercial side of what these organizations do. That said, Mr. Speaker, we are, as a government, a member of a number of different groups across Canada, and rates are rising across the country so can certainly say that that does appear to accord with what we are hearing as well. Thank you.
Thank you, Mr. Speaker. I guess the Minister has kind of predicted what I want to ask next. But are there any policy or legislative labours at our disposal to lessen increases whatsoever across the board in the GNWT, not just in her purview? Thank you.
Thank you, Mr. Speaker. And no, unfortunately, there's not. Again, we are the regulating body that ensures about the provision of insurance and how -- you know, how the behaviour of the insurance companies or the brokers might be but not a control over their commercial market and what the commercial market might be doing to prices. That said, Mr. Speaker, we do set the rate for the cost of having your insurance. I mean, there's a tax that's levied on insurance companies. We have kept that rate low. We have a 1 percent only for fire insurance, and we've kept ours at 3 percent on the main premium which is lower than Yukon or Alberta. So doing -- that's a small drop in the bucket, though, to be honest, Mr. Speaker. We have also, in the last couple of years, looked at taking on some of the schools into the GNWT's package which helps them manage their insurance rates. But in terms of residential insurance or small businesses, there's not levers in our hands. Thank you, Mr. Speaker.
Thank you, Minister for Finance. Final supplementary. Member from Great Slave.
Thank you, Mr. Speaker. Well, good news, the Standing Committee on Government Operations is scheduled to review amendments to this act in the life of this Assembly. Is the Minister willing to review if there could be amendments to this act or speak with her colleague at MACA to consider consumer protections going forward? Thank you, Mr. Speaker.
Thank you, Mr. Speaker. Mr. Speaker, it's early days to know what may or may not be in the review of a piece of legislation and, of course, always happy to consider amendments. I can say that we are members of the Canadian insurance services regulatory organization, meaning the Canadian Council of Insurance Regulators and the General Insurance Statistical Agency. I mention all of those because as this process moves forward, I'll certainly look for the opportunity to see if there's any best practices happening. Again, cost increases are happening everywhere, and it's an issue that's coming up, so if there's opportunity to learn from others or to utilize other practices, I'd be happy to share that information and to put it forward. Thank you.
Thank you, Minister of Finance. Oral questions. Member from Frame Lake.
