IN THE MATTER OF THE AUTOMOBILE
INSURANCE ACT, CHAPTER A - 22,
R.S.N. 1990
AND
IN THE MATTER OF AN APPLICATION BY
Lloyd’s
Underwriters
TO IMPLEMENT REVISED RATES FOR ITS
PRIVATE PASSENGER CLASS OF BUSINESS.
WHEREAS,
by application received March 27, 2000, Lloyd’s Underwriters applied
to the Board for approval to implement a revised rating program for its Private
Passenger class of business, and
WHEREAS,
the Board, after due examination and analysis of the proposed rating program,
finds that it conforms with the Benchmarks and should be approved as filed.
IT
IS THEREFORE ORDERED THAT:
1. Order No. A.I. 43 (1998-99) be and it is hereby rescinded.
2.
Approval be and it is hereby granted Lloyd’s Underwriters for the implementation of a revised rating program for its Private
Passenger class of business with base rates as follows:
|
Territory |
1 |
2 |
3 |
|
||||||
|
Third
Party |
$ 775 |
$ 412 |
$ 277 |
|
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|
Collision |
204 |
204 |
208 |
|
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|
Comprehensive |
116 |
82 |
96 |
|
||||||
|
Specified
Perils |
46 |
24 |
23 |
|
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|
Accident
Benefits |
53 |
53 |
53 |
|
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|
Uninsured
Motorist |
19 |
12 |
11 |
|
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|
|
|
|
|
|
|
|
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and differentials as submitted
with this filing.
3. The following discounts are approved
for use subject to the eligibility criteria set out in the company=s underwriting manual:
|
i. merit |
10% |
third party liability, collision, comprehensive,
accident benefits, and specified perils |
|
ii. renewal |
5% |
third party liability, collision, comprehensive,
accident benefits, and specified perils |
|
iii. mature |
10% |
third party liability, collision, comprehensive
and specified perils |
|
iv. multi vehicle |
10% |
third party liability, collision, comprehensive,
accident benefits, and specified perils |
4.
These rates shall be effective July 1, 2000 for new business and renewals.
Dated at St. John's,
Newfoundland, this 6th day of April, 2000.
David A. Vardy,
Chairperson
Cheryl Blundon,
Board Secretary