WHEREAS the Applicant has submitted actuarial analysis in support of the establishment of rates which do not conform with the benchmark rate ranges of acceptable rates, and

 

WHEREAS the Board has submitted the filing to its actuaries for review and analysis and a report on the actuarial analysis submitted in support of the establishment of rates that do not conform with the benchmark rate ranges of acceptable rates, and

 

WHEREAS, on April 2, 2001, the Board received the report of its Actuarial Consultants on the filing which indicated that the proposed rate changes for third party liability were not actuarially supported in relation to the 2001 Benchmarks, and

 

WHEREAS, on April 12, 2001, the Applicant submitted revisions to the filing to address the issues of concern raised by the Board’s Consultants, and

 

WHEREAS, upon review of the amended filing by staff, the revised proposed rates and differentials appear reasonable, and

 

WHEREAS, after examination and analysis of the proposed rating program, and after consideration of the Actuarial Consultants' report on the filing, and the advice of Board staff, the Board finds that it should be approved as revised on April 12, 2001.  

 

IT IS THEREFORE ORDERED THAT:

 

1.   Board Order No.  A.I. 24 (2000-2001) be and it is hereby rescinded.

 

2.      Approval be and it is hereby granted The Dominion of Canada General Insurance Company 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	$ 741.33	$ 406.80	$ 285.97
Collision	204.47	214.40	233.37
Comprehensive	103.54	101.71	124.02
Specified Perils	40.99	23.85	23.91
Accident Benefits	78.74	62.99	62.99
Uninsured Motorist	24.23	15.14	12.11
All Perils	308.01	316.11	357.39

 

            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.	multi vehicle	10%
ii.	dual policy	5%
iii.	university student living away from home, returning on seasonal breaks only	50%
iv.	university student living away from home, returning on  weekends and seasonal breaks	25%

 

4.      These rates shall be effective June 1, 2001 for new business and July 15, 2001 for renewals.

 

 

Dated at St. John's, Newfoundland, this 1st day of  May, 2001.

 

 

                                                                 

Robert Noseworthy

Chairperson & Chief Executive Officer

 

 

 

                                                              

Darlene Whalen, P.Eng.

Vice-Chairperson

 

 

                                                           

G. Cheryl Blundon,

Board Secretary