A.I. 28 (2001-2002)
IN
THE MATTER OF THE AUTOMOBILE
INSURANCE
ACT, CHAPTER A - 22,
R.
S. N. 1990.
AND
IN
THE MATTER OF AN APPLICATION BY
The Economical Insurance Group, on behalf of
Economical Mutual Insurance Company
TO
IMPLEMENT REVISED RATES FOR ITS
COMMERCIAL
CLASS OF BUSINESS.
WHEREAS by application
received April 19, 2001, The Economical Insurance Group, on behalf of
Economical Mutual Insurance Company, applied to the Board for approval to
implement a revised rating program for its Commercial class of business, and
WHEREAS, the Board, after due examination and analysis
of the proposed rating program, finds that it conforms with the 2001 Benchmarks
and should be approved as filed.
IT IS THEREFORE ORDERED THAT:
1.
Order
No. A.I. 16 (2000-2001) be and it is
hereby rescinded.
2.
Approval
be and it is hereby granted Economical Mutual Insurance Company for the implementation
of a revised rating program for its Commercial class of business with base
rates as follows:
|
|
All Territories |
|
Third Party Liability |
$ 584.00 |
|
Collision |
179.00 |
|
Comprehensive |
115.00 |
|
Specified Perils |
46.00 |
|
Accident Benefits |
16.00 |
|
Uninsured Motorist |
5.00 |
|
All Perils |
257.00 |
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. |
extra vehicle |
15% |
third party liability, collision, collision portion of all perils, and accident benefits |
|
ii. |
anti theft manual system - automatic system - |
5% 10% |
comprehensive, specified perils, comprehensive portion of all perils |
4. These rates shall be effective from June 1, 2001 for new business and July 1, 2001 for renewals.
Dated
at St. John's, Newfoundland, this 16th day of May, 2001.
Robert Noseworthy
Chairperson &
Chief Executive Officer
Darlene Whalen,
P.Eng.
Vice-Chairperson
Barbara Thistle
Assistant Board Secretary