IN THE MATTER OF THE AUTOMOBILE
INSURANCE ACT, CHAPTER A - 22,
R.S.N. 1990
AND
IN THE MATTER OF AN APPLICATION BY
Unifund
Assurance
TO IMPLEMENT REVISED RATES FOR ITS
PRIVATE PASSENGER CLASS OF BUSINESS.
WHEREAS,
by application received May 14, 2001, Unifund Assurance 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 2001 Benchmarks and should be approved as
filed.
IT
IS THEREFORE ORDERED THAT:
1. Order No. A.I. 18 (1998-99) be and it is hereby rescinded.
2.
Approval be and it is hereby granted Unifund Assurance 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 |
$ 998 |
$ 571 |
$ 423 |
|
Collision |
272 |
288 |
331 |
|
Comprehensive |
155 |
115 |
147 |
|
Specified
Perils |
63 |
34 |
32 |
|
Accident
Benefits |
90 |
90 |
90 |
|
Uninsured
Motorist |
20 |
11 |
8 |
|
All
Perils |
393 |
378 |
446 |
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. |
qualified –
employment/education |
5% |
third party liability, collision specified perils, comprehensive accident benefits |
|
ii. |
plus – all mature drivers |
5% |
third party liability, collision specified perils, comprehensive accident benefits |
|
iii. |
short commute/low mileage |
5% |
third party liability, collision specified perils, comprehensive accident benefits |
|
iv. |
tee-totaller |
5% |
third party liability, collision specified perils, comprehensive accident benefits |
|
v. |
long term/ no claims |
10% |
third party liability, collision specified perils, comprehensive accident benefits |
|
vi. |
reliable account payment |
5% |
third party liability, collision specified perils, comprehensive accident benefits |
|
vii. |
select:
to
age 49 - age
50 and over - class
05/06 - |
8% 12% 5% |
third party liability, collision, specified
perils, comprehensive, accident benefits |
|
viii. |
more vehicles than operators |
50% |
third party liability, collision |
|
ix. |
student |
50% |
third party liability, collision |
|
x. |
basic accident forgiveness |
9% |
third party liability, collision |
4.
The following surcharges are approved for use
subject to the criteria set out in the company’s underwriting manual:
|
i. |
high mileage |
5% |
|
|
ii. |
high number of drivers |
5% |
|
|
iii. |
new drivers |
5% |
|
5. These
rates shall be effective June 1, 2001for 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