A.I. 46 (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

Meloche Monnex on behalf of

Security National Insurance Company

TO IMPLEMENT REVISED RATES FOR ITS

PRIVATE PASSENGER CLASS OF BUSINESS.

 

 

 

WHEREAS, by application received May 3, 2001, Meloche Monnex on behalf of Security National Insurance Company 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         Order No. A.I. 48 (1998-99) be and it is hereby rescinded.

 

2.                  Approval be and it is hereby granted Security National 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

$ 990

$ 471

$ 332

Collision

214

253

257

Comprehensive

125

100

119

Specified Perils

44

35

42

Accident Benefits

52

52

52

Uninsured Motorist

20

11

7

All Perils

339

353

376

 

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

5%

third party liability, collision

comprehensive, all perils, &

specified perils

 

       ii.      

more vehicles than drivers

7.5%

third party liability, collision, 

comprehensive, all perils, &

specified perils

 

      iii.      

student, away from home

50%

third party liability, collision, &

collision portion of all perils

 

     iv.      

multi-line

5%

third party liability, collision

comprehensive, specified perils,

uninsured automobile, accident, benefits, & all perils

       v.      

accident-free

5%

third party liability, collision, accident benefits, & uninsured automobile

 

4.         These rates shall be effective 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        


 

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