A.I. 58
(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
Economical
Insurance Group on behalf of
Federation
Insurance Company of Canada
TO IMPLEMENT REVISED RATES FOR
ITS PRIVATE PASSENGER
CLASS OF BUSINESS
WHEREAS,
by application received July 12, 2001, Economical Insurance Group on behalf of
Federation Insurance Company of Canada 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.
Orders No. A.I. 27 (2001-02) be and it is hereby
rescinded.
2.
Approval
be and it is hereby granted Federation Insurance Company of Canada for the
implementation of a revised rating program for its Private Passenger class of
business and continuation of its rating program for its Commercial class of
business as approved in A.I. 27 (2001-02) with base rates as follows:
|
|
Private Passenger
Commercial |
|||||
|
Territory |
1 |
2 |
3 |
All |
|
||
|
Third
Party |
$ 749 |
$ 405 |
$ 293 |
$ 531 |
|
||
|
Collision |
$ 185 |
$ 225 |
$ 228 |
$ 179 |
|
||
|
Comprehensive |
$ 107 |
$ 86 |
$ 103 |
$ 115 |
|
||
|
Specified
Perils |
$ 31 |
$ 17 |
$ 16 |
$ 46 |
|
||
|
Accident
Benefits |
$ 49 |
$ 49 |
$ 49 |
$ 16 |
|
||
|
Uninsured
Motorists |
$ 19 |
$ 10 |
$ 7 |
$ 5 |
|
||
|
All
Perils |
$ 267 |
$ 290 |
$ 306 |
$ 257 |
|
||
and differentials as
submitted with this filing.
3.
The
following discounts are approved for use with the company’s private passenger
rating program:
|
i. |
multi-vehicle |
10% |
Third Party Liability, Collision, and All Perils Classes 01, 02, 03, and 07, only |
|
ii. |
age |
5% |
Third Party Liability, Collision, All Perils and
Comprehensive |
|
iii. |
farmer |
25% 40% |
Third Party Liability Collision, Comprehensive, Specified Perils, and
All Perils Classes 03, 08,
and 09 |
|
iv. |
short commute |
21% 3.9% 8.2% 9.5% |
Third Party Liability - Territory 1 Third Party Liability - Territory 2 and 3 Collision – Territory 1 Collision – Territory 2 and 3 |
|
v. |
unison |
5% |
Third Party Liability, Collision, All Perils and
Comprehensive |
4. These rates shall be effective from August 15, 2001 for new business, and October 1, 2001 for renewals.
Dated at St. John's, Newfoundland, this 26th day of July, 2001.
Robert Noseworthy
Chairperson &
Chief Executive Officer
Darlene Whalen,
P.Eng.
Vice-Chairperson
Cheryl Blundon
Board Secretary