WHEREAS, the application was forwarded to the Board’s Actuarial Consultants for review and report as to the adequacy of those rates not in accordance with the 2001 benchmark rate ranges, and

 

WHEREAS, on May 17, 2001, the Applicant submitted revisions to the filing to address certain concerns of the Board’s Actuarial Consultants regarding the rate level changes indicated and supported by the filing information, and

 

WHEREAS, on May 24, 2001, the Board’s Actuarial Consultants issued their report on the adequacy of the rates submitted in the filing, and

 

                                WHEREAS, after examination and analysis of the revised proposed rating program and after consideration of the Board’s Actuarial Consultants report on the filing and advice of Board staff, the Board finds that the filing, as revised on May 17, 2001 should be approved.

 

IT IS THEREFORE ORDERED THAT:

 

 

1.         Board Order No. A.I. 31 (2000-2001) be and it is hereby rescinded

 

2.         Approval be and it is hereby granted Coseco 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	$ 928	$ 497	$ 377
Collision	198	227	251
Comprehensive	121	85	106
Specified Perils	50	28	28
Accident Benefits	81	60	60
Uninsured Motorist	20	10	7

 

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%	Third Party Liability, and Collision Classes 01, 02, 03, and 07, only
ii.	age	10%	Third Party Liability, Collision, Comprehensive, Specified Perils and Accident Benefits
iii.	Package	10%	Third Party Liability, Collision, Comprehensive, Specified Perils and Accident Benefits Classes 01, 02, 03, and 07 Driving Records 5, 6, 7 and 8
iv.	anti-starter theft device	15%	Comprehensive, and Specified Perils
v.	claims-free	15%	Third Party Liability, Collision, Comprehensive Specified Perils Classes 01, 02, 03, 07, 12, 13, and 19

                                                                                               

 

 

4.         These rates shall be effective August 1, 2001 for new business and 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