A.I. 64 (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
Scottish & York Insurance Company Ltd.
FOR APPROVAL OF A REVISED RATING PROGRAM
FOR ITS PRIVATE PASSENGER CLASS OF BUSINESS
WHEREAS by
application received August 28, 2001, Scottish & York Insurance Company
Ltd. applied to the Board for approval to implement a revised rating program
for its Private Passenger class of business, and
WHEREAS upon preliminary
review by Board staff, it was determined
that a number of the proposed or
adjusted proposed base rates did not conform with the 2001 benchmark rate
ranges of acceptable rates, and
WHEREAS, the applicant
has submitted actuarial analysis in support of the establishment of rates which
do not conform with the benchmark rate ranges of acceptable rates, and
WHEREAS, the
Board, after due examination and analysis of the proposed rating program, finds
that it should be approved as filed.
IT IS THEREFORE ORDERED
THAT:
1. Board Order No. A.I. 18 (2001-2002) be and is hereby
rescinded.
2. The following base rates
are hereby approved for use by the company:
|
Private Passenger |
|||
|
Territory |
1 |
2 |
3 |
|
Third Party |
$ 1005.22 |
$ 549.61 |
$ 382.53 |
|
Collision |
207.65 |
247.85 |
245.07 |
|
Comprehensive |
134.33 |
107.15 |
128.29 |
|
Specified Perils |
45.44 |
24.91 |
22.39 |
|
Accident Benefits |
57.00 |
51.00 |
51.00 |
|
Uninsured Motorist |
21.00 |
10.00 |
8.00 |
|
All Perils |
294.29 |
316.96 |
327.81 |
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, collision, accident
benefits, & uninsured auto |
|
ii. |
mature driver |
10% |
third party liability, collision,
comprehensive, accident benefits, specified perils, & uninsured auto |
|
iii. |
package |
10% |
third party liability, collision,
comprehensive, accident benefits, & specified perils |
|
iv. |
short commute |
10%
- Class 02 |
third party liability, accident benefits,
uninsured auto, & collision |
|
v. |
student |
50% |
third party liability & collision |
|
vi. |
preferred driver |
10%
|
third party liability, collision,
comprehensive, specified perils, all perils, uninsured motorist, &
accident benefits |
4. These rates shall be effective from October 1, 2001 for new business, and December 1, 2001 for renewals.
5. Scottish & York
Insurance Company Ltd., upon issuance of the 2002 Filing Instructions by the
Board, shall submit a revised private passenger rate filing in accordance with
those instructions.
Dated at St. John's, Newfoundland, this 20th day of September, 2001.
Darlene Whalen,
P.Eng.
Vice-Chairperson
|
Cheryl
Blundon |