A.I. 69
(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
Co-operators
General Insurance Company
TO IMPLEMENT REVISED RATES FOR ITS
PRIVATE PASSENGER CLASS OF BUSINESS.
WHEREAS,
by application received September 28, 2001, Co-operators General 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 Benchmarks and should be approved as filed.
IT
IS THEREFORE ORDERED THAT:
1. Order No. A.I. 67 (2001-2002) be and it is hereby rescinded.
2.
Approval be and it is hereby granted Co-operators General
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 |
$ 959.40 |
$ 475.88 |
$ 329.92 |
|
Collision |
230.54 |
271.30 |
275.90 |
|
Comprehensive |
124.96 |
100.49 |
119.45 |
|
Specified
Perils |
30.18 |
17.32 |
16.18 |
|
Accident
Benefits |
124.00 |
62.00 |
52.92 |
|
Uninsured
Motorist |
20.00 |
20.00 |
20.00 |
|
All
Perils |
335.51 |
355.71 |
376.24 |
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. |
preferred
plus |
20% |
All coverages, at Driving Record 7 |
|
ii. |
select
plus |
10% |
All coverages, at Driving Record 6 |
|
iii. |
multi
vehicle |
10% |
Third party liability & collision |
|
iv. |
mature driver |
5% |
Third party liability & collision |
|
v. |
multi product |
10% |
All coverages |
|
vi. |
renewal, claims free |
5% |
All Section C coverages |
4.
The following surcharge is approved for use
subject to the criteria set out in the company’s underwriting manual:
|
accident
surcharge |
30% |
Third
party liability, collision |
5.
These rates shall be effective January 7, 2002 for new business and February 12, 2002 for renewals.
6.
Co-operators
General Insurance Company, 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 24th day of October, 2001.
Robert Noseworthy
Chairperson & Chief Executive Officer
Darlene Whalen,
P.Eng.
Vice-Chairperson
G. Cheryl Blundon,
Board Secretary