A.I. 33 (2000-2001)
IN THE MATTER OF THE AUTOMOBILE
INSURANCE ACT, CHAPTER A - 22,
R.S.N. 1990
AND
IN THE MATTER OF AN APPLICATION BY
ING Novex Insurance Company of
Canada
TO IMPLEMENT REVISED RATES FOR ITS
PRIVATE PASSENGER CLASS OF BUSINESS.
WHEREAS, by application received February 23, 2001, ING Novex 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 Benchmarks and should be
approved as filed.
IT
IS THEREFORE ORDERED THAT:
1. Order
No. A.I. 45 (1998-99) be and it is
hereby rescinded.
2. Approval be and it is
hereby granted ING Novex Insurance
Company of Canada
for the implementation of a revised rating program for its Private Passenger class of business with base rates as follows:
|
Territory |
1 |
2 |
3 |
|
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|
Third Party |
$ 830.00 |
$ 457.00 |
$ 331.00 |
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|
Collision |
211.00 |
248.00 |
252.00 |
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|
Comprehensive |
111.00 |
89.00 |
107.00 |
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|
Specified Perils |
32.00 |
18.00 |
17.00 |
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|
Accident Benefits |
58.00 |
58.00 |
58.00 |
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|
Uninsured Motorist |
19.00 |
19.00 |
19.00 |
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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 |
12 % |
third party liability, collision and accident benefits classes 01, 02, 03, 07, 08, 09, 13, 18 and 19, only |
|
ii. |
farmers |
40% |
third party liability, collision, comprehensive,
specified perils, and all perils classes
03, 08, 09, 18, and 19, only |
|
iii. |
account
|
5% |
third party liability, collision, comprehensive,
specified perils, accident benefits, and uninsured motorists |
|
iv. |
student
away at university |
50% |
third party liability, and collision class
06 |
|
v. |
electronic
data interchange |
5% |
third party liability, collision, comprehensive,
specified perils, accident benefits, and all perils classes
01, 02, 03, and 07, only |
|
vi. |
short
commute |
5% |
third party liability, collision, and accident benefits, |
|
vii |
age |
5%
- 15% |
third party liability, collision, comprehensive,
specified perils, accident benefits, and all perils classes
01, 02, 03, and 07, only |
4. These rates shall be effective April 15, 2001 for new business and June 1, 2001 for renewals.
Dated
at St. John's, Newfoundland, this 28th day of March, 2001.
Robert Noseworthy
Chairperson &
Chief Executive Officer
Darlene Whalen,
P.Eng.
Vice-Chairperson
G. Cheryl Blundon,
Board Secretary