A.I. 34 (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

Co-operators General Insurance Company

TO IMPLEMENT REVISED RATES FOR ITS

PRIVATE PASSENGER CLASS OF BUSINESS.

 

 

 

 

WHEREAS, by application received February 22, 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         Order No. A.I. 22 (2000-2001) be and it is hereby rescinded.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

$ 909.38

$ 456.70

$ 329.92

Collision

226.87

269.28

273.52

Comprehensive

130.08

104.68

124.44

Specified Perils

31.44

18.03

16.88

Accident Benefits

92.64

53.02

52.92

Uninsured Motorist

20.00

20.00

20.00

All Perils

336.14

357.21

378.05

 

 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 April 23, 2001 for new business and May 29, 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

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