A.I. 12 (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
RBC Insurance
TO IMPLEMENT REVISED RATES FOR ITS
PRIVATE PASSENGER
CLASS OF BUSINESS
WHEREAS, by
application received March 27, 2001, RBC Insurance 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.
Approval be and it is hereby granted RBC Insurance for
the implementation of a revised rating program for its Private Passenger class
of business with base rates as follows:
|
|
Private
Passenger |
||||
|
Territory |
1 |
2 |
3 |
|
|
|
Third
Party |
$
880.00 |
$
442.00 |
$
317.00 |
|
|
|
Collision |
200.00 |
213.00 |
217.00 |
|
|
|
Comprehensive |
114.00 |
92.00 |
109.00 |
|
|
|
Specified
Perils |
36.00 |
24.00 |
19.00 |
|
|
|
Accident
Benefits |
56.00 |
56.00 |
55.00 |
|
|
|
Uninsured
Motorists |
21.00 |
21.00 |
8.00 |
|
|
|
All
Perils |
314.37 |
304.93 |
326.27 |
|
|
and differentials as submitted with
this filing.
2.
The
following discounts are approved for use subject to the eligibility criteria
set out in the company’s underwriting manual:
|
i. |
multi-vehicle |
15% |
third party liability, collision, uninsured
motorists, & accident
benefits |
|
ii. |
mature-driver |
10% |
all coverages,
excluding endorsements |
|
iii. |
combined |
5% |
all coverages,
excluding endorsements |
|
iv. |
anti-theft |
10% |
comprehensive & specified
perils |
|
v. |
short-commute |
5% |
third party
liability, & collision |
|
vi. |
farmers’ |
25% |
all coverages |
3.
Thesese
rates shall be effective from June 1, 2001 for new business and July 1, 2001
for renewals.
Dated
at St. John's, Newfoundland, this 1st
day of May, 2001.
Robert Noseworthy
Chairperson & Chief Executive
Officer
Darlene Whalen, P.Eng.
Vice-Chairperson
G. Cheryl Blundon,
Board Secretary