A.I. 31 (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
Elite Insurance Company
TO IMPLEMENT REVISED RATES FOR ITS
PRIVATE PASSENGER CLASS OF BUSINESS.
WHEREAS,
by application received April 2, 2001, Elite 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 2001 Benchmarks and should be approved as
filed.
IT
IS THEREFORE ORDERED THAT:
1. Order
No. A.I. 49 (1998-99) be and it is
hereby rescinded.
2. Approval
be and it is hereby granted Elite 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 |
$ 904.89 |
$ 493.59 |
$ 360.15 |
|
Collision |
206.96 |
235.89 |
234.96 |
|
Comprehensive |
109.45 |
87.15 |
116.55 |
|
Specified Perils |
43.71 |
23.19 |
22.30 |
|
Accident Benefits |
115.82 |
115.82 |
115.82 |
|
Uninsured Motorist |
43.00 |
24.00 |
19.00 |
|
All Perils |
290.14 |
302.12 |
323.54 |
and
differentials as submitted with this filing.
3. The following discount
is approved for use subject to the eligibility criteria set out in the
company’s underwriting manual:
multi-vehicle 10% third party liability,
collision,
collision portion of all perils, accident benefits and uninsured motorists
4. These
rates shall be effective June 1, 2001 for new business and July 1, 2001
for renewals.
Dated
at St. John's, Newfoundland, this 16th day of May, 2001.
Robert Noseworthy
Chairperson &
Chief Executive Officer
Darlene Whalen,
P.Eng.
Vice-Chairperson
Barbara Thistle
Assistant
Board Secretary