A.I. 33 (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

Zurich Insurance Company

TO IMPLEMENT REVISED RATES FOR

ITS PRIVATE PASSENGER

AND COMMERCIAL CLASSES OF BUSINESS

 

 

 

 

WHEREAS, by application received April 4, 2001, Zurich Insurance Company applied to the Board for approval to implement revised rating programs for its Private Passenger and Commercial classes of business, and 

 

WHEREAS, the Board, after due examination and analysis of the proposed rating programs, finds that they conform with the 2001 Benchmarks and should be approved as filed.

 

 

IT IS THEREFORE ORDERED THAT:

 

1.         Order No. A.I. 39  (1998-99) be and it is hereby rescinded. 

 

2.         Approval be and it is hereby granted Zurich Insurance Company for the implementation of revised rating programs for its Private Passenger and Commercial classes of business with base rates as follows:

 

 

 

                                 Private Passenger                   Commercial

 

Territory

 

1

 

2

 

3

 

All

 

 

Third Party

 

$900

 

$475

 

$380

 

$679

 

Collision

$222

$224

$274

$224

 

Comprehensive

$131

$104

$139

$131

 

Specified Perils

$47

$25

$24

$64

 

Accident Benefits

$117

$117

$117

$36

 

Uninsured Motorists

$43

$24

$19

$13

 

All Perils

$317

$319

$375

$321

 

 

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.

farmers

40% -

 

 

 

25% -

 

third party liability,

all perils (collision portion only), collision

 

specified perils and comprehensive

 

ii.

multi-vehicle

10%

third party liability,

all perils (collision portion only), collision and accident benefits

 

iii.

more vehicles than operators

75%

third party liability,

all perils (collision portion only), collision, and accident benefits

 

                                                                             

4.         These rates shall be effective from 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        


 

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