IN THE MATTER OF THE AUTOMOBILE
INSURANCE ACT, CHAPTER A - 22,
R.S.N. 1990
AND
IN THE MATTER OF AN APPLICATION BY
Meloche
Monnex on behalf of
Security
National Insurance Company
TO IMPLEMENT REVISED RATES FOR ITS
PRIVATE PASSENGER CLASS OF BUSINESS.
WHEREAS,
by application received May 3, 2001, Meloche Monnex on behalf of Security
National 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 Order No. A.I. 48 (1998-99) be and it is hereby rescinded.
2.
Approval be and it is hereby granted Security National 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 |
$ 990 |
$ 471 |
$ 332 |
|
Collision |
214 |
253 |
257 |
|
Comprehensive |
125 |
100 |
119 |
|
Specified
Perils |
44 |
35 |
42 |
|
Accident
Benefits |
52 |
52 |
52 |
|
Uninsured
Motorist |
20 |
11 |
7 |
|
All
Perils |
339 |
353 |
376 |
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 |
5% |
third party liability, collision comprehensive, all perils, & specified perils |
|
ii.
|
more vehicles than drivers |
7.5% |
third party liability, collision, comprehensive, all perils, & specified perils |
|
iii.
|
student, away from home |
50% |
third party liability, collision, & collision portion of all perils |
|
iv.
|
multi-line |
5% |
third party liability, collision comprehensive, specified perils, uninsured automobile, accident, benefits, &
all perils |
|
v. |
accident-free |
5% |
third party liability, collision, accident
benefits, & uninsured automobile |
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