A.I. 50 (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
Pembridge
Insurance Company
TO CONTINUE USING
ITS CURRENT RATES FOR
PRIVATE PASSENGER
AND COMMERCIAL CLASSES OF BUSINESS
AND
CANCELLATION OF A.I. 39 (2001-2002)
WHEREAS, the
Board, on its own initiative, by Order No. A.I. 39 (2001-2002), dated May 16,
2001, set commercial and private passenger automobile insurance rating programs
with base rates set at the upper level of the benchmark range of rates for all
coverages, and
WHEREAS, by
correspondence received June 7, 2001, Pembridge Insurance Company requested
that it be allowed to continue its currently-approved rating program until it
can complete a rate review filing, and
WHEREAS a review of the rating programs previously in place indicated that they generally comply with the 2001 Benchmarks.
IT IS
THEREFORE ORDERED THAT:
1. Order
No. A.I. 39 (2001-2002) be and it is
hereby rescinded in its entirety.
2. Pembridge
Insurance Company shall submit to the Board, no later than June 27, 2001,
commercial and private passenger automobile insurance rating programs utilizing
the differentials and benchmark ranges as established by the 2001 Benchmarks.
Dated
at St. John's, Newfoundland, this 13th day of June, 2001.
Robert Noseworthy
Chairperson & Chief Executive
Officer
Darlene Whalen, P.Eng.
Vice-Chairperson
Barbara Thistle
Assistant Board Secretary