A.I. 65 (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
PRICEWATERHOUSE COOPERS
ON BEHALF OF
CUMIS GENERAL INSURANCE COMPANY
TO IMPLEMENT REVISED RATES FOR ITS
PRIVATE PASSENGER CLASS OF BUSINESS.
WHEREAS,
by application received July 31, 2001, PricewaterhouseCoopers
on behalf of
CUMIS General 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 Benchmarks and should be approved as filed.
IT
IS THEREFORE ORDERED THAT:
1.
Order No. A.I. 11 (1999-2000) be and
it is hereby rescinded.
2.
Approval be and it is hereby granted
Cumis General 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 |
$ 885 |
$ 490 |
$ 355 |
|
Collision |
223 |
271 |
275 |
|
Comprehensive |
130 |
104 |
125 |
|
Specified Perils |
36 |
20 |
18 |
|
Accident Benefits |
53 |
53 |
53 |
|
Uninsured Motorist |
19 |
10 |
7 |
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 |
10% |
Third Party Liability, and
Collision Classes 01, 02, 03, and 07, only |
|
ii. |
age |
10% |
Third Party Liability, Collision, Comprehensive,
and Accident Benefits |
|
iii. |
short-commute |
5% |
Third
Party Liability, Collision, and Accident Benefits |
|
iv. |
anti-starter
theft device |
15% |
Comprehensive,
and Specified Perils |
|
v. |
claims-free |
15% |
Third Party Liability, Collision, Comprehensive Specified Perils Classes
01, 02, 03, 07, 10, 11, and 12 |
|
vi. |
student,
away from home |
40% |
Third Party Liability, Collision, Classes
05, & 06, only |
4.
These rates shall be effective
October 1, 2001 for new business and December 1, 2001 for renewals.
5.
Cumis General Insurance Company,
upon issuance of the 2002 Filing Instructions by the Board, shall submit a
revised private passenger rate filing in accordance with those instructions.
Dated
at St. John's, Newfoundland, this 20th day of September, 2001.
Darlene Whalen,
P.Eng.
Vice-Chairperson
Cheryl Blundon
Board Secretary