A.I. 72 (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
Lombard
Canada on behalf of
Lombard
Insurance Company,
Lombard
General Insurance Company of Canada, and
Tokio
Marine & Fire Insurance Company
TO IMPLEMENT REVISED RATES FOR ITS
PRIVATE PASSENGER CLASS OF BUSINESS.
WHEREAS,
by application received November 15, 2001, Lombard Canada on behalf of Lombard
Insurance Company, Lombard General Insurance Company of Canada and Tokio Marine
& Fire 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. 20 (2001-2002) be
and it is hereby rescinded.
2.
The following base rates are hereby approved
for use by the company:
|
Territory |
1 |
2 |
3 |
|
Third
Party |
$1134.82 |
$ 559.60 |
$ 405.13 |
|
Collision |
283.99 |
307.46 |
311.81 |
|
Comprehensive |
115.08 |
93.00 |
111.60 |
|
All
Perils |
376.92 |
382.56 |
401.93 |
|
Specified
Perils |
33.65 |
25.00 |
26.69 |
|
Accident
Benefits |
84.00 |
84.00 |
84.00 |
|
Uninsured
Motorist |
24.00 |
14.00 |
13.00 |
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. |
student, away-from-home |
50% |
class 05 or 06, third party liability & collision, |
|
ii. |
multi vehicle |
15% |
common coverages of third party liability,
collision, collision portion of all perils, accident benefits |
|
iii. |
mature driver: age
50 – 59 – age
60 – 70 - |
10% 15% |
all coverages |
|
iv. |
claims free |
5% |
all coverages |
|
v. |
loyalty |
3% 5% 10% |
minimum of 3 years insured with the company – all
coverages minimum of 5 years insured with the company – all
coverages 10 or more years insured with the company – all
coverages |
|
vi. |
personal choice |
10% |
all coverages |
|
vii. |
preferred risk |
5% |
third party liability, collision, collision
portion of all perils |
4. The rates established by
way of this Order are to be implemented on January 15, 2002 for
new business and February
15, 2002 for
renewals.
Dated at St. John's, Newfoundland, this 13th day of December, 2001.
Robert Noseworthy
Chairperson &
Chief Executive Officer
Darlene Whalen,
P.Eng.
Vice-Chairperson
Cheryl Blundon
Board Secretary