A.I. 25 (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
Sovereign
General Insurance Company
TO IMPLEMENT REVISED RATES FOR ITS
PRIVATE PASSENGER AND
COMMERICAL CLASSES OF BUSINESS.
WHEREAS,
by application received April 6, 2001, Sovereign General 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 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 Order No. A.I. 17 (1999-2000) be and it is hereby rescinded.
2. Approval be and it is
hereby granted Sovereign
General 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 |
|
|
Third
Party Liability |
$ 854.00 |
$ 478.00 |
$ 358.00 |
$ 636.00 |
|
Collision |
212.00 |
238.00 |
272.00 |
180.00 |
|
Comprehensive |
133.00 |
106.00 |
129.00 |
124.00 |
|
Specified
Perils |
47.00 |
25.00 |
24.00 |
55.00 |
|
Accident
Benefits |
79.00 |
79.00 |
79.00 |
16.00 |
|
Uninsured
Motorist |
19.00 |
19.00 |
19.00 |
5.00 |
|
All
Perils |
336.00 |
335.00 |
362.00 |
251.00 |
and differentials as submitted with this filing.
3.
The
following Class 05 differentials are established for the company:
|
|
Territory 1 |
Territories
2 and 3 |
|
third party liability |
0.15 |
0.178 |
|
collision |
0.19 |
0.25 |
The company shall
implement Class 05 premiums on all policies having an underage-female
operator. Where systems’ constraints
make it impractical to permit computer-based rating of Class 05 premiums, the
company shall manually rate the policy.
4. The following discounts are approved
for use subject to the eligibility criteria set out in the company=s underwriting manual:
|
i. select |
7.4% 14% |
third party liability, collision, comprehensive,
specified perils accident benefits |
|
ii. all
perils |
5 % |
all perils |
|
iii. six
star |
10 % |
comprehensive |
5. These rates shall be
effective June
1, 2001 for new business and 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