A.I. 26 (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
CONTINENTAL
INSURANCE COMPANY AND
CONTINENTAL
CASUALTY COMPANY
TO IMPLEMENT REVISED RATES FOR ITS
PRIVATE PASSENGER, COMMERCIAL AND
MISCELLANEOUS CLASSES OF BUSINESS.
WHEREAS,
by application received May 2, 2001, Continental Insurance Company and Continental
Casualty Company applied to the Board for approval to implement
revised rating programs for their Private Passenger, Commercial and
Miscellaneous classes of business, and
WHEREAS,
the Board, after due examination and analysis of the proposed rating private
passenger and commercial programs, finds that they conform with the 2001
Benchmarks and should be approved as filed, and
WHEREAS,
the Board, after due examination and analysis of the proposed Miscellaneous
rating program finds that it should be approved as filed.
IT
IS THEREFORE ORDERED THAT:
1.
Board
Order No. A.I. 13 (2000-2001) be and it is hereby rescinded.
2. Approval be and it is hereby granted
Continental Insurance Company and Continental Casualty Company for the
implementation of revised rating programs for their Private Passenger and
Commercial classes of business with base rates as follows:
|
|
Private Passenger |
Commercial |
||
|
Territory |
1 |
2 |
3 |
All |
|
Third
Party |
$ 867.00 |
$ 457.00 |
$ 352.00 |
$ 649.00 |
|
Collision |
203.00 |
248.00 |
267.00 |
196.00 |
|
Comprehensive |
124.00 |
99.00 |
110.00 |
135.00 |
|
Specified
Perils |
36.00 |
20.00 |
19.00 |
70.00 |
|
Accident
Benefits |
106.00 |
106.00 |
106.00 |
29.00 |
|
Uninsured
Motorist |
19.00 |
19.00 |
19.00 |
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. multi
vehicle |
15% |
third party liability, accident benefits, & collision |
|
ii. mature driver |
10% |
all coverages |
4.
Approval
be and it is hereby granted Continental Insurance Company and Continental
Casualty Company for the implementation of a revised rating program for its
Miscellaneous class of business as submitted with the filing.
5. 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