A.I. 27 (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

Economical Mutual Group on behalf of

Federation Insurance Company of Canada

TO IMPLEMENT REVISED RATES FOR

ITS PRIVATE PASSENGER

AND COMMERCIAL CLASSES OF BUSINESS

 

 

 

 

WHEREAS, by application received April 4, 2001, Economical Mutual Group on behalf of Federation Insurance Company of Canada  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 programs, finds that they conform with the 2001 Benchmarks and should be approved as filed.

 

 

IT IS THEREFORE ORDERED THAT:

 

1.                  Orders No. A.I. 30  (1998-99) and A.I. 31 (1998-99) be and they are hereby rescinded. 

 

2.                  Approval be and it is hereby granted Federation Insurance Company of Canada 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

 

All

 

 

Third Party

 

$ 752

 

$ 416

 

$ 301

 

$ 531

 

Collision

$ 193

$ 235

$ 238

$ 179

 

Comprehensive

$ 113

$   91

$ 109

$ 115

 

Specified Perils

$   33

$   18

$   17

$   46

 

Accident Benefits

$   49

$   49

$   49

$   16

 

Uninsured Motorists

$   19

$   10

$     7

$     5

 

All Perils

$ 287

$ 311

$ 329

$ 257

 

 

and differentials as submitted with this filing.

3.      The following discounts are approved for use with the company’s private passenger rating program:

 

i.

multi-vehicle

10%

third party liability, collision, and all perils

classes 01, 02, 03, and 07, only

 

ii.

age

10%

third party liability, collision, all perils, and comprehensive

 

iii.

farmer

25%

 

40%

 

third party liability

 

collision, comprehensive, specified perils, and all perils

classes 03, 08,  and 09

 

iv.

renewal

5%

third party liability, collision, comprehensive, and all perils

 

v.

unison

5%

 

third party liability, collision, comprehensive, and all perils

 

                                                                             

4.      These rates shall be effective from 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        


 

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