A.I. 30 (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
Liberty
Mutual Insurance Company
and
Liberty Insurance Company of Canada
TO
IMPLEMENT REVISED RATES FOR THEIR
PRIVATE
PASSENGER AND MISCELLANEOUS CLASSES OF BUSINESS.
WHEREAS, by application, received April 2, 2001, Liberty Mutual Insurance Company and Liberty
Insurance Company of Canada applied to the Board for approval to implement
revised rating programs for their Private Passenger and Miscellaneous classes
of business, and
WHEREAS the Board, after due examination and analysis
of the proposed private passenger rating program, finds that it conforms 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. Order No. A.I. 21 (1998-99) be and it is hereby rescinded.
2. Approval be and it is hereby granted Liberty Mutual Insurance Company and Liberty Insurance Company of Canada for the implementation of a revised rating program for their Private Passenger class of business with base rates as follows:
|
Territory |
1 |
2 |
3 |
|
Third
Party Liability |
$
918 |
$
509 |
$
343 |
|
Collision |
240 |
295 |
281 |
|
Comprehensive |
119 |
97 |
112 |
|
Specified
Perils |
28 |
16 |
15 |
|
Accident
Benefits |
53 |
53 |
53 |
|
Uninsured
Motorist All
Perils |
21 270 |
11 293
|
8 310 |
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. |
Age |
10% |
third
party liability, collision, collision
portion of all perils |
|
ii. |
Preferred
Client |
15% |
third
party liability, collision, collision
portion of all perils |
|
iii. |
student,
away from home |
50% |
third
party liability, and collision |
|
iv. |
multi
vehicle |
10%
- youth & 15%
- others |
third party liability, collision, all perils, specified perils, accident
benefits, and uninsured motorists |
|
v. |
farmers |
20% |
third
party liability, and collision |
|
vi.
|
anti-theft
devices: - - anti theft alarm - active disabling device - passive disabling device |
5% 10% 15% |
comprehensive |
4. Approval be and it is
hereby granted Liberty Mutual Insurance Company
and Liberty Insurance Company of Canada for the implementation of a
revised rating program for their 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