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                  Order No. A.I. 20 (2001-2002) be and it is hereby rescinded.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          


 

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