July 18, 2004 by Canadian Underwriter
Hoping to clarify its position with regard to the need for confidentiality in the rate filing process, The Co-operators has issued a press release on its Nova Scotia filing.
Co-operators vice president of personal lines Robert Wesseling says he is surprised that some people have suggested it is inappropriate to request keeping rate filings confidential. “In fact, we believe what would be inappropriate would be for us to release details of our rate application prior to its examination and finalization by the Nova Scotia Insurance Review Board,” he says. “We also believe rate applications should remain confidential for competitive reasons and to avoid any confusion for consumers until the review process is complete and rates are finalized.”
He did says the company has filed for a rate decrease for the coming year, on top of a 20% rate decrease already implemented in 2003.
He says the company is more than happy to advise clients of their new rates under Nova Scotia’s auto reforms, but stresses that the review board has the ultimate authority to make whatever decision it wants on the filing.