June 15, 2011 by Canadian Underwriter
The New Brunswick Insurance Board has ordered The Dominion to change its 2010 private passenger rate filing application from a 0.49% increase to a 3.3% decrease, retroactive to Mar. 1, 2010 for new business and May 1, 2010 for renewal business.
The board held the rate hearing in April 2011 after a Court of Appeal decision kicked the board’s initial approval of a 0.49% rate increase – which would bump a $759 premium up slightly to $763 – back to the board for a review.
At its re-hearing in 2011, the board found The Dominion’s rate revision application supported a decrease of 1.28%. It further noted the company needed to include a correction of the GST rate and the inclusion of finance fee revenue, resulting in a total rate decrease of 3.3%
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