Security National receives approval to set Nova Scotia motorcycle, trailer rates with reference to IAO 2006 rates

Security National Insurance Company has received the blessing of the Nova Scotia Utility and Rate Review Board to align its rates for motorcycles and trailers using the 2006 rate analysis of the Insurers Advisory Organization (IAO).
Security National plans to combine the IAO rates with those of its sister companies, including Primmum Insurance Company, to harmonize its rates across its three companies (owned by Meloche Monnex Inc.)
“Security indicated in its responses to [the review board] that the company is actively pursuing this [motorcycle and trailer] business [in Nova Scotia], but the present number of policies is too small to produce a meaningful actuarial analysis,” the review board said in its ruling, which gave Security National the go-ahead to proceed.
“Because the number of policies is small, the company advised that it felt prudent to defer to the industry analysis performed by [the IAO]. The IAO rates that are used by the company are those as at Jan. 1, 2006. IAO has not provided the board with a more recent analysis.”
Security National told the board it would not seek to move immediately to the IAO premium level. Instead it would “make incremental movements to avoid significant dislocation to its clients.”