Decisions and Approvals
Decisions are issued further to a hearing. A hearing of the Board is only required in specific circumstances. Pursuant to the Insurance Act:
267.51(1)An insurer shall appear before the Board where the insurer
(a) files rates more than twice in a period of 12 months, or
(b) files rates where the average rate increase is more than 3% greater than the rates charged by it in the 12 months before the date on which it proposes to begin to charge the rates.
Approvals are issued but not published for all other filings that are reviewed by the Board but do not require a hearing.
Quarterly Decisions and Approvals for Private Passenger Vehicles
| Company Name | Decision or Approval | Release Date | Approved Average Rate Change | Effective New Business Date | Effective Renewal Business Date |
|---|---|---|---|---|---|
| Allstate Insurance Company of Canada | Approval | August 31, 2021 | 3.00% | September 02, 2021 | November 01, 2021 |
| Pembridge Insurance Company | Approval | August 31, 2021 | 2.96% | September 02, 2021 | November 01, 2021 |
| CUMIS General Insurance Company | Approval | August 17, 2021 | 2.92% | October 01, 2021 | October 01, 2021 |
| Pafco Insurance Company | Approval | July 21, 2021 | 3.00% | September 02, 2021 | November 01, 2021 |
| Company Name | Decision or Approval | Release Date | Approved Average Rate Change | Effective New Business Date | Effective Renewal Business Date |
|---|---|---|---|---|---|
| Promutuel de l'Estuaire | Approval | June 29, 2021 | 2.01% | October 15, 2021 | October 15, 2021 |
| Certas Home and Auto Insurance Company | Approval | June 03, 2021 | 2.99% | September 10, 2021 | November 09, 2021 |
| Personal Insurance Company, The | Approval | June 03, 2021 | 2.99% | September 10, 2021 | November 09, 2021 |
| Echelon General Insurance Company | Approval | June 02, 2021 | 0.00% | August 15, 2021 | August 15, 2021 |
| Insurance Company of Prince Edward Island | Approval | May 28, 2021 | 0.00% | September 01, 2021 | September 01, 2021 |
| Sovereign General Insurance Company, The | Decision | April 22, 2021 | 6.03% | June 14, 2021 | July 14, 2021 |
| Company Name | Decision or Approval | Release Date | Approved Average Rate Change | Effective New Business Date | Effective Renewal Business Date |
|---|---|---|---|---|---|
| CAA Insurance Company (Ontario) | Approval | March 23, 2021 | 3.00% | May 01, 2021 | June 15, 2021 |
| Dominion of Canada General Insurance Company, The | Approval | March 17, 2021 | 3.00% | May 18, 2021 | June 20, 2021 |
| Economical Mutual Insurance Company | Approval | March 17, 2021 | 2.97% | April 01, 2021 | June 05, 2021 |
| Royal and Sun Alliance Insurance Company of Canada | Approval | March 11, 2021 | 0.00% | June 01, 2021 | July 01, 2021 |
| Unifund Assurance Company | Approval | March 11, 2021 | 3.00% | April 01, 2021 | May 01, 2021 |
| United General Insurance Corporation | Decision | February 17, 2021 | 6.94% | December 01, 2020 | December 01, 2020 |
| Liberty Insurance Company of Canada | Approval | January 29, 2021 | 3.00% | February 01, 2021 | February 01, 2021 |
| XL Insurance Company Limited | Approval | January 29, 2021 | 0.00% | April 01, 2021 | April 01, 2021 |
| Hartford Fire Insurance Company | Approval | January 13, 2021 | 0.00% | February 01, 2021 | February 01, 2021 |
| CHUBB Insurance Company of Canada | Approval | January 06, 2021 | 3.00% | February 01, 2021 | February 01, 2021 |
| Trafalgar Insurance Company of Canada | Approval | January 06, 2021 | -0.65% | March 07, 2021 | April 07, 2021 |
| Continental Casualty Company | Approval | January 05, 2021 | 3.00% | January 01, 2021 | January 01, 2021 |
| Company Name | Decision or Approval | Release Date | Approved Average Rate Change | Effective New Business Date | Effective Renewal Business Date |
|---|---|---|---|---|---|
| Intact Insurance Company | Decision | December 22, 2020 | 4.57% | March 07, 2021 | April 07, 2021 |
| Primmum Insurance Company | Decision | November 24, 2020 | 20.85% | February 22, 2021 | March 22, 2021 |
| Security National Insurance Company | Decision | November 24, 2020 | 16.27% | February 22, 2021 | March 22, 2021 |
| TD Home and Auto Insurance Company | Decision | November 24, 2020 | 16.62% | February 22, 2021 | March 22, 2021 |
| Facility Association | Decision | October 27, 2020 | 13.50% | March 01, 2021 | March 01, 2021 |
| IAO Actuarial Consulting Services Inc. | Approval | October 16, 2020 | 3.00% | November 01, 2020 | November 01, 2020 |
[1] - This Insurer is adopting the most recently approved IAO rates. IAO Actuarial Consulting Services Inc. (IAO) is an organization that develops automobile insurance rates for the insurance industry. As such, IAO does not write any insurance policies, but develops rates for private passenger, commercial, miscellaneous and interurban vehicles. At the request of the Board, those rates are submitted for approval. Once approved by the NBIB, insurance companies with smaller lines of business or new entrants to the market may adopt IAO rates for their own use. Typically, these smaller companies do not have enough experience data to develop rates per the Board’s filing guidelines.
See Annual Reports for previous decisions and approvals
Quarterly reports will be released 45 days following the end of the quarter.