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 |
|---|---|---|---|---|---|
| CAA Insurance Company (Ontario) | Approval | March 17, 2022 | 2.98% | May 01, 2022 | June 15, 2022 |
| Economical Mutual Insurance Company | Approval | March 16, 2022 | 2.93% | April 01, 2022 | June 05, 2022 |
| Unifund Assurance Company | Approval | March 15, 2022 | 2.97% | May 22, 2022 | June 01, 2022 |
| Facility Association | Decision | March 04, 2022 | 10.80% | July 01, 2022 | July 01, 2022 |
| United General Insurance Corporation | Approval | March 03, 2022 | 2.92% | March 01, 2022 | March 01, 2022 |
| Scottish & York Insurance Company Limited | Approval | January 26, 2022 | 0.00% | February 01, 2022 | February 01, 2022 |
| Aviva General Insurance Company | Decision | January 20, 2022 | 8.59% | May 01, 2022 | May 01, 2022 |
| Aviva Insurance Company of Canada | Decision | January 20, 2022 | 10.64% | February 01, 2022 | February 01, 2022 |
| S&Y Insurance Company | Approval | January 20, 2022 | 0.00% | February 01, 2022 | February 01, 2022 |
| Traders General Insurance Company | Decision | January 20, 2022 | 7.01% | February 01, 2022 | February 01, 2022 |
| Company Name | Decision or Approval | Release Date | Approved Average Rate Change | Effective New Business Date | Effective Renewal Business Date |
|---|---|---|---|---|---|
| Intact Insurance Company | Approval | October 07, 2021 | 2.91% | January 01, 2022 | February 01, 2022 |
| Trafalgar Insurance Company of Canada | Approval | October 07, 2021 | 2.94% | January 01, 2022 | February 01, 2022 |
| 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 |
[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.