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 |
---|---|---|---|---|---|
Intact Insurance Company | Approval | October 10, 2024 | 3.00% | March 4, 2025 | April 3, 2025 |
Dominion of Canada General Insurance Company, The | Approval | November 27, 2024 | 0.00% | November 27, 2024 | November 27, 2024 |
United General Insurance Corporation | Approval | November 27, 2024 | 2.98% | April 1, 2025 | April 1, 2025 |
Sompo Japan Insurance Inc. | Approval | December 11, 2024 | 0.00% | June 1, 2025 | June 1, 2025 |
Company Name | Decision or Approval | Release Date | Approved Average Rate Change | Effective New Business Date | Effective Renewal Business Date |
---|---|---|---|---|---|
Facility Association | Approval | July 4, 2024 | 2.40% | November 1, 2024 | November 1, 2024 |
Promutuel de l'Estuaire | Approval | July 15, 2024 | 0.00% | July 15, 2024 | July 15, 2024 |
Definity Insurance Company | Approval | July 17, 2024 | 0.00% | July 17, 2024 | July 17, 2024 |
Echelon General Insurance Company | Approval | July 17, 2024 | 2.77% | March 1, 2025 | March 1, 2025 |
Sonnet Insurance Company | Approval | July 17, 2024 | 0.00% | July 17, 2024 | July 17, 2024 |
Dominion of Canada General Insurance Company, The | Decision | July 31, 2024 | 9.04% | December 17, 2024 | January 19, 2025 |
Allstate Insurance Company of Canada | Decision | August 16, 2024 | 9.75% | October 5, 2024 | November 5, 2024 |
Pembridge Insurance Company | Decision | August 16, 2024 | 10.25% | October 5, 2024 | November 5, 2024 |
Portage la Prairie Mutual Insurance Company, The | Approval | August 29, 2024 | 0.00% | August 29, 2024 | August 29, 2024 |
Pafco Insurance Company | Decision | September 5, 2024 | 3.79% | October 5, 2024 | November 5, 2024 |
Company Name | Decision or Approval | Release Date | Approved Average Rate Change | Effective New Business Date | Effective Renewal Business Date |
---|---|---|---|---|---|
Wawanesa Mutual Insurance Company, The | Approval | April 2, 2024 | 0.00% | April 2, 2024 | April 2, 2024 |
Liberty Insurance Company of Canada | Approval | May 27, 2024 | 0.00% | August 1, 2024 | August 1, 2024 |
CUMIS General Insurance Company | Approval | June 19, 2024 | 2.89% | October 1, 2024 | October 1, 2024 |
Co-operators General Insurance Company | Decision | June 19, 2024 | 7.31% | November 13, 2024 | December 13, 2024 |
Sovereign General Insurance Company, The | Approval | June 27, 2024 | 0.00% | November 25, 2024 | November 25, 2024 |
Company Name | Decision or Approval | Release Date | Approved Average Rate Change | Effective New Business Date | Effective Renewal Business Date |
---|---|---|---|---|---|
Intact Insurance Company | Approval | January 11, 2024 | 2.98% | March 5, 2024 | April 5, 2024 |
Sompo Japan Insurance Inc. | Approval | January 12, 2024 | 0.00% | June 1, 2024 | June 1, 2024 |
Insurance Company of Prince Edward Island | Approval | January 23, 2024 | 2.29% | September 1, 2024 | September 1, 2024 |
Portage la Prairie Mutual Insurance Company, The | Approval | January 25, 2024 | 0.00% | September 1, 2024 | October 1, 2024 |
Continental Casualty Company | Approval | February 6, 2024 | 0.00% | July 1, 2024 | July 1, 2024 |
Hartford Fire Insurance Company | Approval | February 6, 2024 | 0.00% | July 1, 2024 | July 1, 2024 |
CHUBB Insurance Company of Canada | Approval | February 20, 2024 | 0.00% | July 1, 2024 | July 1, 2024 |
XL Specialty Insurance Company | Approval | March 12, 2024 | 0.00% | May 1, 2024 | May 1, 2024 |
Aviva General Insurance Company | Approval | March 22, 2024 | 0.00% | March 22, 2024 | March 22, 2024 |
Aviva Insurance Company of Canada | Approval | March 22, 2024 | 0.00% | March 22, 2024 | March 22, 2024 |
Traders General Insurance Company | Approval | March 22, 2024 | 0.00% | March 22, 2024 | March 22, 2024 |
Definity Insurance Company | Decision | March 27, 2024 | 11.43% | April 21, 2024 | June 25, 2024 |
Sonnet Insurance Company | Decision | March 28, 2024 | 21.08% | April 21, 2024 | June 5, 2024 |
[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.