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 |
|---|---|---|---|---|---|
| Northbridge General Insurance Corporation | Decision | July 07, 2022 | 18.15% | September 26, 2022 | November 10, 2022 |
| Zenith Insurance Company | Decision | July 07, 2022 | 27.00% | September 26, 2022 | November 10, 2022 |
| Wawanesa Mutual Insurance Company, The | Approval | July 05, 2022 | -0.01% | August 01, 2022 | August 01, 2022 |
| Insurance Company of Prince Edward Island | Approval | July 04, 2022 | 0.00% | September 01, 2022 | September 01, 2022 |
| Company Name | Decision or Approval | Release Date | Approved Average Rate Change | Effective New Business Date | Effective Renewal Business Date |
|---|---|---|---|---|---|
| CUMIS General Insurance Company | Approval | June 15, 2022 | 0.00% | October 01, 2022 | October 01, 2022 |
| Co-operators General Insurance Company | Approval | April 22, 2022 | 2.93% | October 01, 2022 | October 01, 2022 |
| Dominion of Canada General Insurance Company, The | Approval | April 21, 2022 | 3.00% | May 15, 2022 | June 15, 2022 |
| Sonnet Insurance Company | Decision | April 08, 2022 | 7.90% | April 16, 2022 | May 31, 2022 |
| 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 |
[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.