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 |
|---|---|---|---|---|---|
| Liberty Insurance Company of Canada | Approval | July 6, 2023 | 0.00% | August 1, 2023 | August 1, 2023 |
| Wawanesa Mutual Insurance Company, The | Approval | August 16, 2023 | -0.09% | October 1, 2023 | October 1, 2023 |
| Hartford Fire Insurance Company | Approval | August 17, 2023 | 0.00% | October 1, 2023 | October 1, 2023 |
| Facility Association | Decision | August 31, 2023 | -0.50% | January 1, 2024 | January 1, 2024 |
| Belair Insurance Company Inc. | Approval | September 7, 2023 | -0.08% | October 23, 2023 | January 2, 2024 |
| Promutuel de l'Estuaire | Decision | September 8, 2023 | 11.11% | January 15, 2024 | January 15, 2024 |
| Facility Association | Approval | September 11, 2023 | 0.00% | September 11, 2023 | September 11, 2023 |
| Company Name | Decision or Approval | Release Date | Approved Average Rate Change | Effective New Business Date | Effective Renewal Business Date |
|---|---|---|---|---|---|
| Insurance Company of Prince Edward Island | Approval | April 13, 2023 | 0.00% | September 1, 2023 | September 1, 2023 |
| Economical Mutual Insurance Company | Decision | April 26, 2023 | 7.20% | June 6, 2023 | August 10, 2023 |
| Sonnet Insurance Company | Approval | April 27, 2023 | 2.99% | May 19, 2023 | July 3, 2023 |
| Sompo Japan Insurance Inc. | Approval | May 26, 2023 | 0.00% | June 30, 2023 | June 30, 2023 |
| Approval | June 14, 2023 | 6.46% | July 9, 2023 | July 9, 2023 | |
| Continental Casualty Company | Approval | June 14, 2023 | 0.00% | July 1, 2023 | July 1, 2023 |
| CUMIS General Insurance Company | Approval | June 15, 2023 | 2.30% | October 1, 2023 | October 1, 2023 |
| Co-operators General Insurance Company | Approval | June 15, 2023 | 2.95% | November 15, 2023 | December 15, 2023 |
| Portage la Prairie Mutual Insurance Company, The | Decision | June 15, 2023 | 12.00% | August 1, 2023 | September 1, 2023 |
| Federated Insurance Company of Canada | Approval | June 16, 2023 | 0.00% | June 16, 2023 | June 16, 2023 |
| Northbridge General Insurance Corporation | Approval | June 16, 2023 | 0.00% | June 16, 2023 | June 16, 2023 |
| Tokio Marine & Nichido Fire Insurance Co., Ltd. | Approval | June 16, 2023 | 0.00% | June 16, 2023 | June 16, 2023 |
| Verassure Insurance Company | Approval | June 16, 2023 | 0.00% | June 16, 2023 | June 16, 2023 |
| Zenith Insurance Company | Approval | June 16, 2023 | 0.00% | June 16, 2023 | June 16, 2023 |
| Company Name | Decision or Approval | Release Date | Approved Average Rate Change | Effective New Business Date | Effective Renewal Business Date |
|---|---|---|---|---|---|
| Intact Insurance Company | Approval | January 12, 2023 | 3.00% | March 7, 2023 | April 7, 2023 |
| Trafalgar Insurance Company of Canada | Approval | January 12, 2023 | 2.99% | March 7, 2023 | April 7, 2023 |
| Echelon General Insurance Company | Decision | January 13, 2023 | 20.01% | February 1, 2023 | April 1, 2023 |
| Certas Home and Auto Insurance Company | Decision | January 30, 2023 | 8.60% | March 31, 2023 | May 30, 2023 |
| Personal Insurance Company, The | Decision | January 30, 2023 | 9.70% | March 31, 2023 | May 30, 2023 |
| United General Insurance Corporation | Approval | February 23, 2023 | 2.87% | April 1, 2023 | April 1, 2023 |
| Dominion of Canada General Insurance Company, The | Approval | March 27, 2023 | 3.00% | July 11, 2023 | August 13, 2023 |
| 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 | November 16, 2022 | 2.99% | April 1, 2023 | June 1, 2023 |
| Pafco Insurance Company | Approval | November 16, 2022 | 3.00% | January 22, 2023 | March 22, 2023 |
| Pembridge Insurance Company | Approval | November 16, 2022 | 2.96% | May 1, 2023 | July 1, 2023 |
| CAA Insurance Company (Ontario) | Approval | December 13, 2022 | 2.00% | May 1, 2023 | June 15, 2023 |
[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.