September 16, BY
|
|
- Anissa Melanie Park
- 8 years ago
- Views:
Transcription
1 Dion, Durrell + Associates Inc. T Yonge Street, Suite 2900 F Toronto, Ontario, Canada M5B 2L7 dion-durrell.com BY roakes@boothdennehy.com Barristers and Solicitors Booth Dennehy LLP 387 Broadway Winnipeg, MB R3C OV5 Dear Mr. Oakes, Re: Public Utility Board/ MPI 2011 General Rate Application Pooling of single-vehicle accidents and wildlife/livestock claims for loss cost allocation system As per your request, Dion, Durrell + Associates (Dion Durrell) reviewed the current loss cost allocation system used by Manitoba Public Insurance ( MPI ) in regards to claims arising from single-vehicle accidents ( SVA ) involving wildlife or livestock and the various mechanisms/formulas in place in other major auto insurance markets across Canada, for attributing claims costs arising from such accidents to the various categories of vehicles. Our review focuses on the impact of the attribution models with respect to SVA involving wildlife or livestock claims costs, on the pricing of motorcycle insurance in Manitoba and across the other major automobile insurance markets. The purpose of this letter is to summarize the findings of our review. LIMITATIONS Our review is based on documents provided to Dion Durrell by Booth Dennehy LLP, industry data/information and other external sources. Though efforts have been made to review the reasonableness of the data/information, Dion Durrell is not responsible for errors or omissions in the data/information provided. This letter is strictly for the use of Booth Dennehy LLP and the Coalition of Manitoba Motorcycle Groups ( CMMG ). Any other use or disclosure should be discussed with Dion Durrell. If this letter is distributed further, it must be distributed in its entirety.
2 Page 2 DOCUMENTS USED IN OUR ANALYSIS The following documents were used in our analysis: 2011 MPI Rate Application; Public Utilities Board Order No. 161/09; Public Utilities Board Order No. 97/05; CMMG (MPI) Information Request Round 1(questions from CMMG to MPI in regards to the MPI s 2011 Rate Application); 2004 Report on the Impact of No-Fault Insurance on Motorcyclists in Manitoba by Dion Durrell (produced for the Motorcycle and Moped Industry Council, presented to the Public Utility Board in 2005) BACKGROUND MPI is Manitoba s public automobile insurer. It provides no-fault insurance protection through its Autopac insurance product that includes a Personal Injury Protection Plan ( PIPP ) covering medical expenses, income replacement, rehabilitation, death benefits, etc. and a collision/comprehensive component that covers physical damages to the vehicle. As demonstrated in a report prepared in 2004 by Dion Durrell titled Report on the Impact of No- Fault Insurance on Motorcyclists in Manitoba, the introduction of no-fault insurance in Manitoba has resulted in a material decrease in claims costs for automobile drivers and a material increase in claims costs for motorcyclists. In 2005, the Manitoba Public Utilities Board ( PUB ) held a special hearing regarding the claims cost attribution methodology of MPI then in use and the concept of loss transfer implementation. Following the hearings, the PUB directed that MPI adopt a new set of claims cost attribution rules as outlined in the next section. MPI CURRENT CLAIMS COSTS ATTRIBUTION RULES Per our review of PUB Order no. 97/05 and section SM.1.4 of the 2011 MPI Rate Application, our understanding is that MPI currently applies the following attribution rules to allocate claims costs to various vehicle categories for ratemaking purposes: 1. Personal Injury Protection Plan ( PIPP, accident benefits) (from PUB 97/05): a) In any accident involving only MPI-insured vehicles (one or more) and no other injured party, total PIPP costs are to be allocated equally (per vehicle) across the rating categories to which those vehicles belong; and b) In any accident involving one or more MPI-insured vehicles and (i) one or more unidentified hitand-run offenders, or (ii) another injured party or parties (including cyclists, pedestrians, and occupant(s) of out-of-province vehicles), 50% of total PIPP costs are to be allocated equally (per
3 Page 3 MPI-insured vehicle) across the rating categories to which the MPI-insured vehicles belong, and the remaining 50% of total PIPP costs are to be effectively allocated across all vehicle rating categories. 2. Collision and Comprehensive Claims (Physical Damages) (from Section SM MPI Rate Application): Collision and comprehensive claims are applied on a first paid basis, with the exception of the motorcycles. For motorcycle collision claims, 100% of motorcycle costs from single vehicle claims are attributed to motorcycles and 50% of motorcycles costs from multi-vehicle claims were attributed to motorcycles. The balance of the motorcycle collision costs were allocated to all other Highway Traffic Act power units. There is no special allocation for motorcycle comprehensive claims because this coverage is not included in the basic plan. Based on the above cost attribution rules, our understanding is that in cases of accidents involving a motorcycle and no other vehicle ( Single Vehicle Accidents or SVA ) and wildlife or livestock: 1. PIPP costs would be 100% allocated to the motorcycle vehicle category for ratemaking purposes, per PUB 97/05; and 2. Collision and comprehensive claims costs (physical damages) would be 100% allocated to the motorcycle vehicle category for ratemaking purposes, per Section SM.1.4 of the 2011 MPI Rate Application. Therefore, our understanding is that 100% of all claims costs are attributed to the motorcycle class in cases where a motorcycle rider is involved in an accident not involving another vehicle category, and involving collision with wildlife or livestock (assuming no subrogation is pursued successfully in the case of livestock/domestic animals). As described above in rule 1.a), in the case of SVA involving wildlife or livestock claims, the 100% allocation of PIPP costs to the motorcycle vehicle group differs from the allocation of PIPP costs that would occur in the case of a SVA involving a motorcycle and a pedestrian or cyclist, in which case the costs would be allocated 50% to the motorcycle vehicle category and 50% to all vehicle categories. It s important to note that, as stated in MPI s 2011 Rate Application CMMG (MPI) Information Request Question 1-14, for the period , injury costs from SVA with pedestrians and cyclists total $38,942,415 for private passenger vehicles and only $2,398 for motorcycles. Per attribution rule 1.a) outlined previously, 50% of PIPP costs are to be allocated to all vehicles (all categories) in this case. It is clear that this is currently penalizing motorcycles. In our view, SVA involving pedestrians or cyclists are fundamentally the same in nature as SVA involving wildlife or livestock. The claims costs attribution rules should be applied objectively to similar types of accidents to allocate costs to various categories of vehicles for the purpose of setting rates. For this reason, we don t believe they should be treated in different ways by MPI for ratemaking purposes. In addition, the impact of implementing a change in rules to pool SVA involving wildlife or livestock for
4 Page 4 pricing purposes as been documented and quantified by MPI, demonstrating that the data on this type of claim is readily available and such could be implemented with minimal administrative implications and little dislocation for the largest category of vehicles, private passenger automobile. As specified by MPI in its 2011 Rate Application Information Requests Round 1 CMMG (MPI) 1-2, the required rate change for motorcycles including the pooling of PIPP costs arising from SVA involving wildlife or livestock would be -4.0% compared to +6.0% as sought by MPI using the current attribution rules, or a combined difference of -9.4%. In comparison, the required rate change for private passenger auto would be -1.7% with the pooling of wildlife and livestock claims compared to -1.9% as currently sought by MPI in its 2011 Rate Application, or a combined difference of +0.2%. In addition, the introduction of a no-fault system should in general, in our view, result in reduced costs for all and not shifting of costs from one group to another. Under tort, costs would be borne by the group at fault and hence we are of the view that the tort environment would provide a good picture of the relative costs between groups, i.e. if the expected costs between groups were roughly similar under tort, then they should be roughly similar under no-fault. As demonstrated by Dion Durrell in a report prepared in 2004 titled Report on the Impact of No- Fault Insurance on Motorcyclists in Manitoba and presented to the PUB during the 2005 hearings on loss transfer, the introduction of no-fault insurance in Manitoba has resulted in a material decrease in claims costs for automobile drivers (-34.6%) and a material increase in claims costs for motorcyclists (+29.6%). It is our view that under no-fault, loss costs have been shifted from automobile drivers to motorcyclists when a claim involves both these classes of vehicles. A change in attribution rules to include the pooling of wildlife and livestock SVA PIPP claims costs would further recognize and offset the shift of accident benefits claims costs from automobile to motorcycles from the introduction of the no-fault program that has penalized motorcyclists from a premium rate perspective. This change would also be consistent with the approach used in the case of pedestrians and cyclists hit by motorcycles. OTHER JURISDICTIONS Mechanisms that ensure equitable treatment among classes of vehicles are found in various jurisdictions across North America such as: Loss Transfer, where the insurer of the motorcycle transfers losses to the insurer of the automobile to the extent that the automobile driver is at fault; Tort, where tortfeasors are accountable to the extent that they are at fault in an accident; Optional Tort/No-Fault where the insured can choose the type of coverage they would prefer; Threshold, where suits are allowed once a monetary or verbal threshold has been breached.
5 Page 5 We describe below the auto insurance systems in place in the major provinces across Canada and the various mechanisms in place to allocate costs between various classes of vehicles in each jurisdiction with a focus on allocation of SVA-Wildlife/Livestock claims. Ontario Ontario has a threshold no-fault system for automobile insurance where claims for non-economic loss can be pursued in tort in cases where the claim meets the threshold. The automobile insurance product is sold through private insurers in a competing environment. For this reason, there is no common rating algorithm used for pricing the product and there are no indications as to what form of costs reallocation occurs, if any, between vehicle categories in the case of SVA- Wildlife/Livestock claims. However, in Ontario, two forms of mechanisms are used to ensure equitable treatment among classes of vehicles: 1. Tort recovery for claims meeting a verbal threshold, where tortfeasors are accountable to the extent that they are at fault in an accident. This shifts claims costs to the insurer of the at-fault party; 2. Loss Transfer mechanism whereby, under certain circumstances, insurers who pay no-fault benefits (the first-party insurer) may be reimbursed by the second party insurer for all or part of a claim. Loss transfer in Ontario only operates between insurers of different classes of vehicles and only applies when the policyholder of the second party insurer is the partly at fault (it is available to insurers of motorcycles in Ontario). The purpose of Loss Transfer is to balance the cost of no-fault insurance between different classes of vehicles. In Ontario, insurers of motorcycles, motorized snow vehicles and non-heavy commercial vehicles can use the Loss Transfer provision to recover from the insurer of a heavy commercial vehicle (in both cases, in accidents occurring between the different classes of vehicles, the expectation is that the damages to the smaller vehicle, and its passenger(s), would generally be much greater and hence in a no-fault environment the smaller vehicle would retain a greater proportion of loss unless some sort of transfer mechanism exists). Under this mechanism motorcycles insurers can recover costs in excess of $2,000 to the extent that the other party is at fault. Both measures have mitigated the adverse impact on motorcycle rates arising from the introduction of a no-fault system. Quebec Compensation for automobile related injuries in the Province of Quebec is provided by a governmental agency called Société de l Assurance Automobile du Québec ( SAAQ ). Physical damage coverage is purchased through private insurers.
6 Page 6 Quebec operates via a strict no-fault system for injuries to individuals with no right to sue at-fault parties for additional recoveries. It operates through a tort-based system for physical damages. Based on our research, for ratemaking purposes, the SAAQ allocates 100% of claims costs (bodily injury) to the vehicle involved in the SVA subject to a per claim limit of $1 million. In attributing losses between the various vehicle categories, costs in excess of $1 million are effectively allocated to the entire pool of vehicles. This mechanism was put in place to limit the effect of any exceptionally large claim on the pricing of the product. This costs redistribution essentially follows the excess reinsurance principle whereby the costs related to a small number of very large claims is redistributed to a larger pool of insureds. In addition, once losses have been attributed to the various vehicle categories, a second limit of $250,000 is applied to claims costs attributed to each vehicle involved in an accident, in order to limit fluctuations in rate relativities between classes within a given vehicle category. In other words, the losses in the layer $750,000 in excess of $250,000 are not used for the purpose of setting rate relativities between classes of a given vehicle category but they are used in establishing the overall loss cost for the vehicle category. In the case of a motorcycle rider involved in a SVA with wildlife/livestock, the above procedure would limit the impact on pricing of any one claim to $1 million for that vehicle category (motorcycles). A cap of $250,000 would also be applied in attributing the costs of the accident to the class of motorcycle involved in the accident, with the excess redistributed to the remaining classes within the motorcycle category. The nature of motorcycling is such that in a collision between a motorcycle and wildlife or livestock, the motorcyclist will, due to the much lower level of protection, generally be injured more severely than the driver of a car involved in a similar accident. With the capping measure outlined above, the SAAQ ensures that exceptionally large claims will not impact rates for the motorcycle group of vehicles adversely. For physical damages, since the coverage is provided through private insurers with no common pricing algorithm, there is no indication that any type of costs allocation to other vehicle categories occurs in the cases of SVAs-Wildlife/Livestock claims. Given the generally lower severity of physical damage in comparison to personal injury type claims, it is unlikely that any capping occurs at the claim level for the purpose of costs attribution to various vehicle categories and classes. In the case of a multi-vehicle accident, the SAAQ allocates the total costs of all claims related to that accident equally to the various vehicles involved. The same capping rules outlined previously also apply in such case. Saskatchewan Saskatchewan has a government-run (Saskatchewan Government Insurance) choice no-fault system where the insured can choose between two different products: tort with a dollar threshold on noneconomic damages or pure no-fault. While we do not have a specific confirmation as it relates to
7 Page 7 SVA-Wildlife/Livestock claims, based on past research, personal injury type costs are assigned to the vehicle that incurred the costs, without any consideration of fault. British Columbia Automobile insurance in this province is provided by a government-run insurance company, Insurance Corporation of British Columbia ( ICBC ). Drivers can however obtain optional additional coverage, such as extended liability, collision, and comprehensive plans through private insurers. We do not have any specific indications as it to the treatment of SVA-Wildlife/Livestock claims. However, since ICBC operates under a tort system, the majority of claims costs are recorded against the tortfeasor avoiding the shift of costs from automobiles to motorcycles present in no-fault systems. Others Alberta and the Atlantic provinces all function under tort-based systems where insureds have to sue the at-fault driver in order to recover the costs incurred in a motor vehicle accident. Again, the automobile insurance products are sold through private insurers in a competing environment. There is no common rating algorithm used for pricing the product and there are no indications as to what form of costs reallocation occurs, if any, between vehicle categories in the case of SVA-Wildlife/Livestock claims. However, since Alberta and Atlantic provinces operates under a tort system, the majority of claims costs are recorded against the tortfeasor avoiding the shift of costs from automobiles to motorcycles present in no-fault systems. CONCLUSION Given that, SVA involving pedestrians or cyclists are similar in nature to SVA involving wildlife or livestock, we believe that a fair and reasonable treatment would be to pool them in the same manner by MPI for ratemaking purposes. The impact of implementing a change in rules to pool SVA involving wildlife for pricing purposes as has been documented and quantified by MPI, demonstrating that the data on these types of claims is readily available and such rules could be implemented fairly easily with little dislocation for the largest category of vehicles, private passenger automobile. Based on MPI s calculations, the combined impact on motorcycle rates of introducing a pooling of wildlife and livestock claims consistent with the pooling of other SVA claims involving pedestrians and cyclists would be a decrease of 9.4% from the indicated rates pursued in the 2011 Rate Application, with minimal impact on private passenger rates. The introduction of no-fault insurance in Manitoba has had a favourable impact on automobile rates and an adverse impact on motorcycle rates. A change in attribution rules to include the pooling of wildlife and livestock SVA PIPP claims costs would further recognize and offset the shift of accident benefits claims costs from automobile to motorcycles from the introduction of the no-fault program that has penalized motorcyclists from a premium rate perspective. This change would also be consistent with the approach used in the case of pedestrians and cyclists hit by motorcycles.
8 Page 8 Please contact us if you have any questions relating to this issue. Best regards, Nicolas Beaudoin Consulting Actuary [Tel: ] [ nicolasb@dion-durrell.com] NB:jb Copy: Michel Trudeau, Dion Durrell + Associates Inc. CMMG_ MPI Moto Wildlife Livestock.doc
RISK RESPONSIBILITY REALITY APPENDIX D AUTOMOBILE INSURANCE IN CANADA
The appendix includes relevant clauses drawn from the Compulsory Minimum Insurance Coverage for Private Passenger Vehicles as prepared by the Insurance Bureau of Canada (FACTS 2005 p. 12-15) used with
More informationC14 Automobile Insurance Part 1 (British Columbia) Addendum February 2010 Revised
C14 Automobile Insurance Part 1 (British Columbia) Addendum February 2010 Revised (To be used with 2008 edition of the textbook.) Study 2, page 2 Inverse liability coverage has been added to the Contents
More informationCHAPTER 2 THE RELATIONSHIP BETWEEN NO-FAULT INSURANCE AND DRIVER BEHAVIOR
-5- CHAPTER 2 THE RELATIONSHIP BETWEEN NO-FAULT INSURANCE AND DRIVER BEHAVIOR Under a traditional tort system, at-fault drivers are liable for the economic and noneconomic damages they inflict on third
More informationSession 1 Operation of the Auto Insurance System in Canada s Provinces
Session 1 Operation of the Auto Insurance System in Canada s Provinces Marie-Hélène Malenfant, FCIA, FSA Director of actuarial liability valuation, SAAQ Before 1978 28% of injured were not compensated;
More informationDoug Houghton Box 1120 Beausejour MB R0E 0C0 (204)268-1027 (204)268-5406 (cell)
Doug Houghton Box 1120 Beausejour MB R0E 0C0 (204)268-1027 (204)268-5406 (cell) Oct. 05, 2015 Public Utilities Board of Manitoba 400-330 portage Avenue Winnipeg, MB R3C 0C4 RE: MANITOBA PUBLIC INSURANCE
More informationThe Road Ahead A Planned Approach to Auto Insurance Solutions
The Road Ahead A Planned Approach to Auto Insurance Solutions Financial Institutions Division March 2003 Minister s Letter This Government, like you and other consumers, is concerned about the effect of
More informationAutomobile Insurance: Evolution and Trends
Automobile Insurance: Evolution and Trends AAIARD Montreal, November 6th, 2009 Germain Denoncourt, FCAS, FCIA Summary Prehistory: before 1930 1930: major innovation More recent past Auto insurance in Canada
More informationC14 Automobile Insurance Part 1 Ontario
Sample Exam C14 Automobile Insurance Part 1 Ontario IMPORTANT The time allowed for this exam is 3 hours. Total marks: 200 You must hand in this paper and any paper used for rough work to the supervisor
More informationREPORT REPORT OF THE TASK FORCE ON AUTOMOBILE INSURANCE ISSUES. MARCH 2005 2005 Canadian Institute of Actuaries
REPORT REPORT OF THE TASK FORCE ON AUTOMOBILE INSURANCE ISSUES MARCH 2005 2005 Canadian Institute of Actuaries Document 205010 Ce document est disponible en anglais Canadian Institute of Actuaries Institut
More informationWHAT IS INSURANCE? INSURANCE IS RECOVERY
TEACHER S NOTES Purpose: to explore the effect of a car accident on a person s life to recognize the role of insurance as an essential emergency tool for replacement, repair and rehabilitation to explore
More informationManitoba Public Insurance Applies for 1.8% Overall Rate Increase Average family passenger vehicle will increase $18 per year
Manitoba Public Insurance Applies for 1.8% Overall Rate Increase Average family passenger vehicle will increase $18 per year June 14, 2013 For the first time in 10 years, Manitoba Public Insurance has
More informationPUBLIC UTILITIES BOARD AUTOMOBILE INSURANCE REVIEW BACKGROUNDER
PUBLIC UTILITIES BOARD AUTOMOBILE INSURANCE REVIEW BACKGROUNDER PUBLIC UTILITIES BOARD WHO WE ARE AND WHAT WE DO The Public Utilities Board is an independent, quasi-judicial regulatory agency. The Board
More informationChapter 11 Auto Insurance in the United States (continued)
Chapter 11 Auto Insurance in the United States (continued) Overview Compensating innocent motorists who have been injured in auto accidents is an important issue for society. Private insurers are not anxious
More informationINSURANCE COVERAGE. worldwide
INSURCE COVERAGE Q ÉB ÉB ÉB ÉB S S S S S S PUB UB UBLI LI LI LI LIC M BI BI BI BI BI B L INS NS NS NSUR UR UR UR CE CE CE CE PLA LA LA L worldwide is covered by the public plan? All Québec residents are
More informationPresented to the. Board of Commissioners of Public Utilities MELOCHE MONNEX COMMENTS ON
MELOCHE MONNEX COMMENTS ON THE REVIEW OF AUTOMOBILE INSURANCE IN NEWFOUNDLAND AND LABRADOR Presented to the Board of Commissioners of Public Utilities February 2005 TABLE OF CONTENT PREAMBLE... 3 INTRODUCTION...
More informationAUTOMOBILE INSURANCE: THE MINNESOTA NO-FAULT AUTOMOBILE INSURANCE LAW
This document is made available electronically by the Minnesota Legislative Reference Library as part of an ongoing digital archiving project. http://www.leg.state.mn.us/lrl/lrl.asp.~l' ''''d:.,j i.;'~\;
More informationWhat you should know
What you should know when you have been injured in a motor vehicle accident This booklet provides information about insurance benefits and other compensation that may be available to you when you have
More informationSASKATCHEWAN PRESTIGE AUTO INSURANCE
Licence Plate Insurance... 2 Why Plate Insurance Isn t Enough... 3 Added Liability Protection... 4 Family Protection Coverage... 4 Vehicle Damage Deductible... 5 Accident Benefits... 5 Non-Owned Driver
More informationInsurance Bureau of Canada. d assurance du Canada FACTS 2003 OF THE GENERAL INSURANCE INDUSTRY IN CANADA
Insurance Bureau of Canada Bureau d assurance du Canada FACTS 2003 OF THE GENERAL INSURANCE INDUSTRY IN CANADA Stanley I. Griffin President and CEO of Insurance Bureau of Canada I am pleased to present
More information3006-001_ed02E. Ontario accident benefits
3006-001_ed02E Ontario accident benefits TM Trademark used under licence from Northbridge Financial Corporation. All rights reserved. No part of this publication may be reproduced, stored in retrieval
More informationVEHICLE RATE GROUP METHODOLOGY
VEHICLE RATE GROUP METHODOLOGY An overview of Manufacturers Suggested Retail Price ( MSRP ) and Canadian Loss Experience Automobile Rating ( CLEAR ) Prepared by: INSURANCE BUREAU OF CANADA For: NEWFOUNDLAND
More informationIN THE MATTER OF the Insurance Act, R.S.O. 1990, c.i.8, as amended, and Ontario Regulation 668.
IN THE MATTER OF the Insurance Act, R.S.O. 1990, c.i.8, as amended, and Ontario Regulation 668. AND IN THE MATTER OF the Arbitration Act, S.O. 1991, c.17 AND IN THE MATTER OF AN ARBITRATION BETWEEN: STATE
More informationState of Colorado. Auto Insurance/Trauma System Study. Final Report. February 18, 2008. Prepared for
Final Report February 18, 2008 Auto Insurance/Trauma System Study State of Colorado Prepared for Office of the Governor of Colorado 136 State Capitol Denver, CO 80203-1792 Prepared by BBC Research & Consulting
More informationHAPPY MOTORING IN QUÉBEC!
HAPPY MOTORING IN QUÉBEC! Whether you are in Québec on vacation or business, you may well need information about the main rules for road use in this province, as set forth in the Highway Safety Code. Seat
More informationMANITOBA PRESTIGE AUTO INSURANCE
Page License Plate Insurance... 2 Why Plate Insurance Isn t Enough... 2 Added Liability Protection... 3 Family Protection Coverage... 3 Vehicle Damage Deductible... 3 Seasonal Lay-Up Coverage... 3 Non-Owned
More informationMore than you bargained for -
More than you bargained for - The effect of British Columbia s Universal Automobile Insurance on American, and other out-of-province, Insurance Policies 1. INTRODUCTION When motorists venture into the
More informationWorkshop of the Americas for Decisions on Traffic Safety and Education. Plenary Session IX: Financing Activities, Plans, and Programs
Workshop of the Americas for Decisions on Traffic Safety and Education Plenary Session IX: Financing Activities, Plans, and Programs Paying the Cost: Legal Responsibility, Participation of the Private
More informationUNINSURED AND UNDERINSURED MOTORIST COVERAGE - HISTORY
59202 Prepared by the North Dakota Legislative Council staff for the Transportation Committee March 2004 UNINSURED AND UNDERINSURED MOTORIST COVERAGE - HISTORY This memorandum reviews the law on uninsured
More informationSUBMISSION TO THE STANDING COMMITTEE ON GENERAL GOVERNMENT FINANCIAL SERVICES COMMISSION OF ONTARIO
SUBMISSION TO THE STANDING COMMITTEE ON GENERAL GOVERNMENT FINANCIAL SERVICES COMMISSION OF ONTARIO April 15, 2013 Table of Contents SUBMISSION TO THE STANDING COMMITTEE ON GENERAL GOVERNMENT 1. INTRODUCTION...
More informationOFFICE OF INSURANCE REGULATION Property and Casualty Product Review
OFFICE OF INSURANCE REGULATION Property and Casualty Product Review NOTIFICATION OF PERSONAL INJURY PROTECTION BENEFITS YOUR PERSONAL INJURY PROTECTION RIGHTS AND BENEFITS UNDER THE FLORIDA MOTOR VEHICLE
More information2 Liability Coverage; Direct Compensation Property Damage (Sections 3 and 6)
2 Liability Coverage; Direct Compensation Property Damage (Sections 3 and 6) Learning Objectives When you finish this study, you should be able to meet the following objectives: Discuss the legal basis
More informationChanging Tort Reform In Kentucky Christel Siglock. By changing its current No-Fault and Tort law options, Kentucky could; 1) Reduce the
Changing Tort Reform In Kentucky Christel Siglock By changing its current No-Fault and Tort law options, Kentucky could; 1) Reduce the number of lawsuits filed, 2) Thus reducing insurance company payouts
More informationSTRATFORD INSURANCE COMPANY OFFER OF OPTIONAL ADDITIONAL UNINSURED MOTORISTS COVERAGE AND OPTIONAL UNDERINSURED MOTORIST COVERAGE
STRATFORD INSURANCE COMPANY OFFER OF OPTIONAL ADDITIONAL UNINSURED MOTORISTS COVERAGE AND OPTIONAL UNDERINSURED MOTORIST COVERAGE Automobile liability insurance coverage pays other motor vehicle drivers
More informationPrepared by: Barton L. Slavin, Esq. 212-233-1010 Web site: www.nycattorneys.com
Prepared by: Barton L. Slavin, Esq. 1. Identify Insurance Company - On the Police Report there is a three digit code that identifies the insurance company for a vehicle. The following link will take you
More informationOFFICE OF INSURANCE REGULATION Property and Casualty Product Review
OFFICE OF INSURANCE REGULATION Property and Casualty Product Review NOTIFICATION OF PERSONAL INJURY PROTECTION BENEFITS YOUR PERSONAL INJURY PROTECTION RIGHTS AND BENEFITS UNDER THE FLORIDA MOTOR VEHICLE
More informationNo-Fault Automobile Insurance
No-Fault Automobile Insurance By Margaret C. Jasper, Esq. Prior to the enactment of state no-fault insurance legislation, recovery for personal injuries sustained in an automobile accident were subject
More informationNORTH DAKOTA PERSONAL INJURY PROTECTION ENDORSEMENT
COMMERCIAL AUTO CA 22 34 10 13 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. NORTH DAKOTA PERSONAL INJURY PROTECTION ENDORSEMENT For a covered "auto" licensed or principally garaged in,
More informationR.A.G.E. Guide to 26 Questions on Options for Motorcycles
R.A.G.E. Guide to 26 Questions on Options for Motorcycles The purpose of this guide is to clarify the Options Packages and the Impacts of YOUR survey decisions. R.A.G.E. is not recommending you answer
More informationSASKATCHEWAN AUTO INSURANCE
Accident Benefits... 5 Added Liability Protection... 4 Affordable Premiums... 7 Coverage Summary Charts Commercial Vehicles... 9 Private Passenger Vehicles... 8 Family Protection Coverage... 4 Licence
More informationEconomic Education for Consumers Chapter 14 Study Guide Automobile and Home Insurance: Sharing the Risk
Economic Education for Consumers Chapter 14 Study Guide Automobile and Home Insurance: Sharing the Risk Section 14-1 Insurance Basics Define Risk Management. Define Shared Risk. How do insurance companies
More informationNo Fault/PIP/First Party Medical States
Delaware Listed on Policy Primary 15/30 ; Added benefits, up to $100,000 based on coverage purchased Florida -Fault & Owned and insured Medical Payments under the. If after 90 days of "residency" is established,
More informationCarefree. Travel ANYWHERE IN THE WORLD
Carefree Travel ANYWHERE IN THE WORLD Information contained in this document is of an indicative nature only and does not bind the Société de l assurance automobile du Québec. Legal deposit Bibliothèque
More informationFeature !"#$%&'()*+, !"#$%&'()*+,-!"#$%& '()*+!"#$%&'()*+,- 2.!"#$%&'()#*+,!"#$!"#$!"#$%&'(' 2%!"#$%&'()!"#$%&'()*+,-!"#!"#$%&!"#$%&'()*)+,!
!!"#$%&'()*+,!"#$%&'()*+ 2.!"#$%&'()#*+,!"#$!"#$!"#$%&'(' 2%!"#$%&'()!"#!"#$%&!"#$%&'()*)+,! 3.!"#$%&'()*+,!"#$%&'()*!!"#$%&'!()*+!!"#$%&'()*+,!"#$%&'()*+,!"#$%&'()*"+,!"#$%&'(!"#$%&'$()*+,-.!"#$%&'()*+,
More informationSOUTH CAROLINA OFFER OF ADDITIONAL UNINSURED MOTORISTS COVERAGE AND OPTIONAL UNDERINSURED MOTORISTS COVERAGE
IL U 007 01 07 SOUTH CAROLINA OFFER OF ADDITIONAL UNINSURED MOTISTS COVERAGE AND OPTIONAL UNDERINSURED MOTISTS COVERAGE Policy Number: Policy Effective Date: Company: Producer: Applicant/Named Insured:
More informationCHAPTER 3: ANALYSIS OF PRESENT PRACTICE
33 Germany - Since 1939 it is compulsory to have third party personal insurance before keeping a motor vehicle in all federal states of Germany. Besides, every vehicle owner is free to take out a comprehensive
More informationWill No-Fault Insurance Cost More Or Less?
Catholic University Law Review Volume 21 Issue 2 Winter 1972 Article 13 1972 Will No-Fault Insurance Cost More Or Less? C. Arthur Williams Jr. Follow this and additional works at: http://scholarship.law.edu/lawreview
More informationConcerning the Cap on Pain and Suffering Awards for Minor Injuries
Discussion Paper Concerning the Cap on Pain and Suffering Awards for Minor Injuries Office of the Superintendent of Insurance January, 2010 Introduction The Province of Nova Scotia regulates automobile
More informationCHAPTER 18 GENERAL INSURANCE
WISCONSIN LEGISLATOR BRIEFING BOOK 2015-16 CHAPTER 18 GENERAL INSURANCE Insurance protects against unexpected losses of income or property. The state regulates general insurance matters through the Office
More informationMotorcyclists and the Michigan No-Fault Law
Motorcyclists and the Michigan No-Fault Law (2nd Edition) Important Questions and Answers By George T. Sinas SINAS, DRAMIS, BRAKE, BOUGHTON & MCINTYRE, P.C. ATTORNEYS AT LAW 3380 Pine Tree Road, Lansing,
More informationGeneral Insurance Definitions:
General Insurance Definitions: Accidental Death Coverage Accidental death coverage is sometimes a part of your auto insurance policy's Personal Injury Protection (PIP) or may be offered as a separate Accidental
More informationChapter Objectives. Chapter 13. Property and Liability Insurance. What is risk? How to manage pure risks? What are the fundamental insurance concepts?
Chapter 13. Property and Liability Insurance Chapter Objectives To understand the foundations of insurance To learn the primary components of the homeowners and auto insurance packages To learn how to
More informationFrequently Asked Questions: Compulsory Third-Party Insurance in the ACT
Frequently Asked Questions: Compulsory Third-Party Insurance in the ACT Who can claim? A CTP personal injury claim form may be lodged by: any person who has sustained personal injury as a result of a motor
More informationSeptember 24, 2014 Information Requests Round 3
CMMG (MPI) CMMG (MPI) 3-1 With respect to CMMG (MPI) 1-22, what information does the Corporation have relative to the estimated claims cost attributed to distracted drivers over any period? The Corporation
More informationINSURANCE FOR VOLUNTARY ORGANIZATIONS ARE YOUR VOLUNTEERS AND CLIENTS COVERED?
INSURANCE FOR VOLUNTARY ORGANIZATIONS ARE YOUR VOLUNTEERS AND CLIENTS COVERED? BUSINESS INSURANCE VISIT IBC.CA Nearly 12 million Canadians or 45% of the population volunteer time through a group or organization,
More informationThe key conclusions of this report are:
9. Typical auto insurance benefits in both no fault and traditional States fall short of the needs of catastrophically injured victims. EXECUTIVE OFFICE INTER-COMMUNICATION From: KENNETH D. MERIN, DIRECTOR
More informationNo-Fault Insurance, Basic Reparation Benefits. Personal Injury Protection (PIP)
No-Fault Insurance, Basic Reparation Benefits Or Personal Injury Protection (PIP) No-Fault Insurance, Basic Reparations Benefits and Personal Injury Protection (PIP) are different terms for the same type
More informationHow To Get Insurance In Kentucky
ARE YOU DRIVING ON THIN ICE : FULL COVERAGE MIGHT NOT BE WHAT YOU THINK IT IS By: Jay R. Vaughn, Esq. Schachter, Hendy & Johnson, P.S.C. (859) 578-4444 jvaughn@pschachter.com My practice focuses on personal
More informationSTATE OF SOUTH CAROLINA DEPARTMENT OF INSURANCE SCDOI FORM NUMBER 2006 [REVISED JANUARY 1, 2007]
STATE OF SOUTH CAROLINA DEPARTMENT OF INSURANCE SCDOI FORM NUMBER 2006 [REVISED JANUARY 1, 2007] OFFER OF ADDITIONAL UNINSURED MOTORIST COVERAGE AND OPTIONAL UNDERINSURED MOTORIST COVERAGE Automobile liability
More informationRégis Gosselin, B.A., C.G.A., M.B.A., Chair Karen Botting, B.A., B.Ed., M.Ed., Member, Acting Chair Anita Neville, B.A. Hons.
MANITOBA Order No. 77/13 THE PUBLIC UTILITIES BOARD ACT THE MANITOBA PUBLIC INSURANCE ACT THE CROWN CORPORATIONS PUBLIC REVIEW AND ACOUNTABILITY ACT July 15, 2013 Before: Régis Gosselin, B.A., C.G.A.,
More informationWe understand also that Temple University, through the Ford Foundation. studied this system and plans to issue a report in August, 1966.
222 AL! IO\,~I,~I, I c-0\ll 1 NLIAIION We understand also that Temple University, through the Ford Foundation. studied this system and plans to issue a report in August, 1966. Proposals for the substitution
More informationClaims. Who s at. Fault? We consider the circumstances of each case. How your adjuster assesses fault How fault affects you Appeal options
Claims Who s at Fault? We consider the circumstances of each case How your adjuster assesses fault How fault affects you Appeal options March 2010 Under Manitoba law, motorists involved in a collision
More informationALERT ONTARIO S AUTO INSURANCE CHANGED ON SEPTEMBER 1, 2010 INTERNATIONAL
INTERNATIONAL ALERT September 2010 Issue 45 ONTARIO S AUTO INSURANCE CHANGED ON SEPTEMBER 1, 2010 www.willis.com Over the last few years automobile insurance in Ontario has been a hot topic for both the
More informationClaims. Appeal Options. Independent reviews Small claims court Appraisals Rates Appeal Board
Claims Appeal Options Independent reviews Small claims court Appraisals Rates Appeal Board What you can expect from Manitoba Public Insurance We strive to treat all our customers fairly. It s important
More informationAppendix 1: ICD 10 AM (6th Edition) Cause of Injury Code and Description
ICD 10 AM Cause of Injury Codes and Descriptions Page 1 of 61 Appendix 1: ICD 10 AM (6th Edition) Cause of Injury Code and Description V00.00 Pedestrian injured in collision with pedestrian conveyance,
More informationA Consumer s Auto Insurance Guide
Financial Institutions Environment and Labour A Consumer s Auto Insurance Guide 2nd edition Auto insurance is a mandatory product for all drivers in Nova Scotia. However, understanding this complex product
More informationA Consumer s Auto Insurance Guide
Financial Institutions Environment and Labour A Consumer s Auto Insurance Guide 2nd edition Auto insurance is a mandatory product for all drivers in Nova Scotia. However, understanding this complex product
More informationThe Michigan Auto Insurance Report
The Michigan Auto Insurance Report The Inside Secrets To Buying Auto Insurance" By: Daniel L. Buckfire Michigan s No-Fault Insurance Lawyer Call Toll Free: (800) 606-1717 www.buckfirelaw.com www.freeautoinsurancereport.com
More informationSUMMARY OF PENNSYLVANIA AUTO INSURANCE LAW
SUMMARY OF PENNSYLVANIA AUTO INSURANCE LAW The laws relating to automobile insurance coverage are compiled in 75 Pa.C.S.A. 1701 et seq., known as the Act 6 Amendments to the PA Motor Vehicle Financial
More informationThe New Brunswick Federation of labour is pleased to appear before the Select Committee on Public Automobile Insurance.
Introduction The New Brunswick Federation of labour is pleased to appear before the Select Committee on Public Automobile Insurance. Our Federation represents 31,000 unionized workers in 25 affiliated
More informationSOUTH CAROLINA AUTO SUPPLEMENT
AGENCY AGENCY CUSTOMER ID: SOUTH CAROLINA AUTO SUPPLEMENT APPLICANT/NAMED INSURED POLICY NUMBER CARRIER NAIC CODE. OFFER OF ADDITIONAL UNINSURED MOTORIST COVERAGE AND OPTIONAL UNDERINSURED MOTORIST COVERAGE
More informationWho will these reforms benefit? Anyone who has auto insurance in Nova Scotia and who has been involved in an automobile accident.
Questions and Answers for Consumers Automobile Insurance Reform: Phase 2 General Questions about Phase 2 Reforms Why is the government so interested in reforming auto insurance? Auto insurance had not
More informationMotor Vehicle Accident Claims: What are your rights?
Motor Vehicle Accident Claims: What are your rights? If you or a loved one has been seriously injured in a motor vehicle accident, there are a number of critical decisions that must be made. Who will care
More informationDear Valued Clients, Thank you for making your Insurance Dynamic! Kindest Regards, DYNAMIC INSURANCE BROKERS
Dear Valued Clients, The Financial Service Commission of Ontario (FSCO), the provincial government regulator of Auto Insurance is introducing reforms effective September 1, 2010. Periodically (usually
More informationAutomobile Insurance Third Party Liability Bodily Injury Closed Claim Study in Ontario
Automobile Insurance Third Party Liability Bodily Injury Closed Claim Study in Ontario August 13, 2014 Contents Introduction... 2 Reliances and Limitations... 2 Selected Observations... 3 Data... 5 Claim
More informationHave you or someone you know suffered a personal injury? TIPS TO MAXIMIZE COMPENSATION
Have you or someone you know suffered a personal injury? TIPS TO MAXIMIZE COMPENSATION If you have suffered a personal injury it is important to consider all potential sources of compensation. A personal
More informationAlberta Finance and Enterprise - Insurance - Family Protection Endorsement
Alberta Finance and Enterprise - Insurance - Family Protection Endorsement Page 1 of 6 Automobile Insurance - S.E.F. No. 44 FAMILY PROTECTION ENDORSEMENT (For Alberta Only) Index Definitions Insuring Agreement
More informationThe Florida Senate POTENTIAL IMPACT OF MANDATING BODILY INJURY LIABILITY INSURANCE FOR MOTOR VEHICLES. Interim Project Summary 98-03 November 1998
The Florida Senate Interim Project Summary 98-03 November 1998 Committee on Banking and Insurance Senator Mario Diaz-Balart, Chairman POTENTIAL IMPACT OF MANDATING BODILY INJURY LIABILITY INSURANCE FOR
More informationC14 Automobile Insurance Part 1 (Atlantic Provinces) Addendum April 2013
C14 Automobile Insurance Part 1 (Atlantic Provinces) Addendum April 2013 (To be used with 2009 edition of the text.) Note: This addendum addresses recent changes to automobile insurance in Nova Scotia,
More informationMANITOBA PUBLIC INSURANCE
MANITOBA PUBLIC INSURANCE AI.15 OPERATING EXPENSE AND STAFFING LEVEL BENCHMARK REPORT In Order 162/11, the Public Utilities Board recommended that: MPI conduct a benchmarking study with respect to operating
More informationThe False Promise of Government Auto Insurance: Estimating Average Auto Insurance Premiums in Ten Provinces, 2004-05
The False Promise of Government Auto Insurance: Estimating Average Auto Insurance Premiums in Ten Provinces, 2004-05 By Brett J. Skinner Contents Executive Summary / 2 Introduction / 3 Private sector versus
More informationAtlantic Provinces 71 COMMUNITIES
NATIONAL STUDY OF AUTOMOBILE INSURANCE RATES Third Release Atlantic Provinces 71 COMMUNITIES vs. British Columbia, Alberta Saskatchewan, Manitoba & Ontario 3,985,162 Auto Insurance Rates Compared October
More informationThe Reality of Government-run Auto Insurance
Report on Other Automobile Insurance Issues Newfoundland and Labrador The Reality of Government-run Auto Insurance Mercer Oliver Wyman MYTH #1: Government-run insurance would be "driver-owned." FACT: Government-run
More informationA CONSUMER'S GUIDE TO AUTOMOBILE INSURANCE IN MARYLAND 1. Peter J. Basile, Shareholder Ferguson, Schetelich & Ballew, P.A.
A CONSUMER'S GUIDE TO AUTOMOBILE INSURANCE IN MARYLAND 1 Introduction Peter J. Basile, Shareholder Ferguson, Schetelich & Ballew, P.A. 2011 We represent many clients who have been involved in car accidents,
More informationNAIC. No-Fault Auto Insurance: A Survey. National Association of Insurance Commissioners PROPERTY & CASUALTY INSURANCE (C) COMMITTEE
2000 NAIC National Association of Insurance Commissioners No-Fault Auto Insurance: A Survey PROPERTY & CASUALTY INSURANCE (C) COMMITTEE No-Fault Auto Insurace: A Survey PROPERTY & CASUALTY INSURANCE (C)
More informationRental Vehicle Insurance
Rental Vehicle Insurance Save on rentals in Manitoba, Canada and the United States Get the most protection Control your risks When you rent or borrow a vehicle, think about the insurance protection you
More informationNEFE High School Financial Planning Program Unit 6 Your Money: Keeping it Safe and Secure. Unit 6 - Insurance: Protecting What You Have
Unit 6 - Insurance: Protecting What You Have Common Exposures to Loss Exposure Risk Potential Loss Accident or Illness Loss of income from inability to work; uninsured medical bills; death UNLIMITED Property
More informationOntario Car Accident Insurance
Ontario Car Accident Insurance Car Accident Insurance in Ontario I was injured in a car accident. What insurance is available to assist me as I recover? There are possibly two main sources of compensation
More informationTHE TOP 10 QUESTIONS YOU SHOULD ASK YOUR CAR ACCIDENT LAWYER
THE TOP 10 QUESTIONS YOU SHOULD ASK YOUR CAR ACCIDENT LAWYER? Introduction After six straight years of decline, the National Highway Traffic Administration (NHTSA) reports that auto accidents, injuries
More informationA Guide to Purchasing Auto Insurance in Washington State
A Guide to Purchasing Auto Insurance in Washington State What Full Coverage Actually Means By Christopher M. Davis, Attorney at Law Davis Law Group, P.S. 2101 Fourth Avenue Suite 630 Seattle, WA 98121
More informationHELPFUL TIPS AFTER A CAR ACCIDENT
HELPFUL TIPS AFTER A CAR ACCIDENT A PRACTICAL GUIDE BY ERIN M. HARGIS, ESQ A car accident can be a very traumatic and stressful event and it may be difficult to think clearly if you have just been involved
More informationACCIDENT BENEFITS COVERAGE IN ONTARIO CAR INSURANCE VISIT IBC.CA
ACCIDENT BENEFITS COVERAGE IN ONTARIO CAR INSURANCE VISIT IBC.CA Accident Benefits Coverage in Ontario Contents If You Are in a Motor Vehicle Collision...2 Specified Benefits...4 Death and Funeral Payments...8
More informationECONOMIC ANALYSIS OF CLAIM COSTS
ECONOMIC ANALYSIS OF CLAIM COSTS Prepared by Associated Economic Consultants Ltd. August 30, 2000 Table of Contents 1. INTRODUCTION...1 FIGURE 1...4 2. DEMOGRAPHIC AND ECONOMIC FACTORS...5 2.1 Population,
More informationYour Auto Insurance Policy ONTARIO. is Changing
Your Auto Insurance Policy ONTARIO is Changing Your auto insurance policy is changing Your Ontario auto insurance benefits are changing to make your premiums more affordable and provide you with greater
More informationHow To Know If A Motor Vehicle Is Uninsured
114CSR63 WEST VIRGINIA LEGISLATIVE RULE INSURANCE COMMISSIONER SERIES 63 STANDARD MOTOR VEHICLE POLICY PROVISIONS Section. '114-63-1. General. '114-63-2. Definitions. '114-63-3. Liability Insurance Provisions.
More informationSPECIAL CONSIDERATIONS FOR TRUCKS AND COMMERCIAL VEHICLES. Thomasina Dumonceau Blaney McMurtry LLP 416.593.2999 tdumonceau@blaney.
SPECIAL CONSIDERATIONS FOR TRUCKS AND COMMERCIAL VEHICLES Thomasina Dumonceau Blaney McMurtry LLP 416.593.2999 tdumonceau@blaney.com SPECIAL CONSIDERATIONS FOR TRUCKS AND COMMERCIAL VEHICLES This paper
More informationNO-FAULT INSURANCE IN OTHER STATES
79172 Prepared by the North Dakota Legislative Council staff for the Transportation Committee November 2005 NO-FAULT INSURANCE IN OTHER STATES Saskatchewan has had no-fault insurance since 1946 and Puerto
More informationEXCURSION HANDBOOK SECTION
EXCURSION HANDBOOK SECTION 14 Information Regarding Insurance, Liability and Safekeeping of Funds Pages 75-78 Prepared By: The Health/Physical/Outdoor Education Department TABLE OF CONTENTS 75-78 SECTION
More informationRoad Traffic Accidents. Everything you need to know
Road Traffic Accidents Everything you need to know Families involved in a road traffic accident in this country and abroad can seek legal advice and assistance from EAD Solicitors. Anyone can seek legal
More informationAllstate Indemnity Company Important Notice
Allstate Indemnity Company Important Notice Special Notice to Minnesota Auto Insureds The following surcharge information effective as of 8/2/2010 is provided to help you better understand your auto insurance
More information