NEWFOUNDLAND AND LABRADOR REGULATION 66/05

NEWFOUNDLAND AND LABRADOR
REGULATION 66/05

Automobile Insurance Prohibited Underwriting
Regulations (Amendment)
under the
Insurance Companies Act
(O.C.2005-453)

(Filed August 30, 2005)

Under the authority of paragraph 107(e.1), of the Insurance Companies Act, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John's, August 25, 2005.

Robert C. Thompson
Clerk of the Executive Council

REGULATIONS

Analysis

NLR 80/04
as amended

1. The Automobile Insurance Prohibited Underwriting Regulations are amended by adding immediately after subsection 4(2) the following:

(2.1) Notwithstanding paragraph (1)(e.1), where, after August 1, 2005 a rate charged by an insurer to a person insured under a contract would, as a result of the coming into force of paragraph (1)(e.1), be higher than the rate the person would otherwise have been required to pay, the insurer is not prohibited from charging the person the lower rate.

(2.2) Where an insurer receives an approval under section 51 of the Automobile Insurance Act to increase a rate it charges to an insured referred to in subsection (2.1), the insurer may phase in the amount of the increase over the period the insurer may determine.