Proposed Amendment to O. Reg. 34/10 (Statutory Accident Benefits Schedule - Effective September 1, 2010)
Ontario Regulation 34/10 (Statutory Accident Benefits Schedule - Effective September 1, 2010)
Regulation - LGIC
Bill or Act:
Summary of Decision:
The proposed amendment to O. Reg. 34/10 (Statutory Accident Benefits Schedule - Effective September 1, 2010) has been approved.
September 30, 2014
Summary of Proposal:
This proposed amendment would provide that where there is a dispute in respect of an insured person's entitlement to, or amount of statutory accident benefits, interest on overdue SABS payments is calculated at the prejudgment interest rate described in the Courts of Justice Act that is used for past pecuniary loss, and is payable from the date on which a mediation proceeding is commenced and ends on the date a settlement is reached or a decision is issued that finally disposes of the dispute.
Insurance Policy Unit
Financial Institutions Policy Branch
Ministry of Finance
95 Grosvenor Street
Frost Building North, 4th Floor
January 1, 2015