Proposed changes to the Statutory Accident Benefits Schedule (Ontario Regulation 34/10) under the Insurance Act
O. Reg. 34/10 – Statutory Accident Benefits Schedule (SABS)
Bill or Act:
Summary of Proposal:
The Ministry of Finance is proposing changes to Ontario Regulation 34/10 (Statutory Accident Benefits Schedule - Effective September 1, 2010) under the Insurance Act to clarify that Harmonized Sales Tax (HST) is required to be paid by insurers in addition to the maximum accident benefit amount limits specified in the SABS. The proposed changes would also clarify that HST for assessments or examinations, and for preparing reports in connection with these, should be paid by insurers in addition to the maximum limits provided in the SABS.
If approved, these amendments would clarify direction previously provided in a 2015 bulletin by the Financial Services Commission of Ontario, that HST is required to be paid in addition to accident benefit limits.
Analysis of Regulatory Impact:
The proposed changes are in line with direction previously provided to insurers by the financial services regulator; therefore, no new impact is expected on businesses, including insurers.
March 13, 2019
Comments Due Date:
April 26, 2019
Insurance Policy Unit
Financial Institutions Policy Branch
Ministry of Finance
95 Grosvenor Street
Frost Building North, 4th Floor