Regulation - LGIC
Proposed changes to the Statutory Accident Benefits Schedule (Ontario Regulation 34/10) under the Insurance Act
Regulation Number(s):
O. Reg. 34/10 – Statutory Accident Benefits Schedule (SABS)
Instrument Type:
Regulation - LGIC
Bill or Act:
Insurance Act
Summary of Decision:
O. Reg. 34/10 (Statutory Accident Benefits Schedule - Effective September 1, 2010) under the Insurance Act has been amended 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 Statutory Accident Benefits Schedule (SABS).
Amendments to the SABS that were consequential to the establishment of the Financial Services Regulatory Authority of Ontario (FSRA), were effective June 8, 2019.
Note: Amendments to the SABS that were consequential to the establishment of FSRA had a separate effective date to align with when FSRA became operational.
Amendments to the SABS that were consequential to the establishment of the Financial Services Regulatory Authority of Ontario (FSRA), were effective June 8, 2019.
Note: Amendments to the SABS that were consequential to the establishment of FSRA had a separate effective date to align with when FSRA became operational.
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.
Further Information:
Proposal Number:
19-MOF002
Posting Date:
March 13, 2019
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.
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.
Contact Address:
Insurance Policy Unit
Financial Institutions Policy Branch
Ministry of Finance
95 Grosvenor Street
Frost Building North, 4th Floor
Toronto, ON
M7A 1Z1
Financial Institutions Policy Branch
Ministry of Finance
95 Grosvenor Street
Frost Building North, 4th Floor
Toronto, ON
M7A 1Z1
Effective Date:
June 3, 2019
Decision:
Approved