Regulation - LGIC
Ontario Regulation 36/10
Regulation Number(s):
Ontario Regulation 36/10
Instrument Type:
Regulation - LGIC
Bill or Act:
Insurance
Summary of Decision:
This regulation changes Regulation 664 to include:
• Introducing an option for consumers to purchase an endorsement that provides first-party coverage to reduce the tort deductible for pain and suffering awards to $20,000 from $30,000 (and to $10,000 from $15,000 for Family Law Act awards).
• Adding a $500 deductible option for Direct Compensation – Property Damage claims.
• Prohibiting the use of accidents occurring on or after September 1, 2010 for risk classification purposes, if the insured was 25 per cent or less at fault.
• Introducing a cap of $2,500 for arbitration awards in respect of accounting reports that are prepared for claimants or insurers regarding claims for income replacement benefits.
• Introducing an option for consumers to purchase an endorsement that provides first-party coverage to reduce the tort deductible for pain and suffering awards to $20,000 from $30,000 (and to $10,000 from $15,000 for Family Law Act awards).
• Adding a $500 deductible option for Direct Compensation – Property Damage claims.
• Prohibiting the use of accidents occurring on or after September 1, 2010 for risk classification purposes, if the insured was 25 per cent or less at fault.
• Introducing a cap of $2,500 for arbitration awards in respect of accounting reports that are prepared for claimants or insurers regarding claims for income replacement benefits.
Further Information:
Regulation 36/10
Proposal Number:
10-MOF008
Posting Date:
March 22, 2010
Summary of Proposal:
This regulation changes Regulation 664 to include:
• Introducing an option for consumers to purchase an endorsement that provides first-party coverage to reduce the tort deductible for pain and suffering awards to $20,000 from $30,000 (and to $10,000 from $15,000 for Family Law Act awards).
• Adding a $500 deductible option for Direct Compensation – Property Damage claims.
• Prohibiting the use of accidents occurring on or after September 1, 2010 for risk classification purposes, if the insured was 25 per cent or less at fault.
• Introducing a cap of $2,500 for arbitration awards in respect of accounting reports that are prepared for claimants or insurers regarding claims for income replacement benefits.
• Introducing an option for consumers to purchase an endorsement that provides first-party coverage to reduce the tort deductible for pain and suffering awards to $20,000 from $30,000 (and to $10,000 from $15,000 for Family Law Act awards).
• Adding a $500 deductible option for Direct Compensation – Property Damage claims.
• Prohibiting the use of accidents occurring on or after September 1, 2010 for risk classification purposes, if the insured was 25 per cent or less at fault.
• Introducing a cap of $2,500 for arbitration awards in respect of accounting reports that are prepared for claimants or insurers regarding claims for income replacement benefits.
Contact Address:
Cathryn MacFarlane
Senior Manager
Industrial & Financial Policy Branch
Ministry of Finance
95 Grosvenor Street, 5th Floor
Toronto, ON M7A 1Z1
Senior Manager
Industrial & Financial Policy Branch
Ministry of Finance
95 Grosvenor Street, 5th Floor
Toronto, ON M7A 1Z1
Effective Date:
September 1, 2010
Decision:
Approved