Act

Ontario Regulation 37/10

Regulation Number(s):
Ontario Regulation 37/10
Instrument Type:
Act
Bill or Act:
Insurance
Summary of Decision:
This regulation amends Regulation 7/00 to ensure that automobile insurers cannot use credit information for specific automobile insurance purposes. The amendments include:
• Providing a definition for "credit information" that includes a person’s credit rating, credit score, credit-based insurance score, occupation, place of residence, number of dependants, education, profession, place(s) of employment, income, debts, cost of living and assets.
• Prohibiting insurers from requiring that a consumer consent to the collection and use of his/her credit information before providing an insurance quote or offering to renew a policy.
• Prohibiting insurers from using credit information in order to treat consumers differently when they respond to requests for quotes, or process applications for automobile insurance or renewals of policies.
• Requiring affiliated insurers that use the same distribution channel to provide a consumer with the lowest rate that is available through the channel.
Further Information:
Proposal Number:
10-MOF010
Posting Date:
March 22, 2010
Summary of Proposal:
This regulation amends Regulation 7/00 to ensure that automobile insurers cannot use credit information for specific automobile insurance purposes. The amendments include:
• Providing a definition for "credit information" that includes a person’s credit rating, credit score, credit-based insurance score, occupation, place of residence, number of dependants, education, profession, place(s) of employment, income, debts, cost of living and assets.
• Prohibiting insurers from requiring that a consumer consent to the collection and use of his/her credit information before providing an insurance quote or offering to renew a policy.
• Prohibiting insurers from using credit information in order to treat consumers differently when they respond to requests for quotes, or process applications for automobile insurance or renewals of policies.
• Requiring affiliated insurers that use the same distribution channel to provide a consumer with the lowest rate that is available through the channel.
Contact Address:
Cathryn MacFarlane
Senior Manager
Industrial and Financial Policy Branch
Ministry of Finance
95 Grosvenor Street, Frost North, 5th floor
Toronto ON M7A 1Z1
Effective Date:
September 1, 2010
Decision:
Approved