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.
• 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:
Regulation 37/10
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.
• 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
Senior Manager
Industrial and Financial Policy Branch
Ministry of Finance
95 Grosvenor Street, Frost North, 5th floor
Toronto ON M7A 1Z1
Royal Assent Date:
September 1, 2010
Decision:
Approved