Accident Benefit Reporter | Spring 2010
May 14, 2010
On March 31, 2009, the Superintendent of Insurance delivered the first “Five Year Review of Automobile Insurance”, which included 39 recommendations to revise the current automobile insurance legislation. After extensive review of these recommendations, submissions and meetings with various stakeholders, the Government introduced 7 new Regulations (Ont. Reg. 34/10 – Ont. Reg. 40/10) to reform the current automobile insurance system. These new Regulations willcome into effect on September 1, 2010. Included in the package of reforms is Ont. Reg. 34/10, which is a completely revised Statutory Accident Benefits Schedule (the new “SABS”). This month’s Accident Benefit Reporter reviews one of the most significant changes in the Regulations – the new definition of “Incurred Expenses” and how this change will affect innocent accident victims and their families. Also included in this month’s edition are two charts providing a summary of the new Statutory Accident Benefits Schedule and a summary of the top 20 process changes contained in the new legislation.