FSRA releases updated auto insurance policy forms to align with changes made to the delivery of termination notices.
The Financial Services Regulatory Authority (FSRA) is releasing its approved auto policy forms to align with government’s amendments to the Insurance Act and related regulations. They now include electronic communication and pre-paid courier as valid notices of termination of auto insurance contracts.
These changes come into effect on January 1, 2022. Previously approved non-standard forms will need to be updated to comply with the new regulation and will have to be re-filed and approved by FSRA.
The following auto insurance policy forms have been updated and approved:
FSRA releases the 2022 Automobile Insurance Indexation Amounts Guidance
The Financial Services Regulatory Authority of Ontario (FSRA) is releasing the 2022 indexation amounts related to auto insurance injury claims.
The 2022 indexation rate is 4.4% and has been calculated using data from the Consumer Price Index for Canada (All Items), as published by Statistics Canada. The Consumer Price Index is an indicator of changes in consumer prices experienced by Canadians.
The indexation rate applies to, for example, monetary and deductible amounts used to determine awards in lawsuits.
Specifically, the changes apply to:
- Monetary thresholds and deductibles for determining non-pecuniary tort awards under the Insurance Act and O. Reg. 461/96, (Court Proceedings for Automobile Accidents that Occur on or after November 1, 1996)
- Amounts that are required to be indexed pursuant to the:
- Statutory Accident Benefits Schedule – Effective September 1, 2010 (2010 SABS);
- Statutory Accident Benefits Schedule – Accidents on or After November 1, 1996 (1996 SABS); and
- Statutory Accident Benefits Schedule – Accidents on or After December 31, 1993 and before November 1, 1996 (1993 SABS).