The Financial Services Commission of Ontario (FSCO) is releasing the 2009 indexation percentage for the Optional Indexation Benefit under Section 29 of the Statutory Accident Benefits Schedule - Accidents on or after November 1, 1996 (Bill 59/198). Also published are the 2009 indexation percentage and revised deductibles/monetary amounts applicable to claims under the Statutory Accident Benefits Schedule – Accidents after December 31, 1993 and before November 1, 1996 (Bill 164).
These amounts will appear in a forthcoming edition of The Ontario Gazette.
The indexation percentage for Bill 59/198 and Bill 164 claims reflects the year-over-year "Consumer Price Index for Canada (All Items)" from September 2007 to September 2008, as published by Statistics Canada.
Indexation under Bill 59/198
The 2009 indexation percentage is 3.4 per cent. It is applied in accordance with the "Optional Indexation Benefit Guideline" dated October 28, 1996. Under Bill 59/198, indexation applies to named insureds, spouses of named insureds, dependants of any of these and specified drivers, if the optional indexation benefit was purchased.
The 2009 indexation percentage applies to benefits that are required to be indexed pursuant to Section 29 of the Statutory Accident Benefits Schedule (Bill 59/198) in respect of insured persons who were involved in accidents on or after November 1, 1996.
Indexation under Bill 164
The 2009 indexation percentage is 3.4 per cent. It applies to benefits that are required to be indexed pursuant to Section 80 of the Statutory Accident Benefits Schedule (Bill 164), in respect of insured persons who were involved in accidents after December 31, 1993 and before November 1, 1996.
The 2009 indexation percentage, the revised deductibles and monetary amounts are listed on the enclosed chart, entitled 2009 Indexation Percentage, Revised Deductibles and Monetary Amounts for automobile Insurance under the Insurance Act and Statutory Accident Benefits Schedule – Accidents after December 31, 1993 and before November 1, 1996.
Please note that certain Bill 164 SABS indexed amounts have been identified in the indexation schedule as possibly no longer being relevant in certain cases. Please refer to the relevant provisions in the Bill 164 Statutory Accident Benefits Schedule to determine if these indexed amounts apply to your situation.
Changes to the Conservative Mennonite Automobile Brotherhood Assistance Plan Exemption Identification Card
Ontario Regulation 95 under the Compulsory Automobile Insurance Act provides that the Conservative Mennonite Automobile Brotherhood Assistance Plan (C.M.A.B.A.P.) Exemption Identification Card is a form approved by the Superintendent of Financial Services. Effective immediately, the new identification card shall be issued in the form attached, upon renewal.
Chief Executive Officer and
Superintendent of Financial Services
December 1, 2008