With this Bulletin the Financial Services Commission of Ontario (FSCO) is releasing a revised Cost of Goods Guideline Size: ## kb (Guideline), amending various automobile insurance forms, and reminding all insurers and health care providers of regulation changes that take effect on June 1, 2013.
Cost of Goods Guideline
The Guideline was originally released with Bulletin A-01/12. The revised Guideline reflects the changes to the Statutory Accident Benefits Schedule – Effective September 1, 2010 (SABS) that come into effect on June 1, 2013.
This Guideline is issued pursuant to section 268.3 of the Insurance Act (the Act) and is incorporated by reference in the SABS. It is expected to be published in the June 1, 2013 edition of The Ontario Gazette and in-force the same day.
Revised Automobile Insurance Forms
Effective January 1, 2013, the maximum fines under Part XIX of the Act have increased from $100,000 to $250,000 for a first conviction for an offence, and from $200,000 to $500,000 for each subsequent conviction.
The following forms have been revised to reflect these changes:
As required by section 227 of the Act, the OAP 1 – Ontario Automobile Policy (Owner’s Policy) and OAP 4 – Ontario Garage Automobile Policy are expected to be published in the June 1, 2013 edition of The Ontario Gazette.
Insurers may use up their remaining stocks of older forms before using the new forms.
Reminder of Regulation Changes Effective June 1, 2013
Amendments have been made to the:
- Statutory Accident Benefits Schedule – Effective September 1, 2010 (O. Reg 34/10)
- Unfair or Deceptive Acts or Practices regulation (O. Reg 7/00)
- Disputes Between Insurers regulation (O. Reg 283/95)
The amendments were published in the February 9, 2013 edition of The Ontario Gazette. The in-force date of the amendments is June 1, 2013.
For a more detailed summary of the amendments, please refer to Bulletin A-01/13, issued on January 25, 2013.
Chief Executive Officer and
Superintendent of Financial Services
May 29, 2013