To the attention of all insurance companies in the Province of Ontario licensed to transact automobile insurance
This Bulletin announces the 1997 indexation percentage applicable to Statutory Accident Benefits under Bill 59. Also being announced is the 1997 indexation percentage and new deductibles/monetary amounts under Bill 164. As required under the Insurance Act, these amounts must be published in The Ontario Gazette. The former appeared in the December 7, 1996 edition, and the latter on December 28, 1996.
Indexation percentage under Bill 59
The indexation percentage for January 1, 1997 is 1.5%. It applies to insured persons who bought optional indexation coverage and were involved in accidents that occurred on or after November 1, 1996 and before January 1, 1997.
Indexation percentage under Bill 164
The indexation percentage for January 1, 1997 is 1.5%. It applies to existing and continuing Statutory Accident Benefits that are eligible to be indexed, for insured persons who were involved in accidents after December 31, 1993 and before November 1, 1996.
The 1997 indexation percentage, the revised deductibles and monetary amounts are listed in the enclosed chart, entitled A1997 Indexation Percentage, Revised Deductibles and Monetary Amounts for Automobile Insurance under the Insurance Act and the Statutory Accident Benefits Schedule - Accidents After December 31, 1993 and Before November 1, 1996. For your reference, the 1996 amounts are also included in the chart.
Ontario Insurance Commission contact about the new indexation rate
If you have any questions regarding the attached chart or matters raised in this Bulletin, please contact Tony Toy at the Ontario Insurance Commission's Accident Benefits Analysis Unit - tel. (416) 590-7257, fax (416) 590-7265.
D. Blair Tully
December 30, 1996