The Financial Services Commission of Ontario (FSCO) has released ‘Property and Casualty Bulletin A-04/10’ that sets out the transition guidelines for accident benefit claims under the upcoming auto reforms that come into effect on September 1 of this year.
The transition document lays out clearly how the Statutory Accident Benefits Schedule (SABS) will apply to auto accidents that occur after September 1, 2010, and for those accidents that occur prior to September 1, 2010.
During the IBAO Educational Auto Reforms Roadshow, we spent quite a bit of time covering off this section of the changes and now that FSCO has officially released this bulletin it is a Must Read by all licensed brokers.
In addition to the SABS Schedule, the bulletin also speaks to Coverages and Limits on Policies Already In Effect as of September 1, 2010.
The coverages and coverage limits that are available in accordance with the ‘Old SABS’ under any automobile insurance policy already in effect as of September 1, 2010 will remain unchanged until the policy expires or is terminated. The only exception is if the named insured and insurer agree otherwise in writing (New SABS s. 68). The OPCF 25A (Alteration) endorsement, amended to reflect the new coverage choices available under the New SABS, will be available for this purpose.
Again, this new bulletin is a must read for all licensed brokers, and remember if you have any questions related to Auto reforms please send them to autofaqs@ibao.on.ca.
Visit www.fsco.gov.on.ca/english/pubs/, for a full list of all the property and casualty – auto bulletins available on FSCO’s website.