O. Reg. 236/14: STATUTORY ACCIDENT BENEFITS SCHEDULE - EFFECTIVE SEPTEMBER 1, 2010
filed November 27, 2014 under Insurance Act, R.S.O. 1990, c. I.8
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made under the
Insurance Act
Made: November 26, 2014
Filed: November 27, 2014
Published on e-Laws: November 27, 2014
Printed in The Ontario Gazette: December 13, 2014
Amending O. Reg. 34/10
(STATUTORY ACCIDENT BENEFITS SCHEDULE - EFFECTIVE SEPTEMBER 1, 2010)
1. Subsection 51 (2) of Ontario Regulation 34/10 is revoked and the following substituted:
(2) If payment of a benefit under this Regulation is overdue, the insurer shall pay interest on the overdue amount in accordance with this section for each day the amount is overdue.
(3) Interest is payable at the rate of 1 per cent per month, compounded monthly, from the date on which the amount becomes overdue until the earlier of the following dates:
1. The date on which the overdue amount is paid.
2. The date, if any, on which interest becomes payable in accordance with subsection (4).
(4) In case of a dispute in respect of an insured person’s entitlement to statutory accident benefits or in respect of the amount of statutory accident benefits to which an insured person is entitled, interest on the benefits in dispute is calculated at the prejudgment interest rate described in subsection 128 (3) of the Courts of Justice Act that is used for past pecuniary loss, and is payable for the period that begins on the date on which a mediation proceeding for the benefits in dispute is commenced under section 280 of the Act and ends on the date a settlement is reached or a decision is issued that finally disposes of the dispute.
(5) Despite subsection (3), if payment of the benefit is overdue on December 31, 2014, interest is payable on the overdue amount at the rate of 1 per cent per month, compounded monthly, from the date on which the amount became overdue until the date on which the overdue amount is paid.
Commencement
2. This Regulation comes into force on January 1, 2015.