O. Reg. 459/03: AUTOMOBILE INSURANCE

 

ontario regulation 459/03

made under the

Insurance Act

Made: December 23, 2003
Filed: December 24, 2003
Printed in The Ontario Gazette: January 10, 2004

Amending Reg. 664 of R.R.O. 1990

(Automobile Insurance)

1. Section 14.1 of Regulation 664 of the Revised Regulations of Ontario, 1990 is revoked and the following substituted:

14.1 (1) For the purposes of section 260 of the Act, insurers shall use the following elements of a risk classification system in classifying risks for loss or damage to an automobile or loss of its use:

1. A deductible of $300 for contracts issued or renewed before April 15, 2004, unless the contract provides for a different amount.

2. For collision or upset coverage, as referred to in the standard policy forms approved by the Superintendent under subsection 227 (5) of the Act, a deductible of $500 for contracts issued or renewed on or after April 15, 2004, unless the contract provides for a different amount.

3. For comprehensive coverage, as referred to in the standard policy forms approved by the Superintendent under subsection 227 (5) of the Act, a deductible of $300 for contracts issued or renewed on or after April 15, 2004, unless the contract provides for a different amount.

(2) Insurers shall use the following element in their risk classification systems in classifying risks for damage to an automobile or its contents or loss of its use:

1. $300 as the amount of the reduction referred to in clause 263 (5.1) (b) of the Act, for contracts issued or renewed on or after April 15, 2004, unless the contract provides for a different amount.