ontario regulation 48/16

made under the

Financial Services Commission of Ontario Act, 1997

Made: March 2, 2016
Filed: March 4, 2016
Published on e-Laws: March 4, 2016
Printed in The Ontario Gazette: March 19, 2016

Amending O. Reg. 11/01

(ASSESSMENT OF EXPENSES AND EXPENDITURES)

1. Subsection 3 (4) of Ontario Regulation 11/01 is revoked.

2. (1) Subsection 4 (1) of the Regulation is amended by striking out “Subject to subsection (2), an” in the portion before paragraph 1 and substituting “An”.

(2) Paragraph 2 of subsection 4 (1) of the Regulation is amended by striking out the formula and substituting “D = F + (G × 0.85) + (H / 2)”.

(3)  The definition of “E” in paragraph 2 of subsection 4 (1) of the Regulation is revoked.

(4) Paragraphs 3, 4, 5, 6, and 7 of subsection 4 (1) of the Regulation are revoked.

(5) Paragraph 8 of subsection 4 (1) of the Regulation is revoked and the following substituted:

8. Calculate the insurer’s automobile insurance share of the assessment, in accordance with the following formula:

S = (T / U) × D

where,

S = the insurer’s automobile insurance share of the assessment,

T = the insurer’s direct premiums for automobile insurance in Ontario in the year beginning on the January 1 immediately preceding the beginning of the assessment period,

D = the expenses incurred and expenditures made in respect of automobile insurance, calculated under rule 2,

U = the total, for all insurers licensed for automobile insurance during the assessment period, of all direct premiums for automobile insurance in the year beginning on the January 1 immediately preceding the beginning of the assessment period.

(6) Subsection 4 (2) of the Regulation is revoked.

Commencement

3. This Regulation comes into force on the later of the day section 14 of Schedule 3 to the Fighting Fraud and Reducing Automobile Insurance Rates Act, 2014 comes into force and the day this Regulation is filed.