No. A-10/04
Property & Casualty
- Auto
Revised Bill 5 Automobile Insurance Rate and Risk Classification Filing Guidelines
To the attention of all insurance companies licensed
to transact automobile insurance in Ontario
The purpose of this bulletin is to outline filing requirements for submission of rate applications for private passenger automobile insurance under the Automobile Insurance Rate Stabilization Act, 2003 (Bill 5). An Order in Council has been passed that repeals subsection 7(4) of Bill 5 to enable insurers to make applications for further rate reductions.
Background
Subsection 7(4) of Bill 5, which prohibited insurers from filing more than one application under section 7, has been repealed by Order in Council made June 23, 2004. However the balance of Bill 5, including section 8, remains in effect.
Simplified Rate Filings
An insurer may use the attached simplified rate filing guidelines to file for rate reductions. The simplified filing package can be used for changes that may be proposed by territory, driving record, or other classification element, including rating rules, as long as the impact of such changes is a reduction in the resulting rate to the consumer. Subsections (5) to (12) of section 7 of Bill 5 will apply to such filings.
FSCO Contacts
If you have any questions about this bulletin, please contact your rate analyst in the Automobile Insurance Division.
Bryan P. Davies
Chief Executive Officer and
Superintendent of Financial Services
July 14, 2004
Attachments (PDF):
Financial Services Commission of Ontario