Grace Tsang, BridgePoint Financial Services | March 18, 2014
On March 4, 2014, Bill 171 (An Act respecting insurance system reforms and repair and storage liens) had its first reading in the Ontario Legislature. The Bill proposes to move disputes pertaining to Statutory Accident Benefits ("SABS") from the Financial Services Commission of Ontario to the Licence Appeal Tribunal.
There are other changes that will be of interest to injured parties and their representatives if this Bill is enacted:
Bill 171 will continue to protect injured parties from insurers reducing benefits awarded to an injured party after the Licence Appeal Tribunal has released its decision. Benefits will only be reduced if the injured party agrees to the reduction, the insurer has been successful in appealing a decision from the Licence Appeal Tribunal, or the insurer has been authorized to do so by the Licence Appeal Tribunal.
To review the Bill, please click here.
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