FSCO Reg 664

Card Set Information

Author:
ED_6C3
ID:
270315
Filename:
FSCO Reg 664
Updated:
2014-04-12 14:15:25
Tags:
6C
Folders:
Auto Insurance
Description:
6C
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  1. Definition of fleet:
    • group of no less than five automobiles under common ownership or management
    • of which at least 5 are commercial vehicles, public vehicles, or vehicles used for business
    • of which any that are subject to a lease for more than 30 days are leased to same insured
  2. Conditions under which an insurer must offer instalments option
    • insurer & affiliates insured at least 10,000 PPV in ON during previous year
    • contract is written on Ontario Automobile Policy 1 or Ontario Policy Form 2
    • contract does not insure a commercial vehicle or public vehicle
    • contract does not insure 5+ vehicles that are under common ownership of management
    • total annual premium payable exceeds $300
    • insured has not had more than one automobile insurance policy terminated by an insurer for non-payment of premium during the 36 months before the contract takes effect
  3. Authorized pre-requisites for instalment premium:
    • insured make an initial payment equal to 2 monthly instalments of the premium
    • agree to make all payments by pre-authorized payments
  4. Maximum interest rate for instalment premium:
    • 3% for 12+ months contracts
    • 1.5% for 6+ months contracts
    • 0.5% for less than 6 months contracts
    • insurers who isn’t required to permit instalment but chooses to is subject to same law
  5. No insurer can decline to issue, refuse to renew or terminate contract solely because:
    • an insured is or was insured by FA
    • another insurer declined to issue or renew another contract
    • existence of physical or mental disability
    • number of persons who would become insured persons or their state of health
    • credit information
    • late payments on a contract that wasn’t terminated, optional benefit
    • non-at-fault claims. claims other than collision or upset
    • group marketing plan terminates or insured ceases to be a member
  6. Prohibited risk classification elements:
    • past claims arising out of accidents occurring on or after Sept 1st, 2010 < 25% at-fault
    • medical plan providence coverage to an insured
    • income continuation plan, sick leave plan
    • lapse in automobile insurance coverage, except non-payment termination, driver license suspension, accident or conviction that wasn’t reported to the insurer
    • credit information (income, employment, occupation, credit card, rating, …)
    • membership in an organized group unless > 100 members and meet requirements
  7. Settlement disclosure notice
    • insurer’s offer 
    • description of benefits that may be available under Statutory AB Schedule
    • statement that insured may, within 2 business days, rescind the settlement by delivering a written notice to the office of the insurer and returning any money received
    • description of the consequence of the settlement on benefits including right to mediate, litigate, arbitrate, appeal or apply to vary, and tax implications
    • statement advising insured to consider seeking independent legal, financial or medical aid
    • statement for signature by the insured person

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