Ontario Insurance Act changes
Amendments have been made to Part V – Life Insurance and Part VII – Accident and Sickness sections of the Ontario Insurance Act. These changes take effect on July 1, 2016. Some of the changes are:
- A copy of the application must be furnished to the insured or a claimant
- Grace period of 30 days now offered where owner could pay overdue insurance premiums
- The court can now terminate or adjust a contract if it is believed the well-being of the owner may be endangered by the contract
- Limitation wording will now be incorporated in statements
Please note that changes regarding Administrative Services Only Plans do not take effect on July 1, 2016. We will continue to monitor this area of insurance for the planned changes.