AI-assisted research summary: This regulation defines the assessment period and direct premiums, prescribes two dollar amounts for section 14.1 of the Act, and sets the formula for calculating an insurer’s share of an assessment.
1. (1) In this Regulation, “assessment period” means a period from April 1 of one year to March 31 of the next year with respect to which the Lieutenant Governor in Council makes an assessment under section 14.1 of the Act. O. Reg. 401/96, s. 1 (1). (2) For the purpose of this Regulation, an insurer’s direct premiums for automobile insurance in a year are the premiums paid to the insurer in the year for automobile insurance, other than premiums paid to the insurer in the year under agreements for reinsurance. O. Reg. 401/96, s. 1 (2). 2. (1) The amount of $142,327,944, incurred by the Ministry of Health and Long-Term Care under Acts and programs administered by that ministry, is prescribed for the purposes of section 14.1 of the Act. O. Reg. 429/06, s. 1. (2) Despite subsection (1), the amount of $102,327,944, incurred by the Ministry of Health and Long-Term Care under Acts and programs administered by that ministry, is prescribed for the purposes of section 14.1 of the Act for the period from October 1, 2006 to March 31, 2007. O. Reg. 429/06, s. 1. (3) For the purposes of section 3, an insurer’s share of the assessment in respect of the period mentioned in subsection (2) shall be determined on the basis of an assessment period that is from October 1, 2006 to March 31, 2007. O. Reg. 429/06, s. 1. 3. An insurer’s share of an assessment under section 14.1 of the Act in respect of an assessment period shall be determined in accordance with the following formula: A = B × C / D where, A = the insurer’s share of the assessment, B = the amount prescribed under section 2 for the assessment period, C = the insurer’s direct premiums for automobile insurance in Ontario in the year beginning on January 1 immediately preceding the beginning of the assessment period, D = the total, for all insurers that have issued motor vehicle liability policies in Ontario, of all direct premiums for automobile insurance in Ontario in the year beginning on January 1 immediately preceding the beginning of the assessment period. O. Reg. 401/96, s. 3. 4. Revoked: O. Reg. 429/06, s. 2. 5. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 401/96, s. 5.