Reduction in prejudgment interest rate in Ontario auto lawsuits applies retrospectively: Court
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Brian Goldfinger on why is your Long Term Disability Case taking so long (Ontario)?
One of the most commonly asked questions of Brian Goldfinger is “how long will make case take to settle?”
Brian hears this question in a variety of cases spanning from catastrophic car accident cases; slip and fall cases; motorcycle accident cases. But it seems like this question is most frequently asked in the context of long term disability cases. I don’t know why this is. It just is (if that makes any sense).
Ontario Human Rights Commission releases updated policy before pot legalization
In mva action, Ont. Super. Ct. declines to increase pre-judgment interest rate
Postjudgement and Prejudgement Interest Rates Jun 2, 2018
| Title: | Statutory Accident Benefits Schedule |
| Citation: | O Reg 34/10, s 51(1) https://www.canlii.org/en/on/laws/regu/o-reg-34-10/latest/o-reg-34-10.html#sec51subsec1_smooth |
Overdue payments
51. (1) An amount payable in respect of a benefit is overdue if the insurer fails to pay the benefit within the time required under this Regulation. O. Reg. 34/10, s. 51 (1)
(2) If payment of a benefit under this Regulation is overdue, the insurer shall pay interest on the overdue amount in accordance with this section for each day the amount is overdue. O. Reg. 236/14, s. 1.
(3) Interest is payable at the rate of 1 per cent per month, compounded monthly, from the date on which the amount becomes overdue until the earlier of the following dates:
1. The date on which the overdue amount is paid.
2. The date, if any, on which interest becomes payable in accordance with subsection (4). O. Reg. 236/14, s. 1.
(4) In case of a dispute in respect of an insured person’s entitlement to statutory accident benefits or in respect of the amount of statutory accident benefits to which an insured person is entitled, interest on the benefits in dispute is calculated at the prejudgment interest rate described in subsection 128 (3) of the Courts of Justice Act that is used for past pecuniary loss, and is payable for the period that begins on the date on which an application to the Licence Appeal Tribunal is brought under subsection 280 (2) of the Act and ends on the date a settlement is reached or a decision is issued that finally disposes of the dispute. O. Reg. 236/14, s. 1; O. Reg. 44/16, s. 5.
(5) Despite subsection (3), if payment of the benefit is overdue on December 31, 2014, interest is payable on the overdue amount at the rate of 1 per cent per month, compounded monthly, from the date on which the amount became overdue until the date on which the overdue amount is paid. O. Reg. 236/14, s. 1
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Clarity on prejudgment interest but not deductible