Ontario to see harmonized insurance classes, definitions in April 2007

Harmonized classes of insurance and applicable definitions will be implemented in Ontario on Apr. 30, 2007, according to a FSCO bulletin.
Please note that insurers current licensing status will not be affected and no action is required by insurers as a result of implementation of harmonized classes of insurance and applicable definitions in Ontario, FSCO said in its bulletin. For companies that are licensed for Loss of Employment Insurance, please note that these licences will be changed to Credit Protection Insurance on Apr. 30, 2007.
A number of insurance classifications will be repealed from Ontarios Insurance Act as part of the harmonization.
For example, the definitions of accident insurance, accidental death insurance, aircraft insurance, automobile insurance, boiler and machinery insurance, credit insurance, disability and various other types of insurance will all be repealed and replaced through an order by the Superintendent of Financial Services on Apr. 30, 2007.
A key aspect of this [harmonization] initiative is that classes of insurance will no longer be defined in the Insurance Act, but rather by way of a Superintendent of Financial Services Order, FSCO says in its release. This order will be issued on Apr. 30, 2007, and will be available on the Financial Services Commission of Ontario (FSCO) website at: www.fsco.gov.on.ca.
The Superintendent of Financial Services order listing and defining classes of insurance will also be published in The Ontario Gazette, and will be re-published in July of each year, as required in subsection 43(1.2) of the Insurance Act.
The new and amended regulations related to implementation of harmonized classes of insurance and applicable definitions are available on the Government of Ontario e-Laws website at: <www.e-laws.gov.on.ca>, and will be published in The Ontario Gazette.
The harmonization initiative is a result of a 2002 recommendation by the Canadian Council of Insurance Regulators (CCIR). The CCIR called on all Canadian insurance regulators to harmonize classes of insurance and applicable definitions across Canadian jurisdictions.