What’s New: In Brief (December 16, 2009)

Alberta’s minor injury amount will increase 0.3% on Jan. 1, 2010, in relation to the annual change in the Alberta Consumer Price Index.
The minor injury amount of $4,504 will be adjusted to $4,518. The new amount relates to minor injuries caused in motor vehicle accidents that occur in Alberta on or after Jan. 1, 2010, says a bulletin from Alberta’s superintendent of insurance.
The Minor Injury Regulation requires an annual adjustment to the total amount recoverable as damages for non-pecuniary loss for all minor injuries sustained by a claimant as a result of a motor vehicle accident.

British Columbia’s regulator is reminding insurers in that province to account for the impact of the HST when preparing Appointed Actuary Reports.
The Financial Institutions Commission (FIC) issued a memo to insurers that drew special attention to the section of an OSFI guideline, released on Nov. 26, 2009, that stated:
“… the Harmonized Sales Tax (HST) will become effective July 1, 2010. It is expected that all claims paid after July 1, 2010 will be affected by the HST.
“Since a portion of the unpaid claims at year end 2009 will be paid after July 1, 2010, the actuary should include the impact of the HST on the unpaid claims and the run-off of the unearned premium.”
For British Columbia insurers, the requirements for preparing the appointed actuary’s report are the same as set out in OSFI’s guideline, apart from differences due to laws, regulations, and filing instructions, the FIC’s memo said.