Bill 14

HIROC is regularly requested by Provincial governments to present on issues of key industry importance. In 2006, HIROC presented to the Standing Committee of Legal and Regulatory Affairs of the Ontario Provincial Government regarding Bill 14, a Bill aimed at modernizing many aspects of the Provincial justice system.

One of the Bill's provisions was a section making it mandatory that structured settlements be used in medical malpractice actions where the total amount of damages is $250,000 or greater.

The Bill also included provisions to enable the calculation of the present value of the structured settlement to be based on market values rather than the rates set out in the Courts of Justice Act. This difference can result in savings of several hundred thousand dollars on an average severe claim.

The Ontario Government Legislative Assembly passed Bill 14 later in the year- a decision that represented significant savings for all medical malpractice insurers in the Province of Ontario.

For more information about Bill 14, please visit the Legislative Assembly of Ontario website at: http://www.ontla.on.ca/web/bills/bills_detail.do?locale=en&BillID=284