Client Update: Automobile Tort Recovery Limitations Regulations Repealed
As of August 1, 2015, section 4 of the Nova Scotia Automobile Tort Recovery Limitations Regulations was repealed. This section previously set the discount rate for future losses in automobile tort claims at 3.5%.
The repeal was publicized in a bulletin that stated “it was determined that the rationale for the discount rate set in insurance regulation was no longer relevant and that it should be repealed”.
There is no indication at this time that a new regulation will be passed setting a new discount rate.
It is unclear whether the discount rate of 3.5% will continue to apply to accidents that occurred prior to the August 1, 2015 repeal of the regulation.
Certainly, for accidents occurring after August 1, 2015, discount rates will have to be determined using either Civil Procedure Rule 70.06, which prescribes a discount rate of 2.5%, or by using actuarial evidence in any given case.
Further information on this amendment can be found at the websites below, or by contacting the insurance defence partners of Stewart McKelvey:
Archive
Stewart McKelvey is pleased to present Energy Watch – a review of key legislative and policy advancements in the renewable energy sector in 2023 in each of Newfoundland and Labrador, Nova Scotia and New Brunswick…
Read MoreWe are pleased to present Beyond the border: A year end immigration wrap-up. Compiled by Lawyers from our Immigration team, this 2023 update covers topics including the Government of Canada’s ambitious immigration plans for the future;…
Read MoreBy Perlene Morrison, K.C., Hilary Newman & Curtis Doyle Once again, the time has come to review the year that was and to chart the course for the year ahead. For municipalities and planning professionals…
Read MoreBy Dave Randell, John Samms & Jayna Green A recent Government of Newfoundland and Labrador (“GNL”) announcement affirms the Province’s swift and ambitious approach to offshore wind development. While it may come as a shock…
Read MoreBy Sadira Jan, Dave Randell, Graham Haynes & Tyler Callahan On November 30, 2023, the Federal Government tabled Bill C-59, entitled An Act to implement certain provisions of the fall economic statement tabled in Parliament…
Read MoreBy Brendan Sheridan The Government of Canada has continued their whirlwind year of immigration program announcements by revealing their plan to modernize and improve the country’s immigration system. This plan, known as “An Immigration System…
Read MoreBy Christine Pound, ICD.D, Rebecca Saturley, & Daniel Roth Canada’s anti-modern slavery legislation comes into force on January 1, 2024. To prepare for the first reporting deadline on May 31, 2024, organizations need to determine…
Read MoreBy Brian Johnston, K.C. and Richard Jordan On November 9, 2023, Minister of Labour, Seamus O’Regan, introduced Bill C-58 in the House of Commons to amend the Canada Labour Code to prohibit the use of…
Read MoreBy Kevin Landry & Eryka Gregory The Retail Payment Activities Regulations (“Regulations”) under the Retail Payment Activities Act (“RPAA”) were finalized and published in the Canada Gazette Part II on November 23, 2023. The RPAA was…
Read MoreBy Level Chan When proclaimed in force, the Nova Scotia Private Sector Pension Plan Transfer Act (the “Transfer Act”) enacted by Bill 339, Financial Measures (Fall 2023) Act will allow the transfer of private sector…
Read More