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Automobile Insurance Tort Recovery Limitation Regulations

made under Sections 5, 113B and 113C of the

Insurance Act

R.S.N.S. 1989, c. 231

O.I.C. 2003-457 (October 31, 2003, effective November 1, 2003), N.S. Reg. 182/2003

as amended up to O.I.C. 2010-254 (June 22, 2010, effective July 1, 2010), N.S. Reg. 93/2010


Citation

1     These regulations may be cited as the Automobile Insurance Tort Recovery Limitation Regulations.


Definitions for purposes of Section 113BA of Insurance Act

2     (1)    For the purposes of Section 113BA of the Insurance Act and these regulations,

 

                (a)    “net loss of earning capacity” means total loss of earning capacity or loss of future income less that portion of probable future income that would be paid by a plaintiff in

 

                         (i)     income and payroll taxes,

 

                         (ii)    employment insurance or similar costs,

 

                         (iii)   union or professional dues, and

 

                         (iv)   pension contributions, including Canada Pension Plan contributions;

 

                (b)    “net income loss” means total income lost less that part of total income that would have been paid by a plaintiff in

 

                         (i)     income and payroll taxes,

 

                         (ii)    employment insurance or similar costs,

 

                         (iii)   union or professional dues, and

 

                         (iv)   pension contributions, including Canada Pension Plan contributions;

Section 2 amended: O.I.C. 2010-254, N.S. Reg. 93/2010.

Clauses 2(1)(c)-(h) repealed: 2010-254, N.S. Reg. 93/2010.

Subsection 2(2) repealed: 2010-254, N.S. Reg. 93/2010.


Section 3 repealed: O.I.C. 2010-254, N.S. Reg. 93/2010.


Discount rate for calculating loss or damage from bodily injury or death

4     (1)    For the purpose of Section 113C, the discount rate for calculating loss or damage from bodily injury or death is 3.5%.

 

       (2)    Effective January 1, 2005, the discount rate for each calendar year may be based on the difference between the rate set for Government of Canada bonds and the consumer price index for the previous 12 months.


Section 5 repealed: O.I.C. 2010-254, N.S. Reg. 93/2010.