Settlement Disclosure Notice
Final Settlement of a Statutory Accident Benefits Claim
Effective April 1, 2016.
Your insurer is required to give you this Settlement Disclosure Notice if you have both agreed on a cash settlement that will permanently end your entitlement to one or more accident benefits.
This Settlement Disclosure Notice must be completed and signed by your insurer. Your insurer will probably also give you a Full and Final Release to sign, which you must review carefully with your legal representative.
You cannot enter into a cash settlement within a year from the date of the accident, with some exceptions, as follows:
- For disputes commenced and not completed on or before March 31, 2016 you may enter into a cash settlement within a year from the date of the accident if within the same period you brought a lawsuit and commenced discovery; or you referred the dispute to an arbitrator at the Financial Services Commission of Ontario (FSCO) and completed a pre-hearing conference; or you and your insurer agreed to a private arbitration and entered into an arbitration agreement.
- Effective April 1, 2016, an individual who wishes to dispute a denial by an insurance company for statutory accident benefits must proceed through the Ministry of the Attorney General’s Licence Appeal Tribunal (LAT) and not the FSCO. You may enter into a cash settlement: 1) on or after the first anniversary date of the accident; or 2) if you have applied to the LAT, on or after the date a case conference was held.
You should always consider seeking independent legal, financial, and medical advice before you enter into the settlement.
For a settlement to be binding, you must sign both this settlement disclosure notice and a Full and Final Release. If you sign this settlement disclosure notice and a release, you will be giving up rights you may have now or in future, even if your condition changes.
If you choose not to sign, your benefits will not be affected or reduced.
If you do sign this settlement disclosure notice and a release, either on the same day or different
days, you have 2 business days from the day of the last document you signed (either this
settlement disclosure notice or a release) to change your mind and rescind the settlement. To do so you must deliver a written notice to the office of the insurer or its representative and return any money you received as consideration for the settlement.
You have the right to seek any medical information relating to your claim in your insurer’s file and to obtain a copy at the insurer’s expense. If you want to see this information ask your insurer for a copy.
If you want to learn more about the companion accident benefits claim, and kickstarting the accident benefits application process, then please click the “link” to read my blog entitled “How to Get Your Accident Benefits Application Started”.
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