In Cirillo v Rizzo, 2015 ONSC 2440, MacKenzie J had to decide the much-anticipated question of whether an amendment to the Insurance Act with respect to the rate of calculation of prejudgment interest for non-pecuniary losses is retroactive. The plaintiff was injured in a motor vehicle accident and initiated a claim for damages on January 29, 2007. The defendant presented an offer to settle on March 24th, 2014, and the plaintiff accepted the offer on January 26th, 2015. On January 1st, 2015, section 258.3(8.1) of the Insurance Act came into force.
Amendment to Insurance Act creates lower prejudgment interest rate for non-pecuniary losses
June 2015
Kelly Santini LLP, Ontario
