From the Financial Services Regulatory Authority:
FSRA’s First Proposed Insurance Rule Released for Public Consultation – the Unfair or Deceptive Acts or Practices (UDAP) Rule – Due March 18 2021. Unfair or Deceptive Acts or Practices (UDAP): Section439 of the Insurance Act prohibits “unfair or deceptive acts or practices”. O. Reg. 7/00 (UDAP regulation) under the Insurance Act prescribes specific actions that are considered as unfair or deceptive, and may apply to insurers, brokers, intermediaries, adjusters, and goods/service providers engaged in the insurance sector such as health service providers, vehicle repair shops, automobile storage facilities, and tow truck operators. https://www.fsrao.ca/engagement-and-consultations/fsras-first-proposed-insurance-rule-released-public-consultation-unfair-or-deceptive-acts-or-practices-udap-rule See: https://www.fsrao.ca/media/2521/download
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Proposed new regulations under the Insurance Act from Auto Insurance Policy Unit, Financial Institutions Policy Branch, Ministry of Finance:
Auto Insurance “Regulatory Sandbox” due April 2, 2021: Would permit the Financial Services Regulatory Authority’s (FSRA) CEO to exempt insurers from certain requirements under the Insurance Act and / or its regulations, within a “regulatory sandbox” with defined parameters as set by FSRA guidance. This would enable insurers to pilot initiatives that bring new consumer-focused products and services to market more quickly in response to changing consumer needs. https://www.ontariocanada.com/registry/view.do?postingId=36247&language=en
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Optional Direct Compensation – Property Damage (DCPD) Coverage due March 29, 2021: Would permit an insured to decide not to purchase DCPD coverage by providing written confirmation to their insurer. This would enable drivers who may determine that insuring their older vehicle costs more than the vehicle is worth to save on their auto insurance premium. https://www.ontariocanada.com/registry/view.do?postingId=36231&language=en
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Electronic Delivery of Automobile Insurance Notices / Documents due March 29, 2021: Would make it faster and simpler for insurance companies and consumers to do business, including through the delivery of termination notices of auto insurance contracts through electronic means. This would further enable fully digital insurers to operate in Ontario. https://www.ontariocanada.com/registry/view.do?postingId=36230&language=en