FSRA is continuing its work to strengthen protection for consumers of insurance in Ontario.
If approved, the Unfair or Deceptive Acts or Practices (UDAP) rule will strengthen the supervision of insurance industry conduct by clearly defining the outcomes that are unfair or otherwise harmful to consumers.
FSRA submitted its UDAP rule to the Minister of Finance for final approval on December 20, 2021. The rule will replace the UDAP Regulation under the Insurance Act and will take effect once consequential amendments made by the government are proclaimed into force.
Helpful links:
- Publication of Board Approved Rule Proposed Rule [2020-002] Unfair or Deceptive Acts or Practices
- Board Approved Rule Unfair or Deceptive Acts or Practices
- The summary of stakeholder feedback received during the second public consultation and FSRA’s responses are also available Unfair or Deceptive Acts or Practices (“UDAP”) Rule Consultation Summary Report
- 1st UDAP Consultation Summary