Sector: Life & Health Insurance, P&C Insurance, Auto Insurance
FSRA is continuing its work to strengthen protection for insurance consumers in Ontario.
The Unfair or Deceptive Acts or Practices (UDAP) Rule is approved and will become effective after required legislative amendments are proclaimed into force. The rule strengthens the supervision of insurance industry conduct and enhances consumer protection by clearly defining outcomes that are unfair or otherwise harmful to consumers.
The following is a timeline of the UDAP rule process, and the related documents published as per legislative requirements under the FSRA Act.
On February 1, 2022, FSRA re-submitted the UDAP Rule to the Minister of Finance as a minor technical amendment was made to the Rule (altering the Rule’s coming into force provision).
Amendment to Rule:
Amending s. 11(1) in order to specify the exact section of Schedule 5 of the Plan for Care and Opportunity Act (Budget Measures), 2021 which must be proclaimed in force for the Board Approved Rule to become an in force FSRA rule.
On December 20, 2021, FSRA submitted its UDAP rule to the Minister of Finance for final approval. 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.
On July 14, 2021, FSRA released a revised version of the UDAP rule for consultation (revisions were made in response to feedback received during the first consultation period – see below)
