On June 3, more than two months after Ontario declared a state of emergency, the Financial Services Regulatory Authority of Ontario (FSRA) released an Interpretation titled: “Statutory Accident Benefits Claims during the COVID-19 Outbreak.” Its declared purpose is “to provide FSRA’s Interpretation of the requirements of subsections 1(9), 3(2)5 and 6(1) of O. Reg. 7/00 — Unfair or Deceptive Acts or Practices under the Insurance Act” in the context of statutory accident benefits (SABs) claims during the COVID-19 crisis.
These subsections set out the following as unfair or deceptive acts or practices:
In recognition of the additional challenges and complexities facing SABs claimants — such as communicating with adjusters, providing paperwork, attending treatment and assessments and receiving in-home support — the FSRA issued this guidance to announce its intention to use the regulatory tools at its disposal to ensure that claimants are treated fairly during the pandemic.
This guidance is in keeping with the statutory mandates of the FSRA:
FSRA’s release of this document highlights the use of unfair or deceptive acts or practices by the insurance industry relating to accident benefits claims in the first months of the crisis, despite website slogans of insurers, like: “Working together to deal with COVID-19” and “We believe that insurance is about people. Our priority is to be there for customers and brokers when they need us.”
Click here to read complete article