FSRA has submitted its proposed UDAP Rule to the Minister for approval
The Financial Services Regulatory Authority of Ontario (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.
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.
The following documents are available for review:
The summary of stakeholder feedback received during the second public consultation and FSRA’s responses are also available at Unfair or Deceptive Acts or Practices (“UDAP”) Rule Consultation Summary Report
Learn more: FSRA continues to work on behalf of consumers and stakeholders to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.
For media inquiries:
Stephanie Windsor, Senior Advisor, Public Affairs
Financial Services Regulatory Authority of Ontario