FSRA releases its revised Proposed Unfair or Deceptive Acts or Practices Rule for public consultation
The Financial Services Regulatory Authority of Ontario (FSRA) is continuing its work to strengthen consumer protection in the insurance sectors we regulate.
Following its first public consultation, FSRA is now releasing a second consultation with revisions to its Proposed Unfair or Deceptive Acts or Practices (UDAP) Rule.
The proposed rule will replace the existing UDAP Regulation and is aimed at making the supervision of insurance more transparent, dynamic, and flexible. It also focuses on the need for stronger consumer protections by clearly defining outcomes that are unfair or otherwise harmful to consumers
Based on feedback received, FSRA has made changes including:
- leaving incentive restrictions in place for the Life & Health insurance sector – FSRA may explore a framework for removing these restrictions in future reviews of the proposed rule
- improvements throughout that address comments received and provide further clarity to the definitions and intent of the Proposed Rule
Full details of all the amendments made to the proposed rule are available at Notice of Changes and Request for Further Comment Proposed Rule 2020-002 Unfair or Deceptive Acts or Practices (UDAP). FSRA’s summary and list of comments received from the first consultation are available at FSRA’s First Proposed Insurance Rule Released for Public Consultation – the Unfair or Deceptive Acts or Practices (UDAP) Rule.
FSRA is now consulting on the revised proposed UDAP Rule. The consultation will close on August 11, 2021.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.
For media inquiries:
Stephanie Windsor, Senior Advisor, Public Affairs
Financial Services Regulatory Authority of Ontario