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ARTICLE · 11 FEBRUARY 2022

FSRA Submits Unfair Or Deceptive Acts Or Practices (UDAP) Rule For Approval

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On December 21, 2021, the Financial Services Regulatory Authority of Ontario ("FSRA") submitted its Unfair or Deceptive Acts or Practices ("UDAP") Rule ("Rule") to the Minister of Finance...

CanadaInsurance
Darcy Ammerman
Darcy Ammerman
Ricki-Lee Williams
Ricki-Lee Williams
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On December 21, 2021, the Financial Services Regulatory Authority of Ontario ("FSRA") submitted its Unfair or Deceptive Acts or Practices ("UDAP") Rule ("Rule") to the Minister of Finance for final approval, after making revisions and receiving positive feedback during two public consultations conducted throughout 2021.

The Rule will replace the current UDAP Regulation1 and will prescribe prohibited UDAPs for purposes of Part XVIII of Ontario's Insurance Act (the "Act").2

The intent of the Rule is to strengthen the supervision of insurance industry conduct and better protect consumers by clearly defining the outcomes that are unfair or otherwise harmful to consumers. The Rule, if adopted, will provide FSRA with discretion to determine whether a UDAP has occurred based on clear legal tests and a consideration of the circumstances.

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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