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ARTICLE · 19 JANUARY 2022

New Year, New Udap

Cassels
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On December 20, 2021, the Financial Services Regulatory Authority of Ontario (FSRA) submitted its proposed Unfair or Deceptive Acts or Practices rule (Proposed UDAP) to the Ministry of Finance for final approval.

CanadaInsurance
Rick Da Costa
Rick Da Costa
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On December 20, 2021, the Financial Services Regulatory Authority of Ontario (FSRA) submitted its proposed Unfair or Deceptive Acts or Practices rule (Proposed UDAP) to the Ministry of Finance for final approval. The Proposed UDAP is set to replace the current UDAP regulation outlined in Ontario Regulation 7/00 made under Ontario's Insurance Act (Current UDAP). The purpose of the Proposed UDAP is to strengthen the supervision of the insurance industry by more clearly defining outcomes that are unfair and/or harmful to consumers.

There are a number of differences between the Current UDAP and the Proposed UDAP. The following are most notable:

  1. The Proposed UDAP defines a number of key terms that are not defined in the current regulation, including: "reasonable person," "substantially deficient," and "unreasonable consideration." To provide more clarity, the Proposed UDAP provides that, for an insurer, a reasonable person is one who has a level of knowledge and

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