Insurance regulator’s draft unfair practices rule and innovation | Shashu Clacken

By Shashu Clacken ( January 29, 2021, 10:07 AM EST) -- Last month, on Dec. 18, 2020, Ontario’s insurance regulator, the Financial Services Regulatory Authority of Ontario (FSRA), launched a process to seek feedback from the public regarding its first proposed insurance rule: a new Unfair or Deceptive Acts or Practices (UDAP) rule. If this draft rule is approved, it will replace the existing UDAP Regulation (O. Reg. 7/00) under the Insurance Act. The proposed reform is aimed at addressing a range of objectives. This article focuses on its implications for innovation as it impacts insurance customers and insurers....