NEW COURSE: Unfair or Deceptive Acts or Practices Rule = 1 RIBO Ethics CE
Introduction
The work of Ontario’s Financial Services Regulatory Authority on the Unfair or Deceptive Acts or Practices (UDAP) Rule was recently approved by the Minister of Finance. This regulation is meant
to promote safety, fairness and choice for insurance consumers across Ontario. The UDAP Rule empowers FSRA to supervise insurance industry conduct and protects consumers by clearly defining outcomes that are unfair or otherwise harmful. This course simply presents the full UDAP document with a preface and introduction to the Rule.
Purpose
The purpose of the course is to provide detailed information to show the broadened scope of unfair and deceitful acts and practices in the FRSA Rule and to make insurance professionals aware of the importance of being fully versed in its stipulations.
Course Content
This course covers the following topics:
Benefits of the Unfair or Deceptive Acts or Practices (UDAP) Rule
Reasons insurers, brokers and agents in the province of Ontario should review the Rule in its entirety
Interpretation of terms and references within the Rule
Unfair or Deceptive Acts or Practices as set forth in S.3-S.10
Particulars of Coming into Force
Course Learning Objectives
Successful participants of this course will:
- Be able to identify the benefits of the UDAP Rule
- Understand the reasons for knowing the stipulations of the Rule, especially as they relate to the following:
The broadened scope of what constitutes and unfair practice
Authorized representatives:
Discrimination
Inducements
Automobile insurance
Unfair claims practices
Lowest rates – automobile insurance
- Know the interpretation of terms and references in 1.1 (Interpretation) of the Rule
- Be able to identify what constitutes an “unfair or deceptive act or practice” as set out in s. 3 through s. 10 of the Rule which includes the following:
Non-Compliance with Law
Unfair Discrimination
Unfair Claims Practices
Fraudulent or Abusive Conduct Related to Goods and Services Provided to a Claimant
