Chapter 12 - Automobile Insurance C14

Terms	Definitions
Who is responsible for the administration of insurance law in Ontario?	the Financial Services Commission of Ontario (FSCO)
What THREE (3) elements are included in the government regulatory structure for insurance?	the Commission (Board), the Financial Services Tribunal, and the Superintendent of Financial Services and staff
Who is responsible for the automobile insurance dispute resolution system?	the director of arbitrations is responsible for automobile insurance dispute resolution system.
What is the function of the Superintendent of Financial Services?	he/she is responsible for administering and enforcing the Act.
What legislation contains provisions for consumer protection?	the insurance act contains provisions for consumer protection.
What powers exist under the Insurance Act with respect to obtaining insurance-related information from persons licensed under the Act?	the superintendent's powers to investigate.
What possible practices of insurers are included in the definition of unfair or deceptive practices of insurers within the Insurance Act?	prohibited acts under the insurance act, discrimination between individuals of same class and expectancy of life, unfair discrimination in any rate or schedule, misrepresentation, bribes, unreasonable delay, misclassification.
What remedies are available to the Superintendent of Financial Services with respect to unfair or deceptive practices of insurers?	they can cease action, cease business of insurance or perform acts necessary to remedy the situation
Who regulates brokers and under what authority?	RIBO (registered insurance brokers of Ontario) regulates brokers under the Registered Insurance Brokers Act.
What possible practices of brokers constitute "misconduct" or, in other words, unfair or deceptive acts or practices?	inducing insured to end contract, bribing prospective insured to insure, changing premium terms, coercion into buying insurance through business relationship,
What are brokers required to do to protect consumers?	section 20 - outlines a broker's own insurance requirements section 22 - states the penalties that may be levied against a member for misconduct.
What does the Insurance Act have to say with respect to reasons for which an insurer may refuse to accept automobile business or may cancel or refuse to renew a policy?	- superintendant has the authority to establish requirements that must be met before an insurer declines to issue, terminate, or refuse to renew a contract - prescribe grounds for which an insurer cannot decline to issue, terminate, or refuse to renew a contract of auto insurance.
What grounds for non-acceptance would not be valid?	it would not be valid if the grounds for non-acceptance is subjective, arbitrary, bears little or no relationship to the risk borne to the insurer in respect of an insured, is contrary to public policy.
What procedure must an insurer follow when it does not wish to renew an automobile policy?	- give the named insured not less than 30 days notice in writing of insurer's intention or proposal or - give the broker 45 days notice in writing of insurer's intention or proposal.
What procedure must a broker follow whose insurance company has advised that it does not wish to renew a particular client's automobile insurance?	broker must gave named insured not less than 30 days notice in writing of the insurer's intention or proposal.