CIP C14 Auto - Chapter 12 - Regulation of Automobile Insurance in Ontario, Consumer Protection Questions and Answers Rated A+

CIP C14 Auto - Chapter 12 - Regulation of Automobile Insurance in Ontario, Consumer Protection Questions and Answers Rated A+ 1. **Question:** Who administers insurance law in Ontario? - **Correct Answer:** The Financial Services Commission of Ontario (FSCO) 2. **Question:** What components make up the government regulatory structure for insurance? - **Correct Answer:** The Commission or Board, the Financial Services Tribunal, The Superintendent of Financial Services and staff 3. **Question:** Who oversees the automobile insurance dispute resolution system? - **Correct Answer:** The Director of Arbitration 4. **Question:** What is the role of the Superintendent of Financial Services? - **Correct Answer:** Responsible for administering and enforcing the Financial Services Commission of Ontario Act 5. **Question:** Which legislation includes provisions for consumer protection in insurance? - **Correct Answer:** The Insurance Act 6. **Question:** What powers does the Insurance Act provide for obtaining insurance-related information from licensed individuals? - **Correct Answer:** The Superintendent may examine the books, securities, documents, and things related to the business of insurers, agents, or adjusters at any reasonable time. 7. **Question:** What practices of insurers are considered unfair or deceptive under the Insurance Act? - **Correct Answer:** - The commission of any prohibited act under the Act or regulations - Unfair discrimination between individuals or in rate schedules - Misrepresentation of policy terms or benefits - Offering inducements to prospective insureds - Charging unauthorized fees or premiums - Unreasonable delay or resistance in claim settlements - Conditionally issuing policies based on purchasing other insurances - Misclassifying persons or vehicles for premium determination - Using unauthorized documents or forms - Non-compliant examinations under oath 8. What remedies are available to the Superintendent of Financial Services with respect to unfair or deceptive practices of insurers? The Superintendent may give notice to the person of the Superintendent's intention to order the person to: - Cease or refrain from doing any