The regulatory body for insurance adjusters in Ontario has announced the lifting of licensing restrictions in response to the recent floods in the province. This decision comes after the Insurance Bureau of Canada (IBC) declared the flooding in Ontario as a catastrophic event.
The Financial Services Regulatory Authority of Ontario (FSRA) has temporarily removed the requirement for adjusters to hold a license in order to assist with the influx of claims resulting from the floods. This move aims to expedite the claims process and provide timely assistance to affected policyholders.
According to FSRA CEO Mark White, this decision was made in recognition of the urgent need for additional adjusters to handle the high volume of claims. He also emphasized the importance of ensuring that policyholders receive the necessary support during this difficult time.
The IBC estimates that the flooding in Ontario has caused over $208 million in insured damage so far, with more claims expected to be filed in the coming weeks. The organization has also activated its Disaster Operations Centre to support affected policyholders and work closely with local authorities to assess the extent of the damage.
In addition to lifting licensing restrictions, FSRA has also encouraged insurance companies to use electronic means for claims processing and to waive any fees associated with policy changes or cancellations due to the floods.
The FSRA will continue to monitor the situation and work closely with the IBC and insurance companies to ensure that policyholders receive the necessary support and assistance. The temporary lifting of adjuster licensing restrictions is expected to remain in effect until the claims process is completed.
This decision by the FSRA is a testament to the commitment of the insurance industry to provide timely and efficient support to policyholders during times of crisis. It also highlights the importance of having a well-regulated and responsive insurance sector in the face of natural disasters.
As the province continues to recover from the floods, it is crucial for policyholders to stay informed and work closely with their insurance providers to ensure a smooth claims process. The FSRA and IBC are committed to providing ongoing support and assistance to those affected by the floods.
