The Financial Services Regulatory Authority of Ontario (FSRA) announced that it will allow Ontario insurers to use the services of affiliate insurers and to allow licensed adjusting companies to use claims adjusters with licenses from other provinces.
FSRA says under the temporary measures, claims adjusters who are not licensed adjusters in Ontario will be allowed to adjust claims – related to the May 21, 2022 storm only – until September 30. In a statement to the Insurance Portal, FSRA said the measures were necessary to address the extremely high volume of insurance claims being submitted in the wake of the storm which has exceeded the capacity of Ontario-licensed adjusters and employees of licensed insurers.
“Insurers and adjusting firms will be responsible for the compliance of any additional adjusters brought in to adjust storm-related claims,” they state. “Insurers and adjusting companies who wish to utilize these temporary measures must contact FSRA.”
Firms, they say, will be required to confirm that the additional adjusters being used for the storm’s claims are licensed in another province. They add that inquiries from the industry contributed to the regulator’s decision to implement the temporary measures.