With this Bulletin, the Superintendent of the Financial Services Commission of Ontario (FSCO) is releasing an updated Settlement Disclosure Notice (SDN) form that restates information around the settlement process with emphasis on the period of time that the insured person has to rescind settlement.
The updated SDN applies to accidents occurring on or after November 1, 1996, and use of the form is required effective January 1, 2013, under the authority of section 121.2 (1) of the Insurance Act for the purposes of Statutory Accident Benefits settlements in accordance with Ontario Regulation 664, s. 9.1(3). Earlier versions of the form are not approved for use after December 31, 2012.
Insurers are responsible for clearly and accurately communicating to claimants the steps in the settlement and rescinding processes. Insurers are reminded and encouraged to ensure that claimants understand these processes and the implications of signing the SDN. There is nothing preventing insurers from providing information additional to the SDN to improve claimant communication and enhance the settlement process.
Copies and Inquiries
A copy of the updated SDN is attached. The SDN is also available on FSCO’s website at www.fsco.gov.on.ca.
Inquiries about the updated SDN form can be directed to FSCO’s contact centre at 416-250-7250, 1-800-668-0128 (toll-free), or firstname.lastname@example.org.
Chief Executive Officer and
Superintendent of Financial Services
December 28, 2012
Settlement Disclosure Notice