Toronto, Ontario — The Financial Services Regulatory Authority of Ontario (FSRA) has implemented temporary measures to allow claims adjusters to process insurance claims more quickly, following flash floods that affected the Toronto area last week.
Specifically, the FSRA is temporarily allowing licensed adjusting firms to use claims adjusters licensed outside of Ontario. The FSRA is also allowing Ontario insurers to use the services of employees of affiliated insurers.
Insurers and adjusting firms must also contact the FSRA to confirm the requirements of the temporary measures before proceeding with the changes.
These temporary measures will be in effect until October 31, 2024.
The rainfall that affected the Toronto area last week saw a month’s worth of water hit the city in 24 hours. Current reports list the effects caused by the storm as over one billion in insured damages. Last Wednesday morning, when Collision Repair contacted facilities near the Don Valley River—which flooded and closed the adjacent Don Valley Parkway, a key roadway into Toronto’s downtown core—one collision centre expected seven tow-ins from flood damages alone.
To learn more about the temporary changes, check out the FSRA’s website for details.
