What does fsco do,for what reason that place is open and cost Ontario citizens billion dollars.
Fsco is ruled and regulated by insurance companies,supposed to be other way around.
Here is the response letter from FSCO for one of my complaint letter against UNICA insurance;
(My complaint letter is about the obeying decision of arbitrator,UNICA insurance has failed to do so,should have been obey the decision and send me benefits 2 months ago,they must do within 20 days after the arbitration decision received.)
“Financial Services Commission of Ontario Licensing and Market Conduct Division 5160 Yonge Street, 4th Floor Box 85 Toronto ON M2N 6L9 Enquiries/Renseignements: Toll Free/Sans frais: Fax/Télécopieur: June 29, 2015 Mr. Arif Sahinbay 2335 Lakeshore Blvd West, Unit #214 Toronto Ontario M8V 1B9 Dear Mr. Sahinbay: Re: File Number 22304 Commission des services financiers de l’Ontario Division de la délivrance des permis et de la surveillance des marchés 5160, rue Yonge, 4ième étage, Boîte 85 Toronto ON M2N 6L9 (416) 250 6750 1-800-668-0128 (416) 590-8480
Dear Mr. Sahinbay: Re: File Number 22304
Thank you for your letter of complaint against Unica Insurance regarding your accident benefits claim, received by our office on June 25, 2015. The Financial Services Commission of Ontario (FSCO) is a regulatory agency of the Ministry of Finance that regulates insurance, mortgage brokering, loan and trust companies, credit unions, caisses populaires, co-operative corporations and pension plans in Ontario. To protect consumers and enhance public confidence in the sectors it regulates, FSCO monitors, investigates and when there is non-compliance with legislation and regulations, takes appropriate enforcement action against the sectors it regulates and persons who are illegally engaged in those sectors. FSCO requires that all insurance companies have a complaint handling protocol in place to respond to consumer complaints. Each insurance company has an employee who works as a consumer complaint officer and they are responsible for overseeing the company’s complaint handling process and ensuring that an individual’s complaint is addressed. Once your insurance company has come to a decision on your complaint they will send you a letter outlining their final position.
As your letter did not include a response from the insurance company, I have forwarded your complaint to the following consumer complaint officer:”
“La-Toya Hanchard 7150 Derrycrest Drive, 3rd Floor Mississauga ON L5W 0E5 (905)677-9777 ext. 61220 1-800-676-0967 email@example.com
By copy of this letter, I have asked the insurance company to review your complaint and to provide you, and FSCO, with their final position letter. You can expect to receive their response within 30 business days of the date of this letter. Please advise us if you are able to resolve your complaint with the company after receiving their response. We will also review the complaint for market conduct practice issues and compliance with the Insurance Act and its regulations. Jessie Chu Compliance Officer, Market Risk Assessment”
As you see FSCO says in 30 days I should receive the answer and 30 days elapsed and I send another e-mail to Fsco to whoever is handling my complaint file.Here what I said and almost 1 week and no answer from FSCO yet.
Here re is my e-mail and waiting for answer for a week now from the FSCO
“There is still no news,are you going to regulate and rules unica insurance?
Are there any punishment for them?
They don’t care law ,arbitrator or fsco so,what is next?
Sent from my iPad
> On Jun 29, 2015, at 10:45 AM, Jessie Chu <Jessie.Chu@fsco.gov.on.ca> wrote:”
As you see insurance companies doesn’t care laws ,orders of judges or arbitrators ,they don’t obey rules and regulations.Wake up people this is your reality,your taxes are going to pay salary of people working in FSCO ,building of FSCO cost to Ontario billions of dollars.
They don’t do their job or can’t and why do they still get paid and what are they doing in those offices.
Why don’t you shutdown FSCO if it doesn’t work anymore.They can’t rule and regulate insurance companies because they have been managed by insurance companies.