FSCO posts Regulatory Compliant Resolution with LISC

We recently reported on the settlement of our regulatory issues with FSCO and LISC is now servicing all existing contracts and working on phase two of the settlement involving our long term plan.

FSCO has now confirmed the settlement on their website and a link to the full Minutes of Settlement reviewed here: http://www.fsco.gov.on.ca/en/about/enforcement/cdo/Documents/cdo-2016-09-23.pdf

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LISC September 23 Regulatory Update

We are pleased to announce that LISC has reached an agreement with FSCO and FICOM to resume operations, effective immediately. The interim solution enables all LISC Legal Cost Protection contracts to be fully administered on original terms, including the payment of claims. Our primary concern has always been to protect the interests of the tens of thousands of LISC clients and we have worked tirelessly over the past several weeks to achieve this goal.

LISC has consistently maintained that its legal cost protection products are not insurance. However, to avoid a protracted dispute we have worked closely with FSCO and FICOM to create a long term solution that addresses their concerns. Accordingly, LISC has signed Letters of Intent with both a licensed Canadian insurer and an insurance brokerage. This partnership will allow us to offer our products across Canada with regulatory approval. We expect to have this arrangement finalized within the next 90 days or so.

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