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.
While the new products will be marketed and sold as regulated insurance policies, rest assured they will remain in all material respects the same cost protection currently enjoyed by LISC’s clients. The transition will also allow LISC to offer a broader selection of services to our clients over time.
We appreciate the tremendous market support we have received during this time. Please contact us with any questions and comments.