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First edition of the Ombudsman’s Briefcase for 2021

Published

2021

Tue

06

Apr

In our first edition of the Ombudsman’s Briefcase for 2021 we take this opportunity to wish you a safe and prosperous year ahead. We face this year with a little more hope having emerged from a second wave of the coronavirus and with the COVID-19 vaccine being rolled-out.

In this edition we look at insurance claims that arose due to the COVID-19 pandemic, and how OSTI dealt with them.

OSTI’s Terms of Reference require the office to deal with matters using “the criteria of law, equity and fairness”. The office is empowered to resolve complaints and disputes and make rulings “based on the law and equity”. It must have regard to the provisions of the policy, the circumstances of each case and what is fair and reasonable in those circumstances. Each matter must be considered on its own merits. OSTI, however, cannot re-write or amend the terms of a policy

 

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The Ombudsman for Short-term insurance’s quarterly newsletter - Q1 2021
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Source: The Ombudsman for Short-term insurance
 
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From The Glossary »

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Lapse Rate:

The rate at which insurance policies terminate through failure of the insured to continue making premium payments. It is usually expressed as a ratio of the number of policies on which insured failed to make premium payments during a given period to the total number of policies at the beginning of the period in which those lapses occurred.
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