Is there a limitation period respecting an insured person's right to rescind a settlement that does not comply with section 9.1(2)?
Ontario, Canada
The following excerpt is from Navage v. Pilot Insurance Co., 2004 CanLII 15034 (ON SC):
Nowhere within the Settlement Regulation is there mention of a limitation period respecting an insured person’s right to rescind a settlement that does not comply with section 9.1(2). It was held by Madam Justice MacFarland in Nazari v. OTIP/RAEO Insurance Company (March 5, 2002), unreported, in a brief endorsement, that: “There is no limitation on the sub-section (4) right to rescind”. Moreover, the right to rescind is vested in the insured and it can be exercised merely by the insured providing written notice to the insurer. No action need be commenced and accordingly, the Limitations Act has no application to the exercise of this rescission right. Conclusion
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