This resolution reflects OLHI’s role in helping consumers.
A consumer submitted a Tax-Free Savings Account (TFSA) transfer request under their segregated funds policy. Due to administrative issues—including missing documentation—the request wasn’t processed in a timely manner.
By the time the transaction was completed, the value of the investment had dropped by approximately $1,000. The consumer believed this loss was the result of the insurer’s handling of the transfer and requested that a reimbursement be issued. The insurer acknowledged the delay but maintained that the transaction was completed within the 60-day time frame allowed under the contract. Nevertheless, the consumer found the process unclear and unfair.
OLHI’s Complaints Analyst reviewed the case and identified ambiguities in the contract language — particularly around what constitutes a valid request and when the processing timeline should begin. These uncertainties raised legitimate questions about how the insurer had interpreted its obligations.
Following informal negotiations and further clarifications, the insurer stood by its position that it had acted within the timeframe stipulated in the contract. However, considering the consumer’s concerns and the lack of clarity in the policy wording, the insurer offered to reimburse the approximate $1,000 loss. This resolution reflects OLHI’s role in helping consumers navigate complex policy language and ensuring that fairness, and not just technical compliance, guides outcomes
