The court-appointed receiver overseeing the collapse of TruStar Underwriting has set key deadlines for brokers, direct customers and insurers to disclose any information related to insurance policies the firm placed, or was supposed to place, over a four-year period.
TruStar entered receivership on Dec. 24, 2024, when the Ontario Superior Court of Justice appointed Grant Thornton Limited as receiver for all of the company's assets, including trust funds that should have been held on behalf of policyholders and claimants.
The order followed concerns that premiums collected for insurance placements may not have been properly remitted to insurers or maintained in trust as required.
Last Nov. 14, the Court issued an additional Insurance-Related Claims Bar Dates Order, establishing strict disclosure deadlines to identify potential Premium Trust Claims linked to TruStar's operations between Jan. 1, 2020, and Dec. 24, 2024.
Under the order, brokers acting for clients or premium finance companies must file a completed Broker Information Spreadsheet with the receiver by Dec. 12. This requirement applies to any broker that has not already disclosed the existence or main terms of a policy (or purported policy) placed, arranged or represented by TruStar during the affected period.
Meanwhile, direct customers who dealth with TruStar without a broker must provide written notice of any proprietary claim to the trust funds by the Dec. 12 deadline, according to an announcement.
Insurers involved in any policy, participation or purported placement through TruStar must submit an Insurer Information Spreadsheet by the later of Jan. 23, 2026, or 42 days after receiving a formal request from the receiver.
The announcement also stated that anyone who misses the relevant deadline will be barred from asserting or enforcing a Premium Trust Claim in the receiver's Premium Trust Account Proprietary Claims Process.
Claims that are not disclosed in time will be extinguished, and the party will be prevented from filing a Proof of Claim later, the announcement added.
