The applicant sought to rescind a settlement agreement for statutory accident benefits two days after signing it, despite having signed a waiver of the two-day cooling-off period under the Settlement Regulation.
The arbitrator held that the Settlement Regulation is consumer protection legislation and there is an implied prohibition against contracting out of its provisions.
The settlement was properly rescinded.
The arbitrator declined to order immediate repayment of the $15,000 settlement funds, leaving that for the hearing arbitrator, but ordered the applicant to pay the insurer's $2,000 assessment fee as a condition of continuing the arbitration due to his failure to attempt to return the funds.
