The plaintiff insurer brought a motion to enforce a settlement reached during a Financial Services Commission of Ontario arbitration regarding statutory accident benefits.
The defendant insured had rescinded the settlement within two days, relying on the cooling-off period set out in section 9.1 of Ontario Regulation 664 and explicitly included in the settlement release drafted by the plaintiff.
The court dismissed the motion, finding that because the cooling-off clause was attached to and formed part of the signed settlement documentation, the defendant was entitled to rely on it to rescind the agreement.
