Insurance Program Manager update

The following update is from the Professional Liability Insurance Program Manager (Alternative Risk Services*) and is being shared with former iPro registrants and brokers of record.

Consumer Deposit Insurance Claims

Beginning August 29, 2025, the Program Manager began paying eligible consumer deposit claims submitted under the registrants’ professional liability insurance program. Eligible consumer deposit claims are being paid on a rolling basis, in line with the date of transaction close.

Commission Protection Insurance Claims

The Program Manager is investigating outstanding commission protection claims. This process is complex, as it must balance the number of claims against the available funds and insurance limits. While commission-related claims can sometimes take years to resolve, our goal is to finish the process within months, not years. We will continue to provide updates on our progress.

What the Program Manager is working through

• The scale of misconduct at iPro requires extraordinarily detailed diligence and tracing to properly assess claims.
• In some cases, transactions appear to have been reassigned to other brokerages, complicating the process of determining which claims are valid. It is important to note that any agreements with iPro Realty Ltd. that were transferred to other brokerages may not be valid and may void other consumer deposit or commission protection claims. These reassignments also delay the process and negatively impact the broader pool of claimants.
• Misinformation about the insurance claims process, including the status and amount of funds in the frozen accounts, has created anxiety and concern for potential claimants, delayed claim processing, and created further hardship for those affected by the misuse of trust funds.
• The significant volume of claims submitted to the Program Manager has placed exceptional pressure on this process.

Update on claim processing timing

We understand the desire for greater specificity, but the complexities of the process mean that firm dates cannot yet be provided. What we can confirm is that payouts will proceed as quickly as possible.

We will provide another update within the next eight weeks.

What the Program Manager is doing

To move this work forward as quickly as possible, additional resources have been added to process claims.

Additionally, the Program Manager has been receiving updated data and information from RECO as it becomes available.

The Insurance Program Manager and the staff working to resolve this matter understand how stressful this is and are committed to supporting claimants throughout this process. Our team is available to answer questions and provide guidance as matters progress.

For frequently asked questions, please refer to the Insurance Program Manager’s website. Referring to this information frees up claims adjusters and staff to focus on processing claims as quickly as possible.

Alternative Risk Services
1-866-426-1666
info@ar-services.ca
9 a.m. – 5 p.m.

About the Professional Liability Insurance Program for RECO registrants

RECO administers a mandatory professional liability insurance program (the Program) which is a requirement of registration under TRESA. This Program encompasses consumer deposit insurance, commission protection insurance, and errors and omissions insurance coverages.

This Program is unique in Canada, with no other provincial regulator requiring or offering this set of coverages. Specifically, commission protection insurance coverage is unique to Ontario.

The Program Manager is Alternative Risk Services. The claims process is managed through an independent adjuster, ClaimsPro.

*Alternative Risk Services is a licensed insurance brokerage in Ontario, a division of 3303128 Canada Inc.