Ontario Regulation 26/05 Flashcards
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Read the first 7 Ontario Regulation 26/05 flashcards as text
Under Ontario Regulation 26/05, what is the minimum amount of errors and omissions insurance a registered travel agent must carry?
Answer: $1,000,000 per occurrence
Ontario Regulation 26/05 requires registered travel agents to maintain a minimum of $1,000,000 per occurrence in errors and omissions insurance.
Under Ontario Regulation 26/05, when must a travel agent provide a written disclosure of material changes to a consumer?
Answer: As soon as reasonably possible after learning of the change
The Regulation requires the agent to notify the consumer of material changes as soon as reasonably possible after the agent becomes aware of them.
Which of the following transactions requires a travel agent to deposit consumer funds into a trust account under Ontario Regulation 26/05?
Answer: Receiving a deposit for a future travel package
Funds received from consumers for future travel must be held in trust until the travel services are provided or the funds are remitted to the supplier.
Under Ontario Regulation 26/05, which party is responsible for ensuring that a travel wholesaler's marketing materials comply with the disclosure requirements?
Answer: The wholesaler who produces the materials
The wholesaler is primarily responsible for ensuring that any marketing materials they produce comply with the disclosure requirements under the Regulation.
A travel agent sells a cruise package but the cruise line cancels the sailing 10 days before departure. Under Ontario Regulation 26/05, what must the travel agent do with the consumer's funds held in trust?
Answer: Refund the consumer within 30 days
When travel services are not provided, the agent must return consumer funds held in trust promptly, generally within 30 days.
Under Ontario Regulation 26/05, which document must be given to a consumer at or before the time of the final payment for travel services?
Answer: A written contract or receipt containing prescribed information
The Regulation requires registrants to provide a written contract or receipt containing all prescribed information no later than the time of final payment.
Ontario Regulation 26/05 defines a 'material change' to include which of the following?
Answer: A change in the destination country
A change in the destination country is a significant alteration to the travel product and qualifies as a material change under the Regulation.