ONTARIO TRAVEL INDUSTRY ACT 2002 -A law (or Act) describes a particular set of rules or sets down the rules under which travel retailers and travel wholesalers must operate in Ontario. ( release or passed in year 1974 and being revised several times due to changes in travel industry. REGULATIONS -Ontario Regulation 26/05 sets out the procedural rules (requirements)for registration and outlines registration procedures. REGISTRAR -Assigned by BoD of TICO to manage the admin task and regulatory functions. REGISTRANT -is TA or Travel wholesaler registered under Travel industry Act 2002 that operate in Ontario. NON-REGISTRANT -Anyone who is operating in Ontario illegally, TA & Travel wholesaler not located in Ontario. STARUTORY DIRECTOR -person appointed by the BoD to perform statutory function ( perform duties assigned by Director itself and act as Director in case the director is absence. POSTING OF SECURITY -new registrant required to post an security deposit of $10,000 and will retains the funds after the registrant filed two annual financial statements. COMPENSATION FUND -was industry financed means all operating funds came from the TA & Travel Wholesaler located and operating in province of ontario. -------------------------------------------------------------------------------------------------------- In British Columbia, Ontario, and Quebec travel industry laws operate only with in those provinces. This means the laws protect only those consumers who purchase travel services from registered sellers. If consumers purchase travel from an Ontario registered travel agency or website, even if the consumers do not reside in Ontario, they would be covered by Ontario’s Travel Compensation Fund. Consumers do not have to live in Ontario to be covered by the Fund. As long as consumers purchase travel services from an Ontario registered travel agency/website, they are protected by the Compensation Fund in the event that they do not receive their travel services as a result of the failure of an Ontario registered travel retailer, an Ontario registered travel wholesaler or an airline or cruise line. Contributions must be made twice a year (at six month interval), with each payment based on the company gross sales in Ontario. TYPES OF CLAIM STANDARD claim must made to the BoD within 6months of the registrant failure or an end supplier. -is a claim for travel services that were paid for but not provided as a result of the failure of an Ontario registered travel retailer, an Ontario registered travel wholesaler or an airline or cruise line. A customer, a travel retailer or a travel wholesaler may make a standard claim. TRIP COMPLETION claim must made to the BoD within 6months after the relevant registrant become bankrupt or insolvent ot ceases to carry on business. -is a claim for reasonable expenses incurred to complete a trip where a customer or another person has begun a trip that cannot be completed because travel services have not been provided as the result of the failure of a TICO registrant. A customer or a travel retailer may make a trip completion expense claim. CLAIM LIMIT maximum refund 5,000 dollar / person $5,000,000 max plus the any money recovered to 3rd parties $5,000,000 may use proportionally in any case need for trip completion $2,000,000 APPEAL PROCESS Claimants who wish to appeal a Board decision are entitled to a hearing before the Tribunal as long as they mail or deliver a written request to the Registrar and the Tribunal within 15days after being informed that their claim was denied. -if a claimant not request a hearing or appeal the decision will become final. -if a claimant does request hearing the tribunal will arrange date and hold the hearing. ADMIN OF THE COMPENSATION FUND -tico may borrow money to supplement the compensation fund, if threre's a more fund tico can invest the funds in authorized investments. -salary of the emlpoyee came from compensation funds.