Agents affected by the iPro matter are being fully compensated for eligible commission protection claims. The Real Estate Council of Ontario (RECO) announced that as of February 17, payments have been made available for at least 1107 claims, representing about half of all claims on closed real estate transactions where commission is owed.

The insurer, supported by RECO, has also reported that:

• Full payment of all eligible commission protection claims has now been made available to claimants who previously received initial 50 per cent pro-rated payments;
• Payments are being made on a continuous, rolling basis as soon as the requested banking information and other required documents are provided; and
• Once claims are processed for eligibility, claimants are encouraged to work with the insurer to provide the required documents so payments can be made available.

“We know how challenging this situation has been for the hardworking agents involved, and we remain committed to minimizing the financial impact on them,” said Jean Lépine, administrator and acting CEO for RECO. “That’s why it’s so important that we also continue to work with the sector to strengthen trust account oversight, and prevent misuse of funds in the future.”

RECO’s civil proceedings to recover trust account shortfalls continue.