TICO Approves $135K Payment For First Sinorama Claims
Bruce Parkinson, Open Jaw
The Travel Industry Council of Ontario’s (TICO’s) Board of Directors has approved the first payments from the Travel Industry Compensation Fund following the failure of Sinorama Holidays Inc. on 8AUG. There will be more to come, but the first wave hit the Fund for approximately $135,000.
At a recent meeting, payments of $68,083.82 were approved under the immediate departure and trip completion (repatriation) provisions under Ontario Regulation 26/05 of the Ontario Travel Industry Act, 2002. A total of 136 consumers were assisted.
A payment of $12,542.66 was approved for trip completion to assist six consumers already in destination at the time of the failure, and a payment of $55,542.16 was approved to assist 130 consumers who had immediate departures to various destinations.
There is a legislated six-month filing deadline for all claims to the Travel Industry Compensation Fund. Consumers who may be affected by the failure of Sinorama Vacations Inc. have a deadline of 11FEB, 2019 to submit any claims related the non-provision of future travel resulting from this failure.
In other TICO and Travel Industry Compensation Fund news, the Board approved a payment of $5,696.12 to assist six consumers who did not receive the travel services for which they had paid. The payments were due to the closures of Canadian fares Inc. in Toronto ($1,596.16) and Transaero Airlines in Russia ($4,099.96).
Bruce Parkinson Editor-in-Chief
An observer and analyst of the Canadian and international travel industries for over 25 years, Bruce uses the pre-dawn hours to prepare a daily news and information package to keep industry members up to date.
D SWIDLER- October 2, 2018 @ 09:04
Another example of TICO's "rigorous financial inspection program" being nothing else than a complete waste of registrant's valuable time and money. Here's what TICO told La Presse newspaper back in June (translated): "In addition, La Presse has learned that the counterpart of the OPC in Ontario has also undertaken audits. "We are reviewing the file in the light of recent public information. The agency's license remains active, "said Richard Smart, CEO of Travel Industry Control of Ontario (TICO), who says he has Sinorama's collaboration."
On August 8, Sinorama voluntarily terminated their TICO registration. TICO now claims that the cost to registrants could exceed $5.0 million. Perhaps the new Ontario government under the very capable Minister Todd Smith will look for less costly and more efficient ways to protect consumers?