Sinorama Closure Costs Comp Fund Almost $250,000
On May 28, the Travel Industry Council of Ontario’s (TICO) board of directors approved a payment from the Compensation Fund of $249,490 to assist 135 consumers due to the failure of Sinorama Holidays Inc., which voluntarily terminated its TICO registration on Aug. 8, 2018.
“It’s unfortunate when a registered travel retailer or wholesaler ceases operations, but TICO is here to support consumers affected by the failure and to protect their travel investment,” said TICO president Richard Smart. “While these situations are rare, they are a timely reminder that consumer protection and reimbursements through the Travel Industry Compensation Fund are only available to consumers who book with a TICO-registered travel agency or web site.”
The approved payment follows a legislated six-month filing deadline for all claims to the Travel Industry Compensation Fund. Consumers affected by the failure of Sinorama Holidays Inc. had until Feb. 11 to submit claims. All eligible claims have been paid out. TICO believes all affected consumers had their losses mitigated through payments from the Travel Industry Compensation Fund and through credit card refunds.
At the time of Sinorama’s failure, TICO assisted 136 consumers with immediate departure and trip completion (repatriation) provisions, issuing payments of $68,083.82 from the Travel Industry Compensation Fund.