Request for Comments
In October 2009, amendments to B.C.'s Insurance Act were passed by the Legislative Assembly of British Columbia.
The amendments respond to frequent criticisms by the courts respecting confusion about how to apply various parts of the act. There will now be one set of provisions applicable to all property contracts, thereby avoiding the need to classify the insurance contract as a fire contract or a multi-peril contract.
These amendments enhance consumer protection in many ways, and also respond to industry’s needs by recognizing new products and ways of doing business.
In certain areas, the amendments allow for further details to be set out in the regulations. In some cases, the regulation-making power is there to deal with issues that may arise at a later stage, and no regulations are proposed at this time. However, in many cases, regulations are needed to fully implement, or to refine the application of, the amendments.
This policy paper is intended to provide interested parties with the opportunity to comment on the policy direction for the regulations under the Insurance Act. The proposals contained in this paper do not represent government policy; rather, the paper is intended to elicit discussion and input.
You are invited and encouraged to participate in this phase of the review by providing comments on the proposals contained in the discussion paper. Deadline for submissions is April 16, 2010.
Comments should be transmitted electronically to: firstname.lastname@example.org
However, if you wish to send comments in paper format, please direct them to:
Financial and Corporate Sector Policy Branch
Ministry of Finance
PO Box 9418 STN PROV GOVT
Victoria BC V8W 9V1
Please note that the ministry will be sharing comments it receives with its counterpart in the Government of Alberta, and others. Even where confidentiality is requested, freedom of information legislation may require the ministry to make responses available to those requesting such access.
Thank you for your participation in this review.
Click here to view Insurance Act Regulations Discussion Paper