March 2007
Message from the Assistant Deputy Minister
As part of its ongoing policy review of the Province's Insurance Act, the Ministry of Finance has released a discussion paper on proposed amendments.
The Insurance Act regulates contractual agreements between insurers and their customers. It sets out statutory requirements that apply to contracts of insurance, including contents of insurance policies and limitation periods for claims and payments.
While the Insurance Act has generally worked well, it has not been comprehensively reviewed or substantively revised since the 1960s.
The current review began in Nov. 2005, when industry and consumer organizations, insurers, intermediaries, lawyers, academics, and the public were asked to provide comments on and identify any problems with the current legislation.
Consultation meetings, chaired by Mr. Ralph Sultan, MLA for West Vancouver-Capilano, were held in June 2006. All respondents to the initial request for comments were invited to attend, and participants included consumers and representatives from the insurance industry and legal community. The discussion paper represents the next stage of this consultation process.
The proposals in the discussion paper focus on enhancing consumer protection under the Insurance Act and clarifying the legislation. The paper is intended to provide interested parties with the opportunity to comment on a proposed direction for reforms to the act. The proposals do not represent government policy; rather, the paper is intended to elicit discussion. Legislation to implement reforms to the act is targeted for the spring of 2008.
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 May 1, 2007.
Comments should be transmitted electronically to: fcsp@gov.bc.ca
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.
Sincerely,
Andy Robinson
Assistant Deputy Minister
Strategic and Corporate Policy
Click here to view Insurance Act Review Discussion Paper
| 
