Review of the BC Insurance Act Underway

The B.C. Ministry of Finance (Financial and Corporate Sector Policy Branch), together with the Financial Institutions Commission is embarking upon a major policy review of B.C.’s Insurance Act. Alberta is also in the process of reviewing its insurance legislation and the Alberta and BC governments will attempt to harmonize the insurance legislation in the two provinces. Although the Ministry is intending to conduct a comprehensive review, some insurance topics will be excluded, such as automobile insurance and the regulation of insurance companies and brokers.

The first phase of the review is underway and the Ministry is seeking comments from the public regarding the Insurance Act and any problems with it. Following this phase, and initial consultations, a discussion paper will be issued. With regards to the first phase, the deadline for submitting comments to the Ministry is January 15, 2006.

More details are available at:
http://www.fin.gov.bc.ca/PT/fcsp/consultIAR.shtml

If we can be of assistance, please contact Larry Munn at lm@cwilson.com.