TORONTO, May 2 2008 – As a long-time advocate for insurance modernization and harmonization in Canada, IBC is pleased the governments of Alberta and British Columbia are proposing positive changes to their Insurance Acts.
Last Wednesday, both governments jointly introduced harmonized amendments to their insurance Acts.
“IBC applauds the governments of Alberta and British Columbia for making long-awaited changes,” said Jim Rivait, Vice-President, Alberta and the North, IBC. “We are pleased that both provinces worked cooperatively in an effort to improve insurance efficiency and harmonization, both long-standing and ongoing goals for IBC.”
Some of the proposed changes include establishing protection for privileged information, including self-evaluative audits; improving the dispute resolution and complaint handling processes; and facilitating the use of modern distribution channels.
IBC will be reviewing the proposed amendments, and will be working with government to identify the most effective way to implement changes that are fair to insurers and their policy-holders.
This is in keeping with the property and casualty insurance industry’s commitment to remain at the forefront of consumer protection. Each year in Canada, $21 billion in claims are paid out to those affected by losses, helping Canadians rebuild lives and communities.
Insurance Bureau of Canada is the national industry association representing Canada’s private home, car and business insurers. Its member companies represent nearly 95% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 104,000 Canadians, pays more than $6 billion in taxes to the federal and provincial governments, and has a total premium base of $35 billion.
To view news releases and information, visit the media section of IBC’s website at www.ibc.ca.Tags: Insurance Bureau of Canada (IBC)