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What's New
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Alberta
-Consultation on
Insurance Act
Regulations
The Insurance
Amendment Act 2008,
dealing with
Part V - insurance
contracts, was
passed by the
Alberta Legislature
in the fall of 2008.
Many sections of the
Act
provide for new
regulation
making-authority.
Alberta is seeking
input on proposals
for regulations that
would maintain the
balance between
improving consumer
protections,
transparency and
fairness, with a
regulatory climate
that supports
Alberta’s economy. A
consultation paper
has been posted on
the website for
input by October
1, 2009.
Proposed regulations
pertain to:
All Insurers
-
Limitation
periods
–
Notifications to
consumer of
limitation
period must be
made after claim
is made, after
claim is denied,
and between 60
-120 prior to
the expiration
of a limitation
period
-
Ombudsoffices-
Insurers are
required to
belong to an
industry
ombudservice.
-
Electronic
documents
–Requirements
for hard copy
related to the
cancellation of
an insurance
policy and the
designation or
change of
beneficiary.
Classes of
Insurance
–currently 40
classes, to be
harmonized with
15 federal
classes
Life Companies
-
Disclosure of
Compensation –
Insurer must
disclose to
group insured
any compensation
to the
policyholder
-
Settlement of
claims – Must be
done by the
insurer
Cooling off
period – 10 days
on Accident and
Sickness
products
Right of
insureds re
irrevocable
beneficiary
designation
P&C Insurance
companies
-
Innocent co-insureds--Have
the right to claim
their portion of a
loss caused by the
intentional or
criminal acts of one
of the co-owners of
the property
-
Innocent co-insured-
responsibilities of
innocent party
-
Fire exclusions- The
province plans to
expressly prohibit
exclusions for fire
following
earthquakes and acts
of terrorism.
-
Dispute Resolution –
Insurance
companies to notify
policyholders in
writing of the
dispute resolution
process
(a) within 10
days of the insurer
making the
determination that
there is a
disagreement, or
(b) where the insurer
has not made a decision
on the claim, no later
than 60 days after the
proof of loss was
received by the insurer.
c) A copy of the
relevant provision of
the Act that sets out
the dispute resolution
process must accompany
the notice.
-
Exclusion from
statutory
conditions-
The Statutory
Conditions listed in
section 540 of
the Insurance
Amendment Act,
2008 will not apply
to contracts of
Credit, Guarantee,
Surety, Mortgage,
Title and Loss of
Employment
insurance.
bsif.gc.ca/app/DocRepository/1/eng/media/mwhite_pr_e.pdf
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