British Columbia passes Insurance Amendment Act

BC Bill 6 the Insurance Amendment Act passed 3rd reading on October 6 and is awaiting Royal Assent.  It will come into force by regulation.  The bill amends the Insurance Act and other statutes.  With respect to the Insurance Act, the only changes to Bill 6 pertain to section 57 and such changes are drafting in nature (no change to policy intent) .  On the P&C side, with respect to section 28.5, Bill 6 had previously omitted a provision that fire contracts must cover damage from explosions and lightning.  The final version of the Insurance Act reinstates this provision.  Work on regulations will be forthcoming.