New Insurance Rules Coming Into Force

Released on December 23, 2019

• incorporates new licensing and supervision requirements;
• introduces separate licensing categories for managing general agents and third party administrators;
• expands the restricted insurance agents licensing regime to permit the sale of insurance together with the sale of certain products or services (e.g. car rental companies or insurance for portable electronic goods);
• outlines market conduct standards, introduces new fair practice provisions, and identifies unfair practices in order to protect consumers;
• describes new complaint handling provisions, including a requirement to let consumers know about where they can take complaints and disputes such as to an ombudservice or the Superintendent; and
• moves toward further harmonization with other Canadian jurisdictions, primarily Alberta.