INSURANCE ACT AMENDMENTS PROCLAIMED

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Updated Legislation to Better Protect Consumers: Minister Lemieux

Updated legislation on rules governing the insurance industry is now in effect to better protect consumers and ensure consistent standards with other jurisdictions, Tourism, Culture, Heritage, Sport and Consumer Protection MinisterRon Lemieux said today.

“We’ve worked hard with the insurance industry and other stakeholders to modernize this legislation,” said Minister Lemieux.  “The proclamation of these final parts of the legislation will provide better protection for consumers and ensure consistency with standards in other provinces.”

Some amendments to the legislation now in force include:

  • ensuring greater transparency through the disclosure of more information by the Insurance Council of Manitoba on all decisions related to licensing or disciplinary actions of agents and adjusters; 

  • implementing licensing requirements to oversee organizations that sell insurance as one part of their business;

  • creating classes of insurance consistent with other jurisdictions and setting fees to levels consistent with similar financial services legislation;

  • setting out rules around claiming losses when a co-owner of a property intentionally or criminally causes loss to the value of the property;

  • introducing specific exclusions and circumstances around contracts related to loss or damage by fire to be consistent with other jurisdictions;

  • requiring insurers to provide better access to information about group life insurance and accident and illness insurance;

  • providing a 10-day cooling-off period around the purchase of certain types of life, accident and illness insurance policies; and

  • setting rules about gifts or offers made around the purchase of insurance.

“The Insurance Council of Manitoba was pleased to consult with the Government of Manitoba and applauds the updated legislation,” said Erin Pearson, executive director, Insurance Council of Manitoba.  “These changes mean clearer guidelines and greater consistency for our industry and improved fairness for Manitoba consumers.”

To protect consumers, the Manitoba government has introduced:

  • proposed legislation that would ensure transparent and fair service for families when buying or selling homes,

  • legislation to better protect Manitoba condominium owners,

  • rules to ensure cellphone contracts clearly explain all fees and terms,

  • rules that give consumers more information when buying a vehicle,

  • rules for payday lending and debt settlement agency fees, and

  • safeguards against unexpected car repair bills.

News Source : INSURANCE ACT AMENDMENTS PROCLAIMED
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