New rules designed to protect Manitobans who own insurance are now in effect, including:
• 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.
Consumer Protection Minister Ron Lemieux said the rules, the final parts of insurance-related legislation, “will provide better protection for consumers and ensure consistency with standards in other provinces.”
Insurance Council of Manitoba executive director Erin Pearson applauded the changes.
“These changes mean clearer guidelines and greater consistency for our industry and improved fairness for Manitoba consumers,” said Pearson.
