Following feedback from the province’s insurance industry, the Insurance Council of British Columbia has issued new requirements that place limits on the issuance of restricted general insurance licenses to motor vehicle dealers and their representatives (“Dealerships”).
Initially, Dealerships were seeking approval to market simple, secondary insurance products such as anti-theft insurance, extended warranty premium refund insurance, and vehicle replacement insurance. The Council said that as new and more complicated products are created for this niche market, concerns arose as to whether the issuance of these products by restricted general insurance licensees.
ILSTV – October 9, 2012.
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