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ARTICLE · 27 OCTOBER 2015

British Columbia Toughens Expectations Related To Creditor's Group Insurance

Blake, Cassels & Graydon LLP
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The Information Bulletin outlines a number of expectations on insurers, exempt sellers (which in some instances may be lenders, depending on their role in the sale or distribution of CGI products) and lenders.

CanadaInsurance
Paul Belanger
Paul Belanger
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British Columbia's Financial Institutions Commission (FICOM) has issued Information Bulletin INS-15-002​, which sets out FICOM's expectations for insurers, exempt sellers and creditors regarding creditor's group insurance (CGI) being offered in British Columbia. The Information Bulletin was published as a result of FICOM's concerns over the sale and distribution of CGI products. Lenders and their third-party service providers should be aware of FICOM's new expectations and the dates for implementing amendments to existing CGI contracts.

NEW EXPECTATIONS 

The Information Bulletin outlines a number of expectations on insurers, exempt sellers (which in some instances may be lenders, depending on their role in the sale or distribution of CGI products) and lenders. The expectations on lenders will apply to a lender's third-party agent undertaking certain activities. In cases where a third-party agent is used, the lender will retain ultimate responsibility for

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