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ARTICLE · 08 OCTOBER 2020

Controlling Increasing Strata Insurance Costs In British Columbia

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On September 13, 2020, the Government of British Columbia issued an announcement, advising that regulatory changes will be adopted to address the increasing strata insurance costs in British Columbia.

CanadaInsurance
Laurie LaPalme
Laurie LaPalme
Derek W. Levinsky
Derek W. Levinsky
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On September 13, 2020, the Government of British Columbia issued an announcement, advising that regulatory changes (the Regulatory Changes) will be adopted to address the increasing strata insurance costs in British Columbia.

Background

Prior to announcing the Regulatory Changes, the British Columbia legislature passed Bill 14 - 2020: Municipal Affairs and Housing Statutes Amendment Act (No. 2), 2020 (the Bill). The Bill amends insurance-related provisions of the following two pieces of legislation: Strata Property Act (SPA) and the Financial Institutions Act (FIA).

The Regulatory Changes and the Bill result from an interim report issued by the British Columbia Financial Services Authority (BCFSA) in June of 2020 (the Interim Report). The purpose of the Interim Report was to canvass the insurance sector to determine the causes of strata insurance market pricing increases. The essential finding of the Interim Report is that strata premiums have

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