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ARTICLE · 13 MAY 2024

Service Contracts Considered Automobile Insurance In British Columbia

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On April 25, 2024, the British Columbia Financial Services Authority issued Regulatory Statement RS 24-008: Product Warranty, Vehicle Warranty, and Automobile Insurance ...

CanadaInsurance
Darcy Ammerman
Darcy Ammerman
Fengge Sun
Fengge Sun
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On April 25, 2024, the British Columbia Financial Services Authority ("BCFSA") issued Regulatory Statement RS 24-008: Product Warranty, Vehicle Warranty, and Automobile Insurance ("Regulatory Statement") which has significant implications for original equipment manufacturers ("OEMs"), administrators, motor vehicle dealers and third-party providers of motor vehicle service contracts.

The Regulatory Statement provides the following classifications:

  • Product warranty insurance relates to loss or damage to personal property, other than motor vehicles or personal property that falls within another class of insurance;
  • Vehicle warranty insurance relates to loss or damage to motor vehicles due to mechanical failure; and

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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