Alberta wants insurance input

Alberta’s finance department is looking for feedback on proposed changes to the province’s insurance regulation to be input by spring of 2010.

The Alberta government has created a consultation paper concerning insurance industry regulation. This paper references that legislation was passed in the fall of 2008. Some of the existing regulations need to be revised,then certain sections of that legislation can be brought into effect. As well, that legislation also creates new rule-making authority.

The government needs input on whether the proposals “will help to maintain the balance between improving consumer protections, transparency and fairness, with a regulatory climate that supports Alberta’s economy.”

The consultation paper issues include conflict of interest and limitation periods disclosure, the mandatory participation in an ombud-service for dispute resolution, contract terms and cooling-off periods.