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BC has announced measures to address rising strata insurance fees

BC announces measures to address rising strata insurance fees – News 1130



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Last updated on September 13, 2020 at 8:14 PM PDT


File – A crane appears in the condo development under construction, as condo and office towers filled the downtown skyline in Vancouver, BC on Friday, March 30, 2018. (The Canadian Press / Daryl Dyke)

Summary

The Finance Ministry on Sunday announced changes to BC’s Financial Institutions Act aimed at resolving insurance costs

The June report found that the insurance market was not healthy for about one and a half million of Strata properties

VICTORIA (News 1130) – The province has announced some changes following a June report that BC Strata insurance premiums have risen more than 40 percent year-over-year.

The Finance Ministry on Sunday announced changes to the BC Financial Institutions Act.

Starting immediately, the government is banning referral fees charged between insurers and property managers. Insurance agents are required to disclose the amount of their commission or face penalties.

From November 1, insurance agents will have to give 30 days’ notice to strata councils not to renew their insurance policy – heads will be given to strata seeking other insurance options.

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“These changes will bring more transparency to the Strata insurance market and help Strata corporations maintain their financial stability by providing the information they need to take information about their insurance needs,” the finance ministry said in a statement.

According to a government-appointed report released by the BC Financial Services Authority, the insurance market is not healthy for the approximately 1.5 million people living in the province’s condos, townhouses and other similar properties.

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