On Monday, October 4th Alberta's Superintendent of Insurance released three bulletins clarifying and updating rules on how insurance companies operate in our province. These notices replace various updates issued in 2016 and, if violated, could result in hefty fines for Insurance Companies doing business in Alberta.
Alberta's Superintendent of insurance serves the public by developing and enforcing regulations for how insurance companies operate in our province. This includes determining which criteria is fair for the insurance companies to use when determining a client's rate. They have recently released three bulletins that amend or redefine some of these rating restrictions.
Not At-Fault Claims/Accidents
At-Fault Claims/Accidents
Failure to comply with these regulations could result in a $25,000 fine for each contravention.
View the full bulletin here (PDF)
Convictions
Accidents/Claims
Failure to comply with these regulations could result in a $25,000 fine for each contravention.
View the full bulletin here (PDF)
UBI (Usage Based Insurance) programs use a number of individual driving factors in to establish a score upon which a UBI discount is based. The AIRB places restrictions on these programs to protect the privacy of Albertans. The only factors presently authorized for use in establishing UBI discount scores in Alberta is as follows:
Global positioning system (GPS) data may only be used to obtain information necessary to determine the factors listed above. There are also many privacy requirements that must be passed to operate a program like this in Alberta. Full details below:
View the full article here (PDF)
As an independent insurance broker, Armour Insurance is an advocate for our clients. It's important for us to understand all aspects of insurance, including regulations like these, so that we can continue to ensure that our clients receive the best treatment and coverage from our providers. If you have any questions about these updates you can contact your local Armour Insurance Broker.