An interim report in June from the B.C. Financial Services Agency, which regulates credit unions, insurance and trust companies, pensions and mortgage brokers, found that strata insurance premiums had risen by 40 per cent on average, provincewide, while year-over-year hikes in deductibles had increased by triple digits.
Starting Nov. 1, insurers or their agents will need to give strata corporations 30-days notice of an intention to renew or materially change a policy.
Insurance agents will now also be required to disclose their commissions, with penalties of up to $25,000 for individuals and $50,000 for companies that fail to do so.
The ministry is also banning referral fees to strata property managers from insurance deals.
You can read the full article here. |
