Alberta’s finance department is seeking comment on proposed changes to the province’s insurance regulation.

The government has issued a consultation paper concerning insurance industry regulation. It notes that legislation was passed in the fall of 2008, and that several existing regulations need to be revised before certain sections of that legislation can be brought into effect. Additionally, that legislation also creates new rulemaking authority.

As a result, the government is seeking input on whether the proposals “will phelp to maintain the balance between improving consumer protections, transparency and fairness, with a regulatory climate that supports Alberta’s economy.”

Issues up for discussion in the consultation paper include the disclosure of limitation periods, mandatory participation in an ombudservice for dispute resolution, conflict of interest disclosure, cooling-off periods, and contract terms, among other things.

Moreover, the consultation paper notes that other provinces may follow Alberta’s lead in terms of modernizing their own insurance regulation. “Alberta is the first province to complete a full modernization of insurance legislation. Other provinces have indicated they will be reviewing Alberta’s amendments for use in their own jurisdictions,” it says.

The government intends to implement proposed regulations and the revised legislation in the spring of 2010.

Comments on the consultation paper are sought by October 1.

IE