The government of British Columbia is undertaking a review of the province’s financial sector legislation to ensure that consumer protection and solvency regulation are adequate.
The province has launched a review of the legislation that governs provincially-regulated insurers, credit unions, and other provincial financial institutions, the B.C. Ministry of Finance announced on Tuesday.
A consultation paper outlines a number of issues for discussion, including whether a code of conduct requiring fair treatment of consumers is necessary, whether ombudservices should be made mandatory, and whether firms should face more stringent financial and risk disclosure requirements.
The paper doesn’t propose specific policy changes. Instead, a report will be prepared based on the input received on the initial paper, and that further public consultation will be undertaken, the government says.
Comments on the initial paper and the issues it raises are due by Sept. 15.
Dan Ashton, parliamentary secretary for finance, will participate in the public consultation process and will be available to meet to discuss the issues raised in the initial public consultation paper, the government says.
B.C. has 42 independent credit unions with more than 1.9 million members and over 8,400 employees. They hold more than $50 billion in insured deposits and have more than $60 billion in assets, the government notes.
There are also six provincially incorporated insurance companies offering property and casualty (P&C) insurance and two offering life insurance.
As well, there are more than 800 P&C insurance brokerages that have 8,400 employees, and an estimated 13,300 life and/or health insurance agents throughout the province.
In addition, five trust companies are incorporated in B.C.