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Vancouver, June 16, 2022 – BC Financial Services Authority (“BCFSA”)
BC Financial Services Authority (“BCFSA”) has issued a Guideline outlining expectations for all home warranty insurers authorized in British Columbia (“Home Warranty Insurers”) in response to ongoing claims and complaints handling issues.
In cooperation with the Alberta Superintendent of Insurance, BCFSA conducted examinations of home warranty insurers’ claims and complaints handling processes. These examinations, along with information from complaints and enquiries received by BCFSA from the public, identified that some home warranty policyholders faced challenges obtaining timely and quality repairs related to their home warranty claims. The Guideline addresses three areas where home warranty insurers should strengthen their processes and practices
- Management’s oversight of claims and complaint handling.
- Claims and complaints handling policies and procedures.
- Claims and complaint file maintenance.
BCFSA expects that all property and casualty insurance companies consider the Guideline when setting or revising their claims and complaints management policies and processes.
For additional Information, please refer to:
- BCFSA Home Warranty Claims and Complaints Management Guideline
- Alberta Superintendent of Insurance New Home Warranty Insurance Claims and Claims Disputes Guideline
Comments or questions related to this Advisory or the Guideline can be directed to [email protected]