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BCFSA’s proactive review of insurance companies distributing secondary auto insurance products has led to a voluntary compliance agreement with Trisura Guarantee Insurance Company.
As part of our risk-based approach to market conduct supervision, BCFSA used industry data to identify secondary auto insurance products as an area of significance to target a thematic review of insurers.
As part of this review, an examination by BCFSA in 2022-2023 revealed significant weaknesses in Trisura’s oversight over distribution of certain secondary auto insurance products. Secondary auto insurance products are products incidental to the sale of a motor vehicle. Secondary automobile insurance products do not include primary automobile insurance products, such as liability and vehicle damage coverage, but could include extended warranties, premium refund insurance and vehicle replacement insurance.
The examination report included findings and recommendations, all of which Trisura agreed to. Trisura has developed an action plan and will comply with BCFSA’s recommendations by June 30, 2023.
Two other insurance companies, Sovereign and Northbridge, are also being examined for oversight over distribution of secondary auto insurance products. The examinations of these two companies are not yet complete.
BCFSA is continuing to engage in proactive market conduct reviews of the insurance sector in an effort to protect consumers.