TORONTO, April 16, 2012 /CNW/ - Today, British Columbia Justice Minister Shirley Bond tabled Bill 34-Limitation Act in the provincial legislature. If passed, the legislation will repeal the existing act. The changes follow a number of consultations with stakeholders in which IBC was an active participant. IBC is particularly pleased to see that the ultimate limitation period would be reduced to 15 years from the current 30 years.
"We believe that this change is a positive one for insurance consumers," commented Lindsay Olson, Vice-President, British Columbia, Saskatchewan, and Manitoba, Insurance Bureau of Canada. She added that the amendments could also potentially favourably influence insurance product availability and access.
Canada's property and casualty insurance industry constantly strives for a legislative regime that provides greater certainty and predictability. Insurance Bureau of Canada believes that the proposed changes to the B.C. Limitation Act are a positive step in that direction.
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion.
To view media releases and information, visit the media section of IBC's website at www.ibc.ca.
For further information:
Media Relations Officer
Insurance Bureau of Canada
416-362-2031 ext. 4312