TORONTO, July 11, 2016 /CNW/ - John Rossos, Chairman & CEO, BridgePoint Indemnity Company (Canada) Inc. (BICO), issued the following statement:
BridgePoint Indemnity Company (Canada) Inc. ("BICO") has received a Cease and Desist Order from the Financial Services Commission of Ontario ("FSCO") similar to that received on July 6, 2016 from the Financial Institutions Commission of British Columbia ("FICOM"). Without the benefit of formal input from BICO, FSCO and FICOM have concluded that we are selling insurance and are unlicensed to do so.
BICO respectfully disagrees with this determination, however we will immediately comply with both Orders, and are working with both the regulators to quickly address the issues and develop a plan that permits BICO to continue to offer our legal cost protection solutions in both provinces.
Protecting our clients is our highest priority. We are working to ensure that our clients continue to be protected by BICO and are not in any way prejudiced by these Orders.
Notably, we are not aware of any consumer complaint with either FSCO or FICOM concerning BICO. We believe the regulators received a complaint from a competitor.
BICO has met, and continues to have the capacity to meet, any and all claim obligations that may arise. Our cost protection arrangements are backed by BICO's significant financial resources along with an insurance arrangement with AmTrust Europe (A.M. Best "A" rated), a publicly traded US$4 billion company.
BICO regrets any inconvenience this unfortunate situation may cause our clients and we look forward to continuing to offer the most innovative, flexible and responsive cost protection solutions to our clients. We will provide more information as it becomes available.
BridgePoint Indemnity Company (Canada) Inc. is Canada's leading provider of litigation risk management solutions. BICO Legal Cost Protection facilitates access to justice for personal injury claimants, eliminating the unfair advantage of insurer defendants and ensuring a level playing field for personal injury litigation across the country.
SOURCE BridgePoint Indemnity Company (Canada) Inc.
For further information: www.bicocanada.ca or email [email protected].