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Industry News

Insurance

New regulations relating to strata insurance

Following up on Bill 14, Municipal Affairs and Housing Statutes Amendment Act (No. 2), 2020, Government has issued an Order in Council (OIC) with new regulations under the Financial Institutions Act.

Referral payments respecting strata property insurance

The OIC brings into force changes to section 178 of the Financial Institutions Act (FIA), enacted this summer.  The amendments prohibit the payment of referral fees or any other kind of compensation to property managers or anyone else who is not an insurance licensee for the sale or renewal of strata property insurance.

Notification Period for Change/Non-renewal of Existing Insurance Policy

The OIC also makes changes to the Marketing of Financial Products Regulation, made under the FIA, including changing the name of the regulation to the Financial Products Disclosure Regulation (FPDR).  In instances where strata property insurance will not be renewed or will not be renewed at the same terms and conditions, the regulations will require that insurers provide clients with a notice and/or the proposed terms and conditions a minimum of 30 days prior to the expiration of their existing insurance.  

If the insurer provides notice and terms to the agent instead, they must do so a minimum of 45 days prior to the expiry of the existing insurance; the agent is then responsible to provide the terms and conditions or notification of non-renewal to the client a minimum of 30 days in advance of insurance expiry.

Disclosure of Broker Compensation

The amount of compensation involved in strata property insurance sales and renewals will now need to be disclosed to the strata corporation under the amended regulations.  Agents will now be required to disclose in writing the actual dollar amount of compensation they receive or, if that information is not available, an estimate of that amount and how it will be calculated. Where there is a material change to the policy terms, disclosure must be provided a minimum of 30 days prior to the expiry of the existing strata contract.

The prohibition on payment of referral fees takes effect immediately and the new FPDR disclosure requirements will come into effect November 1, 2020.

Questions on these new regulations should be directed to the Financial and Corporate Sector Policy Branch in the Ministry of Finance at FCSP@gov.bc.ca.

Residential Tenancy Branch

The Residential Tenancy Branch has announced the allowable rent increase amount for 2021.  The maximum increase is 1.4%.

 Al's Almanac

COVID-19

What Do We Know and What Can We Do about COVID-19?

Almanac #82

Did you know . . . the Residential Tenancy Branch issued a Regulation July 30 governing rent payments and rent increases?

Read on!

Rent Repayment Plan - Government of BC

To give tenants a reasonable timeframe to pay back any rent they owe from the specified period of March 18, 2020 to August 17, 2020, the Province has introduced a repayment framework.

https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/covid-19

 

Japanese Beetle - Vancouver Update

The eradication of the Japanese beetle in Vancouver is going well. There was an 86% reduction from 2018 to 2019. And this year we are seeing a similar trend. Click on the link below for the latest update.

https://tinyurl.com/y3a22rs8