Consumer Guide to Property & Casualty (P & C) Insurance
Purchasing insurance can be a daunting experience, but your insurance broker can help eliminate some of the confusion and uncertainty. We’ve prepared a brief Consumer Guide to P & C Insurance that outlines what you can expect from your insurance broker.
The Saskatchewan Insurance Marketplace
The Insurance Bureau of Canada (IBC) represents the majority of insurers across Canada and provides valuable information to help consumers understand their insurance needs. It has published a brochure entitled, “Building Resilience: An Update from Saskatchewan’s Home, Car and Business Insurers” to give consumers a snapshot of what is happening in the insurance marketplace. We encourage you to check it out.
Coercive Tied Selling is Prohibited in Canada
The Government of Canada has recognized that financial institutions have the power to exert tremendous pressure on an individual or business when they seek financing. A financial institution could use this power to influence a consumer to purchase an unwanted product or service in exchange for approval of a loan. This practice is known as “Coercive Tied Selling” and is prohibited in Canada.
“Coercive Tied Selling” is defined as:
“Any practice that imposes undue pressure, or coerces a person to obtain a product or service from a bank or any of its affiliates, as a condition for obtaining a loan or any other product from that same bank.
Section 459.1 of the Bank Act prohibits coercive tied selling and requires banks to disclose to consumers that coercive tied selling is illegal through the display of plain-language brochures made available at all of their branches.”
Consumers should guard against this practice and be aware that they are free to purchase insurance products from the supplier of their choice.
Inquiries or complaints about general insurance brokers or brokerages should be addressed to:
General Insurance Council of Saskatchewan
Inquiries or complaints about specific insurance companies should be addressed to:
Superintendent of Insurance
Consumer disputes regarding home, auto or business insurance claims can be forwarded to:
General Insurance OmbudService
Spring flooding and summer storms can lead to significant property damage. These informative videos and articles can help you protect your belongings and prevent unwanted losses.