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Alberta regulator penalizes ING, Unifund


December 7, 2007   by Canadian Underwriter


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Alberta’s Superintendent of Insurance has issued penalties of Cdn$114,000 against ING Insurance Company of Canada and Cdn$94,000 against Unifund Assurance Company for contravening the Insurance Act.
“Following an investigation, the superintendent determined that both insurance companies had cancelled and/or refused to renew insurance policies outside of the limited parameters allowed by the Insurance Act,” the superintendent noted in a bulletin posted on its Web site.
Under the act, automobile insurers of private passenger vehicles must ensure that compulsory insurance is available to all drivers, subject to very limited exceptions. This “all comers” rule was established through Alberta’s auto insurance reforms.
The superintendent noted the two companies have amended their processes to ensure the contraventions are not repeated.
Alberta’s Office of the Superintendent of Insurance said it began its investigation of the two insurers after receiving complaints from consumers who had their policies cancelled or were refused renewal of their automobile insurance policies.
“The administrative penalties issued to ING Insurance Company and Unifund Assurance Company reflect the number, seriousness, and duration of contraventions,” the superintendent noted.
“ING Insurance Company had 57 incidences of non-renewal of insurance policies over a one-year period. Unifund Assurance Company had 47 incidences of refusing to issue or renew insurance polices over a two-year period.”


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