B.C. regulator cautions companies about using the word “insurance” in their names

A company looking to register its name in British Columbia should avoid choosing a name that might create the impression it is engaging in the insurance business unless it is licensed or authorized to do so, according to a bulletin issued by the Financial Institutions Commission of British Columbia.
An insurance company is required, as per Section 30 of the Financial Institutions Act (FIA) to include either “insurance” or “assurance” in its name, the bulletin reads. .
Entities that are not insurance companies are prohibited by Section 31 of the FIA to use the words “insurance,” “assurance”, “insurer” or any words in a way that is likely to deceive or mislead the public about the ability of the entity to undertake insurance business or give a false impression that the entity is an insurance company, the bulletin notes.
Section 31 allows the superintendent to consider other words in a company name that might create the impression that a company is operating as an insurance company, when, in fact, it is not. These may be names of insurance agencies, adjusting companies or non-industry related businesses.
If the superintendent believes a word might mislead the public as to the ability of a company to carry on an insurance business, there might be an objection to the registration of the company name containing that particular word.
When contacted, the B.C. regulator said the bulletin was for information purposes only and did not relate to any specific event.