BR•ITI SH COLUMBIA IN THE MATTER OF THE FINANCIAL INSTITUTIONS ACT R.S.B.C. 1996, C. 141 and FCT INSURANCE COMPANY LTD. and FIRST CANADIAN TITLE COMPANY LIMITED
CONSENT ORDER (SECTIONS 237,241.1 and 244(2))
WHEREAS the Superintendent of Financial Institutions ("Superintendent") ordered the investigation of certain practices and procedures of FCT Insurance Company Ltd. ("FCT Insurance") and First Canadian Title Company Limited ("FCT Co");
AND WHEREAS the Superintendent is of the opinion that the product entitled Guaranteed Valuation Services is insurance and FCT Insurance and FCT Co remain of the view that GVS is not insurance;
AND WHEREAS the Superintendent is concerned about corporate branding usage which may be confusing to the public;
AND WHEREAS FCT Insurance and FCT Co have cooperated with the staff of the Superintendent in their investigation and agree to resolve the Superintendent's concerns on a going forward basis;
AND WHEREAS FCT Co and FCT Insurance have provided certain undertakings to the Superintendent;
AND WHEREAS FCT Insurance, FCT Co, and the staff of the Superintendent consent to the terms of this Order;
NOW THEREFORE the Superintendent orders, pursuant to Sections 237, 241.1 and 244 of the Financial Institutions Act, the following:
1. FCT Insurance and FCT Co. will work with their related entities to redeSign their enterprise brand and, by June 30, 2010, will provide to the Superintendent for his approval a detailed plan to implement the revised branding strategy in such a
Superintendent of Financial Institutions Mailing Address: Web Address: 1200 - 13450 102 Avenue www.ficombc.ca Surrey, Be V3T 5X3 Telephone: 604 953-5300 Facsimile: 604953-5301
2 way as to avoid public confusion and clearly identify the nature of the services and products;
2. FCT Insurance will pay costs of this investigation in the sum of $2,563.50 by June 20, 2010;
3. FCT Co will pay costs of this investigation in the sum of $15,375.00 by June 20, 2010; and
4. FCT Insurance Co and FCT Co each waive their right of appeal under Section 242(1) of the Act.
CONSENTED TO BY: FCT
By I s Authorized siq~atory Name:~u5a/7 Lef:fl C Title: Co,-f(JY?:<.k~c~ Y I Authorized signp,tory Name:.s-VtSVtr.> {...eC; l ie.... Title: V P 1 I-j?l. ( CONSENTED TO AND APPROVED AS TO FORM Sandra A. Wilkinson Counsel for Staff of the Superintendent of Financial Institutions Jon· Issued this .2_I0_ day of May, 2010 at Surrey, British Columbia
W. Alan Clark Superintendent of Financial Institutions Province of British Columbia