AND WHEREAS the examination found that Trisura had developed and implemented some controls to prevent improper sales of secondary auto insurance products but that these controls were insufficient or absent in all areas under review; AND WHEREAS Trisura acknowledges there were deficiencies in their oversight and controls over the distribution of secondary auto insurance products in B.C., and that Trisura was and continues to be committed to taking remedial actions to improve practices around fair treatment of consumers;
AND WHEREAS Trisura and the Superintendent entered into a Voluntary Compliance Agreement on May 31, 2023, where Trisura undertook to bring all non-compliant products into compliance with the FIA, its regulations, and applicable guidelines, establish comprehensive policies and procedures, review processes, and monitoring and oversight controls, as described in paragraphs (i)-(iv) below, by June 30, 2023 (the “Undertaking”);
AND WHEREAS Trisura has demonstrated good faith efforts to comply with the Undertaking and has ceased to market or distribute secondary auto insurance products that are non-compliant with the FIA, its regulations, and applicable guidelines;
AND WHEREAS Trisura has requested an extension to the deadline to fulfill its obligations under the Undertaking;
NOW THEREFORE the Superintendent considers it appropriate to enter into a amend the Voluntary Compliance Agreement with Trisura agreed to on May 31, 2023, pursuant to sections 158 and 244 of the FIA, according to which Trisura will continue taking remedial actions, including the actions set out in an action plan provided by Trisura to BCFSA on April 18, 2023 to address the concerns and recommendations included in the Report.
By June 30, 2023,Trisura undertakes to that: (i) Bring all non compliant insurance products into compliance with the FIA, its regulations, and applicable regulatory guidelines Trisura and its intermediaries in B.C. will only market, distribute, or sell the secondary auto insurance products after Trisura demonstrates, to the satisfaction of BCFSA, that it is able to do so in compliance with the FIA, its regulations, and applicable regulatory guidelines; (ii) By September 30, 2023, Trisura will Eestablish comprehensive policies and procedures over its outsourcing arrangements in B.C. and implement a formal process to regularly review its policies and procedures to ensure they are up to date, Page 2 of 3
(iii)
(iv)
include fair treatment of customers principles, and are in compliance complying with statutory requirements and regulatory expectations; By September 30, 2023, Rreview and update, as needed, its outsourcing agreements with intermediaries to ensure agreements are consistent and compliant with policies and procedures, and establish a periodic review and update process of outsourcing agreements; and By September 30, 2023, Eestablish monitoring and oversight controls over its intermediaries to ensure compliance with the conditions of outsourcing agreements.
This Voluntary Compliance Agreement may be amended with the written consent of both the Superintendent and Trisura.
Agreed to at the City of Vancouver Province of British Columbia This __3rd_____ day of __August_______, 2023
“ROBERT LITT” __________________________________________ By Trisura Guarantee Insurance Company, Authorized Signatory
Name:
Agreed to at the City of Vancouver Province of British Columbia This __30___ day of _July_________, 2023
“BLAIR MORRISON” __________________________________ Blair Morrison Superintendent of Financial Institutions BC Financial Services Authority
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