Complaint handling procedures – Failure to file complaint handling procedures with Commissioner
Insurance Companies Act, ss. 165(2)(f), 604(2)
A foreign insurance company failed to file its complaint handling procedures with the Commissioner as required by the Act.
Section 604 of the Insurance Companies Act stipulates that foreign insurance companies shall establish procedures for dealing with complaints made by persons having requested or received products or services in Canada. Section 604(2) specifies that these procedures must be filed with the Commissioner.
Compliance measure taken
The insurance company was given numerous requests to file its complaint procedures with the Commissioner before they filed. There were no previous violations noted against the insurance company.
Corrective measures taken by financial institution
- The insurance company filed its complaint handling procedures.
Complaint handling procedures increase an insurance company’s accountability to its customers by providing consumers with a consistent process for resolving any concerns and/or complaints they may have. Having this process in place also benefits the insurance company by providing a system-wide ongoing analysis of any potential quality control issues that may need to be addressed internally and which may be detracting from customer satisfaction and business in general.
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