1. OIC was created and is responsible for regulating the business of insurance
2. Commissioner of Insurance is appointed as head of the commission
3. Director of arbitration is also a member
4. Commissioner has the power to approve auto insurance rates and to hear appeals from decisions of the super.
5. Consumer protection measures have been augmented, insurers are req to supply presc. info for applicants and insured persons
6. Expenses of the commissioner are assessed against insurers
Consumer Protection Legislation
- ins. act includes provisions to protect consumers
- the act prescribes the info to be given to the applicant and insureds and such infor part of the app.
- the kind of infor required is specified in the regulations
- a broker shall provide on req. names of all insurers with who they deal and all info obtained by the broker relating to quotations on auto ins. for the app.
Head office out