The Superintendent at British Columbia’s Financial Institutions Commission (FICOM), has issued a cease and desist order for unauthorized insurance business against TruNorth Warranty Plans of North America, LLC, a North Carolina-based commercial truck warranty provider.
TruNorth is ordered to immediately cease selling its warranty products in BC and to provide FICOM with copies of every warranty contract issued by it which insures risks located in BC. The company also will be required to transfer all contracts to an insurer authorized to issue vehicle warranty insurance in BC, FICOM says.
“We know that BC truckers depend on effective insurance protection for the components that keep their rigs on the road,” says Chris Carter, FICOM deputy superintendent of supervision and market conduct. “That’s why we are taking action to make sure any warranty insurance offered to the trucking industry is authorized in BC and subject to the laws and protection that full regulation provides.”
He adds, “These warranties are costly, and they are insuring very costly heavy equipment. We want to make sure that truckers who purchase a warranty product here are doing so with confidence that it is subject to regulatory supervision in BC.”
To view the complete order from FICOM, please CLICK HERE.
