Ibc Claims Agreement Amendment

As of October 1, 2021, the Insurance Bureau of Canada (IBC) has implemented an amendment to the Claims Agreement. This amendment seeks to provide clarity and consistency in the claims process for all parties involved.

The Claims Agreement is a voluntary agreement among insurers in Canada, which outlines how claims will be handled in certain situations. The amendment to the Claims Agreement will affect all insurers that participate in this voluntary agreement.

The new amendment will require that all insurers provide the following information to claimants within 10 business days of receiving a claim:

1. Confirmation of receipt of the claim

2. A description of the claimant`s rights and obligations

3. Information about the claims process and timeline

4. Contact information for the insurer`s claims department

5. Any additional information required to process the claim

By providing this information, insurers hope to ensure that claimants are informed about the claims process from the outset. This will help to reduce confusion and frustration for claimants and allow insurers to process claims more efficiently.

The amendment also introduces new guidelines for insurers when it comes to communication with claimants. Insurers are now required to provide regular updates to claimants about the status of their claim, including any changes or developments that may affect the claim.

The amendment also clarifies the process for settling claims. Insurers are now required to make reasonable settlement offers to claimants and provide written explanations for any offers that are rejected by claimants.

Overall, this amendment to the Claims Agreement is a positive step forward in providing greater clarity and consistency in the claims process for both insurers and claimants. By providing timely and transparent communication and settling claims in a reasonable and fair manner, insurers can help to build trust with their customers and ensure that the claims process is as smooth and stress-free as possible.

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