IB-2024-01: New Alberta Insurance Council (AIC) Restricted Business License insurance type – Motor vehicle warranty contract, dealership loyalty programs, and vehicle protection products
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This bulletin is applicable to all auto dealerships and equipment dealers selling motor vehicle warranty products, dealership loyalty programs, and ancillary motor vehicle protection products (e.g. key fob replacement coverage, glass protection products, non-manufacturer tire and rim warranties, etc.).
New restricted business license type required to sell motor vehicle products
The Alberta Insurance Council has issued IB-2024-11-07: New Alberta Insurance Council (AIC) Restricted Business License insurance type – Motor vehicle warranty contract, dealership loyalty programs, and vehicle protection products. This Information Bulletin contains important licensing information, including application availability, regarding a new restricted business license type required to sell dealership loyalty programs and vehicle protection products. It also outlines the licensing requirements for selling certain motor vehicle warranty products that are now considered insurance products.
These new requirements apply to all auto dealerships and equipment dealers selling motor vehicle warranty products, dealership loyalty programs, and ancillary motor vehicle protection products (e.g. key fob replacement coverage, glass protection products, non-manufacturer tire and rim warranties, etc.).
These new requirements are related to the Superintendent of Insurance’s recently-issued Interpretation Bulletin 05-2024: Motor vehicle warranty contracts, dealership loyalty programs and vehicle protection products. Under that Bulletin, motor vehicle dealership loyalty programs, ancillary motor vehicle protection products, and certain motor vehicle warranty products are considered insurance products and must be underwritten by licensed insurance companies and sold by licensed agents and/or businesses with restricted license types.
Applications for the new “dealership loyalty programs and vehicle protection products” type of Restricted Certificate of Authority will be available on AIC’s website in January 2025.
Become informed about the new requirements
You are strongly encouraged to read both AIC’s Information Bulletin and the related Superintendent of Insurance Interpretation Bulletin to get the full details about the new license requirements and what products are subject as insurance under the Insurance Act.
Read AIC's Information Bulletin
Read the Superintendent of Insurance's Interpretation Bulletin
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