Edmonton, Alberta — On December 19, 2024, the Office of the Alberta Superintendent of Insurance published a revised version of the Superintendent’s Revised Bulletin (tbf-superintendent-of-insurance-2024-05-bulletin) which outlines how certain products sold by auto dealership and equipment dealers must be underwritten by licensed insurers and sold under a Restricted Certificate of Authority.
Specifically, as noted in Interpretation Bulletin No. 05–2024—in conjunction with the Alberta Insurance Council’s (AIC) Information Bulletin IB-2024-01—auto dealerships and equipment dealers must apply for and hold either:
An equipment warranty type of Restricted Certificate of Authority, in the event auto dealerships and equipment dealers sell motor vehicle warranty contracts; and or,
A new type of Restricted Certificate or Authority in the event auto dealerships and equipment dealers sell motor vehicle dealership loyalty programs or ancillary vehicle protection products.
As a result, if a business, such as third-party motor vehicle equipment dealers and repairers, sells a motor vehicle warranty contract, it will first need to obtain equipment warranty insurance.
To ensure compliance, businesses will need to further follow the following steps:
- Ensure that the motor vehicle warranty contracts it sells are underwritten by a licensed;
- And hold equipment warranty insurance with the AIC that authorizes the sale of these products.
Applications to this new type of Restricted Certificate of Authority are available on the AIC’s portal.
Products included under the requirements include non-manufacturer tire and rim products, glass protection products and anti-theft products.
For more information about the requirements, click here.
