BridgePoint Indemnity Company ordered to cease and desist

On June 30, 2016, the Financial Institutions Commission (FICOM) ordered BridgePoint Indemnity Company (Canada) (BICO) to immediately cease conducting insurance business in the province of British Columbia, including the advertising, soliciting, offering, sale, and adjusting of legal expenses insurance under the product names Legal Cost Protection, LegalProtect and Trial Protect. In addition, FICOM ordered BICO to provide the Superintendent with a copy of every contract issued by it which insures risk in BC and is currently in force within 10 days and for BICO to arrange for all current contracts insuring risk in BC to be assumed by an authorized insurance company, at BICO’s expense.

For details, read the order issued by the Commission. For practice advice, please contact a Practice Advisor.