FIN 512 Chapter Notes - Chapter 3: Traffic Collision, Vehicle Insurance, Liability Insurance
17 Jul 2012
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Quebec (for bodily injury only), b. c. , manitoba, and saskatchewan have a government-run auto insurance industry for the basic, mandatory coverage that is the minimum required coverage. In these provinces, no policies are issued for this mandatory coverage since everyone has the same basic policy. The insurance premium is paid at the same time licenses are renewed. All three levels of government are involved in regulating the use of automobiles in canada. The federal government, through the insurance act of canada, has given provinces and territories legislative power to manage their own automobile insurance industries. The federal insurance act was created to control and monitor insurance companies, outline the mandatory automobile insurance coverage that an individual is required to hold. Canada has several sections covering various aspects, such as impaired driving, dangerous operation of a vehicle, failure to stop at the scene of an accident, criminally negligent operation of a vehicle, and theft.
