FCT INSURANCE COMPANY LTD. / COMPAGNIE D'ASSURANCES FCT LTEE
Registration:
20
of
22
(2015-06-02
to
2015-11-04)
Grant, Contribution or Other Financial Benefit
- Canada Mortgage and Housing Corporation: discussions about the provision of paid value indemnity insurance by our company and the opportunity to enhance these services with debt collection software
Grant, Contribution or Other Financial Benefit, Policies or Program
- One of our software products provides for efficient management of debt collection .We have periodically raised this opportunity for the Canada Student Loans and other Crown Corporations to apply this product within their current debt collection regime. Our product is not paid by the government but the service providers. As such it requires a change in standards.
Legislative Proposal, Bill or Resolution
- Enhancements of sections of the Criminal Code to stengthen sections on title and mortgage fraud.
- First Nations land title system announcement in budget and proposal for supporting legislation to be introduced
- Personal Information Protection and Electronic Documents Act, review on data breach notification
- amendments to the anti-terrorism and anti-money laundering legislation and the compliance requirements of financial institutionsas they affect title insurers
Policies or Program
- Competition of self-regulated professions. Follow up on recommendations regarding title insurance issued in Competition Bureau's report on self-regulating professions
- Federal Conumer Agency of Canada Compliance framework for the new Consumer Code, Financial literacy and internal complaints handling procedures by financial institutions
- First Nations Housing Fund- program implementation related to lease hold interests on native lands.
- Statistics Canada currently tracks all forms of fraud under one classification. Only identity theft is tracked independently. We are seeking a separate classification for mortgage fraud under the Fraud classification.
- Superintendent Directive on using electronic signatures, insolvency searches, unclaimed dividends, forms and related regulatory fees under the Bankruptcy and Insolvencey Act. OSB has approached us regarding a pilot project on e-remittances.
Regulation
- Financial Institutions Act, Insurance regulations applicable to title insurance
- OSFI draft guideline B-20 and B-21 on residential underwriting issues related to use of title insurance, valuation insurance, loan documentation and home equity lines of credit.