What’s New: In Brief (May 19, 2009)

Saskatchewan Financial Services Commission (SFSC) is cautioning against an alleged online lender that requires the remittance of a portion of an insurance policy premium to secure a loan.Bovine Advisors is purporting to offer an online credit application, promising to provide loan proceeds upon the receipt of a signed acknowledgement and the remittance of a portion of an insurance policy premium to secure the loan amount, according to SFSC.Consumers inquiring with Bovine Advisors have been provided with various application forms in addition to a false licence issued by “the State of Saskatchewan,” the SFSC said.“This is not a legitimate licence issued by the SFSC, and appears to have been developed to convince consumers of the company’s legitimacy,” the commission warns. “Customers should be aware that Bovine Advisors is not licensed by SFSC and The Trust and Loan Corporations Act, 1997 does not allow for loan brokers to charge any kind of an advance fee.” 

The Superintendent of Insurance for the Government of Alberta has released its list of enforcement activities for 2009. Among them, the superintendent issued the following fines:•Lombard General Insurance Company, fined Cdn$15,000 for refusing to renew private passenger automobile insurance policies — section 610(1); • Royal & Sun Alliance Insurance Company of Canada (now RSA), fined Cdn$15,000 for use of non-approved endorsements— section 610(1); and • Co-operators General Insurance Company, fined Cdn$10,000 for charging private passenger automobile insurance premiums in excess of approved rates — section 659.