Topic
Legislation / Regulation
Quebec to offer ‘X’ gender option for health cards, driver’s licences
March 5, 2024 Morgan Lowrie – The Canadian PressQuebecers who do not identify as male or female will soon be able to opt for an ‘X’ gender marker on their health cards and driver’s licences. Both Quebec’s automobile insurance board and its public health insurance board confirmed Monday…
Regulator defends use of territories for rating auto insurance
March 4, 2024 by David GambrillOntario’s auto insurance regulator is allowing insurers to explore different ways to rate for territories other than the standard — and rigid — postal code method, but the regulator won’t be banning territorial rates, the regulator’s top exec confirmed Monday.…
Summit discusses a new national office on auto theft
February 29, 2024 by Alyssa DiSabatinoProperty and casualty insurance industry professionals and a car manufacturing industry representative are endorsing the idea of establishing a national auto theft office, an idea floated at Ottawa’s National Summit on Combatting Auto Theft earlier this month. “Criminals have really…
Intact CEO’s take on fear of auto rate cap contagion
February 23, 2024 by David GambrillIntact CEO Charles Brindamour does not anticipate Alberta’s auto rate cap will bleed over into Ontario’s private auto insurance sector. “There’s always a risk,” Brindamour told Mario Mendonca, managing director of equity research at TD Cowen, during a fireside chat…
FSRA’s first non-auto P&C supervision plan to include review of MGAs
February 22, 2024 by Alyssa DiSabatinoOntario’s insurance regulator is launching a review of P&C insurers’ managing general agent (MGA) outsourcing practices as part of its first non-auto P&C supervisory plan. “Given the risks and oversight concerns involved, insurer outsourcing to P&C MGAs is a priority…
Brokers needn’t advise new Canadians to obtain a provincial driver’s licence
February 20, 2024 by David GambrillInsurance brokers in B.C. aren’t required to advise clients new to Canada that they must apply for a provincial driver’s licence within 90 days of residency in the province, B.C.’s Civil Rules Tribunal has ruled. “I find that the duty…
CU Poll: Ontario’s DCPD auto reform widely viewed as a flop
February 16, 2024 by David GambrillOntario’s property and casualty insurance professionals have widely panned the provincial government’s latest move to make mandatory Direct Collision Physical Damage (DCPD) coverage optional to reduce premiums. Canadian Underwriter conducted an online poll with more than 400 P&C professionals nationwide…
Canada’s P&C professionals sound off on auto reform
February 14, 2024 by David GambrillAlmost 70% of Canadian property and casualty insurance professionals describe the need for auto reforms across the country as either “very urgent” or “urgent,” but they don’t believe provincial governments share their sense of urgency. Canadian Underwriter polled more than…
Expect more total losses with electric vehicles: report
February 13, 2024 by David GambrillCanadian auto insurers can expect to write off electric vehicles (EVs) rather than try to repair their expensive, damaged batteries, says a report by Morningstar DBRS. “The most expensive component of an EV is the battery, often embedded in the…
Broker and brokerage fined for using incorrect dec page
February 12, 2024 by David GambrillB.C.’s broker regulator fined a broker $2,000 and his former brokerage $2,500 for sending out an incorrect declarations page to a client that was modelled after a dec page issued by an altogether different brokerage. Questioned about the error by…
National auto theft summit comes and goes: what comes next?
February 9, 2024 by David GambrillThe National Summit on Combatting Auto Theft ended in Ottawa yesterday with a commitment to develop a detailed plan to be released in “winter.” The Government of Canada convened the meeting between government officials of all levels, industry leaders —…
What the new ‘foreign interference’ guidelines mean for insurers
February 6, 2024 by David GambrillManaging third-party risk and conducting thorough background checks are among several regulatory guidelines for banks and insurers looking to protect themselves against ‘foreign interference,’ as outlined in the Integrity and Security Guideline released by Canada’s solvency regulator last week. The…