Canadian Underwriter

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Legislation / Regulation

News Earnings / RatingsInsuranceLegislation / Regulation

How the feds propose to tax insurers’ deferred profits under IFRS 17

June 10, 2021 by David Gambrill

Canada’s finance department is looking to avoid a situation in which the new IFRS 17 accounting standards may give Canadian P&C insurers a tax advantage over other Canadian business sectors. Canadian P&C insurers are working hard to update to new

News ClaimsClaims CanadaInsuranceLegalLegislation / Regulation

Why Intact didn’t have to pay $10K for a claimant’s proposed medical report

May 17, 2021 by David Gambrill

Ontario’s Licence Appeal Tribunal (LAT) has ruled that Intact Insurance is not obligated to fund a claimant’s $10,200 multidisciplinary report, the purpose of which was to dispute Intact’s decision to cease income replacement benefits after a 104-week period of entitlement.

News BrokersInsuranceLegalLegislation / RegulationMGAs

Inactive Alberta brokerage ordered to pay $6K for failing to remit client funds to MGA

May 14, 2021 by David Gambrill

Alberta-based NIB Insurance Group Ltd., now an inactive brokerage, has been ordered to pay $6,000 in civil penalties for failing to remit client premiums to an MGA, and for selling a policy to a client while it was no longer

News ClaimsInsuranceLegalLegislation / RegulationRisk

How these auto reforms could reduce liability exposure for hospitality clients

May 10, 2021 by David Gambrill

B.C.’s move towards a form of no-fault auto insurance could wind up reducing liability exposure for commercial insureds in the hospitality and other high-risk sectors, according to a recent blog by Borden Ladner Gervais LLP. The province’s no-fault amendments came

News Commercial LinesInsuranceLegislation / RegulationMarkets / Coverages

Where Canadians rank among their global peers in how much premium they pay

May 8, 2021 by David Gambrill

Canadians tend to pay higher premium for insurance than citizens in many, if not most, other developed nations, according to a recent report from the C.D. Howe Institute. Three years in the making, the report is authored by Alister Campbell,

News BrokersInsuranceLegalLegislation / Regulation

Insurance certificate fraud costs ex-broker $26K

May 5, 2021 by David Gambrill

Alberta’s broker regulator has issued a civil penalty of $26,000 against a former broker found to have issued false insurance certificates to clients as “placeholders” until coverage was bound — which it never was. The penalty was based on 52

News ClaimsLegislation / Regulation

Why insurers like Ontario’s plans to restrict tow trucks

April 29, 2021 by Greg Meckbach

Ontario tow truck operators will be prohibited from stopping within 200 metres of motor vehicle accidents unless they are specifically asked to do so by people involved in the collision. This is what will happen if Bill 282, the Moving

News BrokersCatastrophesClaimsClaims CanadaInsuranceLegislation / Regulation

Why IBAC foresees a national flood insurance program

April 28, 2021 by Greg Meckbach

The recently-released federal budget gives brokers reason to be optimistic that Canada will eventually have a national flood insurance program for homeowners, the head of the Insurance Brokers Association of Canada suggests. “The commitment from the federal government is clear

News AdjustersClaimsClaims CanadaInsuranceLegalLegislation / Regulation

Ontario judge urges legislature to deal with insurance fraud

April 22, 2021 by David Gambrill

An Ontario judge has taken the rare approach in a sentencing decision to urge the provincial government to take steps to prevent future instances of insurance fraud. Ontario Court Justice David S. Rose made the obitur remarks in his written

News InsuranceLegislation / RegulationTechnology

Why insurance overseer won’t regulate MGAs or fintechs just yet

April 22, 2021 by Greg Meckbach

Ontario’s insurance regulator has no plans to regulate fintechs or managing general agents in the near term. “We sort of feel like we have enough on our plates,” said Tim Bzowey, executive vice president of auto/insurance products for the Financial

News InsuranceLegislation / Regulation

Why B.C.’s tax collector tried to burn Mutual Fire for an extra $4.5 million

April 9, 2021 by Greg Meckbach

British Columbia’s income tax commissioner must re-visit a decision to bill Mutual Fire Insurance Company of British Columbia an extra $4.5 million in premium taxes and interest from the 2012 and 2013 taxation years. Mutual Fire appealed the ruling by

News Commercial LinesLegalLegislation / RegulationRisk

Etiquette for asking if your employees are vaccinated

April 9, 2021 by Greg Meckbach

Asking your workers whether or not they got their COVID-19 vaccine shot is not necessarily a good idea. “If you are going to require employees to disclose their vaccination status, you need to consider the nature of the workplace,” said