A new, two-year supervision plan for health service providers (HSP) aims to protect consumers’ rights by delivering supervision and education to higher risk auto insurance HSPs, according to Ontario’s insurance regulator. Higher risk service providers are defined as those “more…
A dirt bike driven in a closed course motocross competition is an “automobile” under Ontario’s auto accident benefits scheme, thus paving the way for a seriously injured driver to claim auto accident benefits from his auto insurer, the Ontario Court…
Canada’s solvency regulator is acutely focused on the current macroeconomic environment and expects insurers to practice ‘capital conservation’ due to market volatility, a senior executive said at an industry event Thursday. The Office of the Superintendent of Financial Institutions (OSFI)…
If there’s one supply chain Canada’s insurers would like to see disrupted, it’s the national, $1 billion business of auto theft rings supplying clients, unscrupulous dealers and chop shops with cars and auto parts. Of the $1 billion auto theft…
Manitoba Public Insurance (MPI) must now develop a five-year plan to switch from its registered driver model to a primary driver model for auto insurance pricing — after previously stating such a switch would create large rate dislocation and require…
Claims and settlement issues are the top public complaints in the regulated P&C and auto insurance sectors in Ontario, according to Financial Services Regulatory Authority of Ontario’s (FSRA) complaints report for the 2021-22 fiscal year. “The most common examples of…
National associations representing Canadian P&C brokers and insurers are seeking clarification and amendments to proposed regulatory guidance on incentives management, particularly around the costs of incentives within different distribution models. In particular, both Insurance Brokers Association of Canada (IBAC) and…
Regulators and governments can work with the insurance industry to develop the cyber product through data sharing and consumer education, said Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar. “We think governments and regulators…
It’s getting less ornery out there, if the number of public complaints against insurers is a reliable measuring stick. The General Insurance OmbudService (GIO) received 4,370 contacts from insurance consumers across the country in 2022, with 174 of them escalated…
To reduce claims rates for Alberta-based trucking companies, and loss ratios for commercial trucking insurers, an Insurance Bureau of Canada (IBC) executive said training regimens aimed at improving the quality of drivers entering the sector needs to improve. At 120…
Canada’s solvency regulator is preparing guidance that legal experts say will shift the scope of the regulator’s concerns about outsourcing data and technology to a much broader inquiry about insurers’ arrangements with third parties generally — including with broker partners.…
Quebec’s association representing condo corporations is reiterating a call on the newly re-elected provincial government to amend the Civil Code of Quebec to allow condo corporations to better recover losses from co-owners. Currently, condo corporations (called syndicates in Quebec) are…