Topic
Legislation / Regulation
What the regulator’s review of auto insurance health care practitioners uncovered
September 9, 2022 by Alyssa DiSabatinoOntario’s insurance market conduct regulator took a closer look at how auto insurance health care providers are billing insurers through the province’s electronic billing system, and found that 27 medical health professionals on the billing roster have been sanctioned by…
How insurers can trim their environmental remediation costs
September 6, 2022 by Alyssa DiSabatinoInsurers can trim their environmental remediation costs by shopping around for more than one site estimate, recommends Lori Festarini, environmental director at Charles Taylor. That may involve getting technical support or peer-reviewed cost estimates, she elaborates. “One way of managing…
Aviva wins appeal regarding EI deductions from IRB benefits
September 6, 2022 by David GambrillAviva Canada successfully appealed a tribunal decision that called for the insurer to pay full auto insurance income replacement benefits (IRB), with no deduction, on top of the sickness benefits she was already receiving under the Employment Insurance Act (EIA).…
Feds’ task force reveals preferred flood insurance models
August 30, 2022 by Alyssa DiSabatinoA federal government task force on flood insurance is leaning toward the public insurer and layered public insurer models of flood insurance programs for Canada. The public insurer model features a Crown corporation that underwrites comprehensive flood insurance through the…
Will insurers find opportunity in Europe’s need for Canadian LNG and hydrogen?
August 26, 2022 Philip PoradoCanadian insurers have a future opportunity to cover the infrastructure required for hydrogen energy products, commercial insurance brokers say. For example, if Europe wants its efforts to reduce dependence on Russian natural gas supplies to be successful, it will need…
Insurer found vicariously liable for adjuster selling client information
August 26, 2022 by David GambrillB.C.’s public auto insurer has been held vicariously liable for a privacy breach, in which one of its claims adjusters sold client information to a third party that ultimately led to arson and shooting attacks. “Between April 2011 and January…
Fire-risk recall may give brokers opportunity to contact auto clients
August 25, 2022 Philip PoradoA recall of two late-model SUV models by Hyundai Motor America and Kia America was amplified by a consumer alert from the U.S. National Highway Traffic Safety Administration (NHTSA) in Washington. The issue involves a tow hitch, sold as a…
Canada could have its own Fyre Festival fiasco if it doesn’t amp up event regulations
August 25, 2022 Sean SpenceThis article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. In the spring of 2017, the public spectacle over the now…
U.S. lawmakers, advocates pushing Ottawa to eliminate ArriveCan, open Nexus offices
August 23, 2022 The Canadian PressWASHINGTON – Lawmakers and advocates in the United States are ramping up the pressure on the federal government to ease travel delays between the U.S. and Canada. The Canadian American Business Council’s new campaign, “Travel Like it’s 2019,” aims to…
How OSFI proposes to regulate the P&C industry’s cryptocurrency risk
August 22, 2022 by David GambrillCanada’s solvency regulator is seeking comment on its proposed approach for regulating P&C insurers’ cryptocurrency risk exposure. In a proposed advisory to take effect in 2023 Q2, the Office of the Superintendent of Financial Institutions (OSFI) defines and categorizes two…
B.C. broker suspended one year for misrepresenting principal driver of her car
August 18, 2022 by David GambrillA B.C. broker’s license has been suspended for one year after a regulatory investigation into her processing her own ICBC Autoplan transactions uncovered that she had misrepresented the principal driver of her personal vehicle on several ICBC policies. “Council found…
OSFI’s capital guidelines include new 2.5% charge for risk-sharing pools
August 9, 2022 by David GambrillCanada’s federal solvency regulator has released its final capital guidelines for the P&C insurance sector, and one new wrinkle includes a fresh approach to handle the provincial risk-sharing pools administered by Facility Association — a new 2.5% capital charge. The…