Topic
Legislation / Regulation
OSFI releases final insurance capital guidelines for IFRS 17
July 21, 2022 Canadian Underwriter StaffThe Office of the Superintendent of Financial Institutions (OSFI) today released final insurance capital guidelines updated to reflect implementation of International Financial Reporting Standards 17 (IFRS 17). “These guidelines recognize the improvements in the new international accounting standard of increased…
Court strikes down cap on costs for auto injury experts
July 13, 2022 by David GambrillB.C.’s Supreme Court has struck down as unconstitutional the province’s 6% cap on disbursements for experts in personal injury actions arising from auto accidents – one feature of the Insurance Corporation of B.C.’s attempt to control its auto insurance claims…
Why Intact can’t recover $2.9 million in excess insurance payment
July 7, 2022 by David GambrillIntact Insurance has lost its bid to recover $2.9 million it paid above and beyond its $5-million insurance policy limit for cleaning up a 2012 chemical spill in North Bay, Ontario. Ontario’s Court of Appeal rejected Intact’s arguments that it…
U.S. regulator upgrades Tesla Autopilot crash analysis
June 30, 2022 Philip PoradoA National Highway Traffic Safety Administration (NHTSA) preliminary analysis (PA) into Tesla’s Autopilot system was upgraded to an engineering analysis (EA) earlier this month. The EA will “extend the existing crash analysis, evaluate additional data sets [and] perform vehicle evaluations,”…
Don Forgeron to retire from Insurance Bureau of Canada
June 23, 2022 by Alyssa DiSabatinoDon Forgeron will retire as president and CEO of the Insurance Bureau of Canada after a tenure of almost 30 years. He will also retire as a member of the IBC’s board of directors. The search for Forgeron’s successor will…
Which model will Canada’s national flood insurance program follow?
June 9, 2022 by Alyssa DiSabatinoAfter undergoing actuarial review, two possible flood insurance models are the “most promising” for private-public engagement within the upcoming national flood insurance program, a federal government official suggests. One model is based on a pool for high-risk homeowners, among…
Regulations for insuring self-driving cars required sooner rather than later, lawyers say
May 27, 2022 by David GambrillCanada is not ready to insure even partially automated vehicles (AVs), but the move towards fully-automated vehicles could be here by as early as 2026, warn lawyers at Borden Ladner Gervais LLP. Provincial legislatures will therefore need to update their…
OSFI posts new guidance on climate risk stress testing
May 26, 2022 by Alyssa DiSabatinoThe Office of the Superintendent of Financial Institution’s (OSFI) newly released draft of Climate Risk Management may mean P&C insurers will have to include climate scenario analysis as a part of their stress testing — and it may require insurers to…
What Intact’s CEO thinks of Ontario’s auto insurance budget
May 16, 2022 by Alyssa DiSabatinoIntact’s CEO Charles Brindamour said he is “quite thrilled” with some of the auto insurance reform measures contained in Ontario government’s proposed budget. Brindamour commented on the budget proposals for auto insurance reform during a Virtual Fireside Chat with RBC…
Ontario Liberals eye auto insurance rates and towing sector
May 13, 2022 Philip PoradoOntario Liberals want to bring down auto insurance rates but not via percentage targets, as envisioned by the New Democrats. “We will also work tirelessly to bring down auto insurance rates,” said Ontario Liberal Party press secretary Andrea Ernesaks. She noted that will…
What CISRO’s conduct principles mean for brokers
May 12, 2022 by Alyssa DiSabatinoCanadian Insurance Services Regulatory Organizations (CISRO) has recently published the Principles of Conduct for Insurance Intermediaries, intended to help ensure the fair treatment of P&C consumers — and the Ontario regulator predicts broker compliance will be high. Many of…
4 insurance industry trends to watch
May 11, 2022 Tara KellyIn this third calendar year marked by the pandemic, emerging trends in data collection and security require insurance policy offerings to keep pace with client needs. We can count on innovation and technology to keep reshaping the insurance sector in…