Topic
Legislation / Regulation
How to lie to your auto insurer and not repay your benefits
April 11, 2022 by David GambrillA claimant who lied to TD Insurance about an acquaintance being present with her in a car crash so that her acquaintance could collect accident benefits does not have to repay her own benefits because of the misrepresentation, Ontario’s License…
Will faster highway speeds lead to more claims?
April 7, 2022 Philip Porado and Alyssa DiSabatinoStarting Apr. 22, Ontario drivers will be able to take six sections of highway, primarily in the southern part of the province, at 110 km/h. Highway segments where speeds will permanently rise from 100 km/h to 110 km/h are: Queen…
P&C industry’s input on coastal protection
April 6, 2022 by Alyssa DiSabatinoNova Scotia community and industry stakeholders have shared their input on the Coastal Protection Act, and an Insurance Bureau of Canada representative says the financial case for supporting the act is clear. Passed in 2019, the legislation aims to restrict…
Why these four P&C rating factors may be racially biased
April 5, 2022 by Alyssa DiSabatinoFour commonly used rating factors in personal lines insurance — credit-based insurance scores, geographic location, homeownership, and motor vehicle records — may be affected by racially biased policies and practices, a new research paper finds. Research by the Casualty Actuarial…
CSIO calls APIs for policy inquiries ‘foundational’
April 4, 2022 Canadian Underwriter StaffRecent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use…
Placing business with non-licensed markets: What to look for
March 31, 2022 Greg MeckbachClients looking for property and casualty coverage have options other than insurers licensed to write coverage in Canada. But brokers and managing general agents say there are hazards and tax implications when placing with an unlicensed or non-admitted insurer. And…
How Canada’s P&C industry feels about COVID safety in their offices
March 30, 2022 by David GambrillMore than seven out of 10 Canadian P&C industry professionals feel protected from COVID in their new hybrid office arrangements, according to an online poll conducted this week by Canadian Underwriter. Over 650 P&C professionals answered CU‘s survey, including brokers,…
Fee disclosure: Where national guidance meets provincial regulation
March 29, 2022 by David GambrillIf you are a broker concerned about fair dealing with consumers, must you disclose your premiums that are baked into their premium rates? Or only those fees separate and apart from your commissions? In fine Canadian fashion, the answer depends…
What happens when a broker schemes to drive uninsured…
March 24, 2022 by David GambrillA former B.C. broker has been disciplined after she cancelled an auto insurance transaction and then affixed the cancelled sticker to her car’s licence plate, essentially allowing her to drive uninsured for several months. The former broker, whose licence has…
Commercial data standards get green light
March 18, 2022 Canadian Underwriter StaffCommercial insurance brokers are a step closer to having standards for policy inquiries on certain auto and general liability coverage. The Centre for Study of Insurance Operations (CSIO) said its Innovation and Emerging Technology (INNOTECH) API working groups have published…
Financial incentives for selling insurance: The regulators’ take
March 11, 2022 by David GambrillCanada’s legal community is reminding the Canadian property and casualty industry about proposed new regulatory guidance for financial incentives to buy insurance. Among the proposed expectations of Canadian insurance regulators, it will be assumed that once insurers offer brokers financial…
Insurers checking their war exclusions for cyberattacks
March 10, 2022 Philip PoradoWhile cyberattacks have increased since Russia invaded Ukraine and numerous countries responded with tighter sanctions, most of those attacks have been more basic distributed denial-of service attacks on both sides of the conflict, said a DBRS Morningstar commentary on cyber…