Topic
Legislation / Regulation
Why this broker was fined $700 after an acquisition
March 3, 2022 by David GambrillAn Alberta broker has been fined $700 for failing to transfer her broker’s license when the Co-operators General Insurance Company took over the ownership of her brokerage. Brokers in Alberta and other provinces must have a license that is connected…
You must show more than pain to claim a non-earner benefit
February 23, 2022 by David GambrillIt’s a long-held proposition that auto insurance is supposed to restore an injured driver to their pre-accident state of health — but what if that state was one of chronic pain following 15 years of being injured in a prior…
OSFI softens stance in new reinsurance guidelines
February 14, 2022 by David GambrillOSFI has softened its stance on two of the Canadian P&C industry’s key concerns in the solvency regulator’s final published guidelines on Sound Reinsurance Practices and Procedures (B-3) and Property and Casualty Large Insurance Exposures and Investment Concentration (B-2). Revised…
Canada’s top court weighs in on HST case concerning accident benefits
January 24, 2022 by David GambrillClaimants who sought a settlement with insurers over HST being deducted from their accident benefits have lost their bid to have their claims certified as class actions. The Supreme Court of Canada rejected leave to appeal the case on Jan.…
Court sides with insurer in multi-million-dollar spat over sublimits
January 21, 2022 by David GambrillB.C.’s Supreme Court has upheld an insurer’s insistence that a mining company’s business interruption losses were subject to a $10-millon sublimit and not to the full policy limit of $250 million. That said, the court did not agree with the…
Why insurance regulators’ council wants to stop best-terms pricing
December 3, 2021 by Greg MeckbachIf you are still placing subscription policies using best-terms pricing, you should stop, the Canadian Council of Insurance regulators suggests. “Fair and transparent pricing is essential to a successful marketplace and CCIR Members expect insurers and brokers to cease BTP…
How this insurer is calculating rates for Gender X auto clients
November 29, 2021 by Greg MeckbachStarting Wednesday, The Dominion of Canada General Insurance Company will start applying the female rates to Nova Scotia auto clients who identify as Gender X. In a ruling released Nov. 19, the Nova Scotia Utility and Review Board approved The…
Canada’s insurers could face higher costs from distracted driving
November 26, 2021 Canadian Underwriter StaffCosts to Canadian insurance companies from accidents and injuries caused by distracted driving could reach $159 million by 2030, according to an analysis from financial products comparison site Hellosafe.ca. The analysis explored two scenarios, an optimistic 2% annual increase in…
Economical demutualization complete, IPO raises $1.6 billion
November 24, 2021 by Greg MeckbachEconomical Insurance announced Tuesday it has completed its demutualization, the first property and casualty insurer in Canada to do so. Economical’s corporate parent, Definity Financial Corp., said Tuesday it has raised “aggregate gross proceeds” of about $1.6 billion in an…
Two examples of good ‘social’ practices under ESG
November 22, 2021 by Greg MeckbachHaving clear policy wording is one component of the “social” part of environmental-social-governance (ESG) practices, suggests senior official with Canada’s financial services regulator. “It’s increasingly clear that insurers need to focus on policy wording to avoid adverse court decisions as…
What OSFI’s insurance head says about return-to-work
November 19, 2021 by Greg MeckbachStaff retention, professional development and the risk of worker isolation are among the factors the industry needs to think about when deciding on an approach to working remote or in the office. “As the pandemic eases and restrictions are lifted,…
Supreme Court of Canada rules against BC trial lawyers in disputed subrogated Ontario auto claim
November 18, 2021 by Greg MeckbachIf the Trial Lawyers Association of British Columbia had its way, auto insurers would have an incentive to go the “extra mile” in trying to find reasons to deny claims, two Supreme Court of Canada judges suggested in a decision…