Topic
Legislation / Regulation
Broker suspended for passing off client’s cancelled vehicle plates as his own
November 10, 2020 by David GambrillA B.C. broker has been suspended for two years and fined $1,000 for passing off a client’s cancelled vehicle license plates as his own, giving the appearance that his vehicle was insured when in fact it wasn’t. Ping Hong (Gary)…
Intact’s message to politicians wanting more commercial insurance regulation
November 5, 2020 by Greg MeckbachImposing more regulation on commercial carriers is not going to help make coverage available for clients who are having a hard time finding insurance, Intact CEO Charles Brindamour suggests. “I don’t think that scaring insurers is the way to bring…
OSFI draft guideline tightens oversight of Canadian branches of foreign insurers
November 4, 2020 by David GambrillCanada’s solvency regulator has released a new draft guideline that tightens the regulator’s oversight of foreign insurance and bank branches in Canada. Among other changes to existing regulations, the Office of the Superintendent of Financial Institutions (OSFI) is requiring local…
Insurer urges principles-based regulation: ‘You don’t need to tell me exactly what I can do and what I cannot do’
November 3, 2020 by Greg MeckbachThe insurance industry needs principles-based regulation instead of a system with rules for every situation, an Allstate Canada official suggests. “If you have a good system that creates boundaries and guiding principles, and you make sure that nobody violates that,…
So you’re going digital. How much speed do you need?
November 3, 2020 by David GambrillWhile the global COVID pandemic may have sharpened the insurance industry’s focus on providing digital solutions to customers quickly, the speed at which the industry can move remains limited by traditional barriers such as a carrier’s organizational culture, regulation, and…
This decision on a $5,000 deductible could motivate condo corporations to change their bylaws
October 28, 2020 by David GambrillA recent decision by B.C.’s Civil Resolution Tribunal (CRT) may motivate strata (condo) corporations to adjust their bylaws so that they can charge insurance policy deductibles back to their strata unit owners. Based on the outcome of the CRT decision,…
Intact’s take on regulating commercial ‘middle players’
October 26, 2020 by Greg MeckbachGovernment and the industry should take a close look at the structure and regulation of “middle players” in the commercial property and casualty insurance market, Ontario brokers heard last week at their annual convention. “We know there are some things…
Why Uber has a new insurer
October 23, 2020 Jason Contant, Online EditorAfter a five-year-long business relationship with Intact, ridesharing giant Uber moved its business to Economical. What prompted the move?
Switching your client’s carrier? Don’t forget to tell the client
October 19, 2020 by David GambrillA Manitoba broker received a $250 fine recently for failing to advise a client that his policy had been moved to a different insurer until two weeks after the policy had expired. In its decision, the Insurance Council of Manitoba…
Gushing over oil storage
October 18, 2020 Michael Freill, President, Mark 1 EngineeringHow Canada’s P&C insurers plugged a regulatory hole that exposed the industry to millions of dollars in claims every year
Watch for governments to transfer financial risk from natural disasters to insurers: Swiss Re
October 16, 2020 by Greg MeckbachThere is growing awareness that governments can transfer the financial risk of natural disasters to both insurance and capital markets, a Swiss Re expert observes. In Asia, Africa, the United States and Britain, there are examples of national and sub-national…
B.C. auto could look a bit like these two provinces under a Liberal regime: IBC
October 9, 2020 by Greg MeckbachIf the Liberals return to power this fall in British Columbia after a three-year hiatus, and if they keep their election promises, the province’s auto insurance system may look similar to the auto insurance systems in both Quebec and Saskatchewan,…