Topic
Legislation / Regulation
Man named in FSRA warning denies soliciting business for Sonnet
December 13, 2019 by Greg MeckbachA Toronto man who told Canadian Underwriter he recommended direct writer Sonnet to some of his friends is denying allegations made by the Ontario insurance market conduct regulator that he actually solicited auto insurance through Sonnet. “I am not soliciting…
Why you need to consider open banking
December 11, 2019 by Greg MeckbachAs open banking makes it easier for other players to access your clients’ financial data, now is the time for insurance professionals start thinking about how they can take advantage of this new model, an actuary advises. “A number of…
Municipalities: another victim of the hard market?
December 9, 2019 by Jason ContantAre Ontario municipalities another victim of the hardening market? “A lot of municipalities are facing increased premiums or difficulty with obtaining insurance,” said Pino Cianfarani, partner at Lerners LLP, speaking at Insurance Bureau of Canada’s (IBC) Commercial Insurance Symposium Nov.…
Would driver training reduce risk for dump trucks and buses?
December 9, 2019 by Greg MeckbachCould commercial auto risk be reduced if training was mandatory for drivers of dump trucks, buses and 20-foot cube vans? It’s a question Ontario’s transportation ministry is looking at, the province announced in its recent auditor general’s report. Formal training…
Potential opportunity in mining insurance
December 5, 2019 by Greg MeckbachInsurers and brokers looking for new opportunities should consider covering a mining firm’s legal obligation to restore a site once the operation has closed. “In the Canadian market there is probably an emerging opportunity on this front,” Ben-Schoeman Geldenhuys, a…
When will ride-hailing arrive in British Columbia?
December 3, 2019 The Canadian PressVICTORIA – Premier John Horgan says ride-hailing is on its way to British Columbia and if the service isn’t available by Christmas it shouldn’t be seen as a government failure. The premier says the approval process to bring ride-hailing services…
When OSFI will talk to industry about draft reinsurance rules
November 29, 2019 by Greg MeckbachThe federal insurance regulator – silent during the election campaign on proposed changes to reinsurance – plans to talk to the industry after the holidays, a senior official with the federal Office of the Superintendent of Financial Institutions (OSFI) said…
How insurers view Quebec’s new tough-love drunk driving laws
November 27, 2019 by Jason ContantDrivers in Quebec who are found guilty of a second impaired driving offence will be required to drive vehicles equipped with an alcohol ignition interlock device for the rest of their lives, the province’s government-run accident benefit provider said Monday.…
Intact wins priority dispute over rental car coverage in standard auto policy
November 22, 2019 by Jason ContantOntario’s Court of Appeal has upheld a ruling in favour of Intact Insurance Company in a priority dispute over who is afforded coverage when operating a rental vehicle. In a decision released Thursday, the appeal court found that liability coverage…
Saskatchewan more than doubles distracted driving penalties
November 20, 2019 The Canadian PressREGINA – Fines for distracted driving are more than doubling in Saskatchewan. The government has introduced stiffer penalties for drivers caught using their cellphones, although the changes won’t apply until next February. Saskatchewan Government Insurance is increasing the cost of…
Bank of Canada official urges re-think of cyber regulations
November 14, 2019 David Paddon - THE CANADIAN PRESSTORONTO – Government bodies and the private sector need more ways to share information about cybersecurity threats, and that may require new regulations or legislation, a Bank of Canada official said Tuesday. Filipe Dinis, the central bank’s chief operating officer,…
Does Canada really need multiple guidelines for fair treatment of customers?
November 12, 2019 by Jason ContantOntario’s new financial services regulator plans to issue a revised guideline on fair treatment of customers over the next few months to help counter confusion over which guidelines to follow. Last year, the former provincial regulator, Financial Services Commission of…