Topic
Legislation / Regulation
Briefing Note: Ontario
July 6, 2020 Canadian Underwriter StaffAuto reform has been the province’s biggest concern over the past year, says Colin Simpson, CEO of the Insurance Brokers Association of Ontario. “Inflation on physical damage has been reported to be about 6% to 7% a year,” he says.…
B.C. proposes ‘first step’ amendments to laws governing condo insurance
June 23, 2020 THE CANADIAN PRESSVICTORIA – The B.C. government says proposed legislation it has introduced takes first steps to address concerns about sky-high costs and availability of insurance for condominiums and other shared properties. Housing Minister Selina Robinson says the legislation proposes to amend…
How long it’s taking now to approve Ontario auto rate filings
June 18, 2020 by Greg MeckbachThe average Ontario auto insurance filing now takes less than two weeks to get approved, the provincial regulator told Canadian Underwriter. The Financial Services Regulatory Authority announced this past October a “file and use” system for private passenger auto. For…
Ontario to introduce commercial eviction ban bill, retroactive to May 1
June 18, 2020 THE CANADIAN PRESSTORONTO – Ontario is introducing legislation today to temporarily ban commercial evictions. The government says it will protect commercial tenants from being locked out or having their assets seized due to the negative impacts of COVID-19. It would be retroactive…
Are you sure you are not violating Ontario’s ‘take all comers’ auto rule?
June 15, 2020 by Greg MeckbachIf you fail to renew a client’s Ontario auto policy, even if that client missed a payment, you could attract close scrutiny from the provincial regulator. Ontario law prohibits insurers from declining to issue, terminating, or refusing to renew an…
Frustration grows with no apparent end in sight for Canada U.S. border ban
June 15, 2020 James McCarten - THE CANADIAN PRESSWASHINGTON – The intertwined economies of Canada and the United States demand a more sophisticated solution to the threat of COVID-19 than a simple ban on non-essential travel, say business groups chafing at the prospect of another six weeks of…
Why Ontario auto liability coverage should get cheaper
June 9, 2020 by Greg MeckbachOntario auto insurers may have a hard time raising rates as much as they were before May 15; a major factor could be a controversial change to the dispute resolution process that took effect four years ago. New loss trend…
Alberta drivers push back against no-fault
June 9, 2020 by Adam MalikAlbertans would rather stick with its at-fault auto insurance system than switch to a no-fault program, according to a new survey. More than six in 10 Albertans (61%) surveyed told Nanos Research that they prefer at-fault over the no-fault system.…
A provincial twist on the emergency suspension of limitation periods
June 4, 2020 by David GambrillWhile many Canadian courts continue to suspend two-year limitation periods for plaintiffs to file civil lawsuits against insurers and other defendants, Alberta’s clock has started running again as of June 1 – and for claims under the province’s Insurance Act,…
Bank of Canada keeps key rate target on hold, expects return to growth in Q3
June 3, 2020 Jordan Press - THE CANADIAN PRESSOTTAWA – The economy appears to have avoided a worst-case scenario due to the COVID-19 pandemic, the Bank of Canada said Wednesday as it kept its key interest rate steady at its lower bound. The bank left its target for…
Hitching a ride: How risky is carpooling during COVID 19 pandemic?
May 29, 2020 Melissa Couto - THE CANADIAN PRESSWhether it’s giving your neighbour a ride to the grocery store, or letting a friend borrow your car, health experts generally advise against sharing a vehicle during the COVID-19 pandemic. But like many coronavirus-related scenarios, determining the probability of infection…
Car sharing service Turo says launch into B.C. market is ‘imminent’
May 28, 2020 THE CANADIAN PRESSVANCOUVER – Fans of car-sharing services in British Columbia are about to get another option within weeks of the closure of two other car-share businesses in the province. Turo, which describes itself as the world’s largest peer-to-peer car sharing platform,…