Topic
Legislation / Regulation
What’s new with cannabis insurance regulations?
May 18, 2023 by Jason ContantOne MGA is questioning a regulatory change in Ontario that dropped a mandatory requirement for licensed producers (LPs) of cannabis to hold $15 million in product recall insurance and instead raised the commercial general liability requirement to that amount. In…
How OSFI wants P&C insurers to manage their third-party risks
May 8, 2023 by David GambrillCanada’s financial solvency regulator has published its final revised guideline for managing risks associated with third-party contracts and arrangements, having addressed industry concerns about scope, prescription and the timing of implementation. Guideline B-10: Third-Party Risk Management sets out enhanced third-party…
Why condo corporations need an extra ‘financial cushion’
April 27, 2023 by Jason ContantCanada’s national actuarial organization is recommending legislation that would require condo corporations to hold in their reserve funds a “financial cushion” above what’s required by a reserve fund study. “That cushion protects corporations from adverse deviations from increased expenditures (among…
Broker suspended for a year after covering for his son in auto accident
April 17, 2023 by David GambrillA veteran B.C. broker had his broker licence suspended for one year after trying to protect his son by falsely claiming to police and the public auto insurer that he was the driver in his son’s hit-and-run accident. In addition…
Why cyber tracking technology litigation could be coming to Canada
March 31, 2023 by Alyssa DiSabatinoInsurers can expect pixel liability to “rear its ugly head” in Canada after recent litigation in the U.S., a lawyer at the NetDiligence Cyber Risk Summit said. Especially as one Canadian home improvement company has been deemed by the…
Budget proposals on business sales could affect brokerage owners
March 30, 2023 Philip PoradoThe big deal for Canada’s P&C insurance industry in 2023’s federal budget was a $31.7 million commitment over three years to protect households at high risk of flooding and without access to adequate insurance. But there was some less-noticed news.…
More ways IFRS 17 can make for wonky reporting
March 29, 2023 Philip PoradoIn the face of IFRS 17 reporting requirements, insurers should prioritize stabilizing and managing their balance sheets, noted a panellist during a recent Canadian Insurance Accountants Association (CIAA) webinar. They also should strive to ensure the company’s assets and liabilities…
Alberta Energy Regulator to launch third-party probe of oilsands tailings leak
March 29, 2023 Bob Weber - THE CANADIAN PRESSEDMONTON – The Alberta Energy Regulator says it’s looking for an investigator to dig into releases of oilsands tailings and tailings-contaminated water that weren’t made public for nine months. In a statement Tuesday, the regulator said it’s seeking a “qualified,…
Aviva loses bid to quash class action for COVID-related BI losses
March 28, 2023 by David GambrillOntario’s Superior Court has certified a class action lawsuit by a window and door manufacturer against Aviva Canada related to the insurer’s broad denial of pandemic-related business interruption claims. In doing so, the court rejected Aviva’s motion to have the…
A U.K. climate lawsuit Canadian D&O insurers may be following
March 15, 2023 by David GambrillA recent U.K.-based, climate lawsuit launched against Shell plc’s board of directors by NGO ClientEarth may lead to “copycat” litigation in Canada, lawyers warn, potentially affecting the D&O line of commercial insurance. “Corporate climate litigation is still in its infancy…
What the industry says about regulator’s draft corporate culture guidance
March 7, 2023 David GambrillCanada’s solvency regulator has refined its proposed guidance on corporate culture for P&C insurers, and it’s now consulting with the industry about its expectations. The Office of the Superintendent of Financial Institutions (OSFI) was scheduled to have a technical briefing…
How OSFI expects insurers to manage climate-related risks
March 7, 2023 by Alyssa DiSabatinoCanada’s federal solvency regulator wants, among other things, P&C insurers to develop and implement a plan to maintain operations during climate-related disasters, climate scenario analysis as a part of their stress testing, and metrics on their greenhouse gas (GHG) emissions. The…