Topic
Legislation / Regulation
Launch into direct-to-consumer market expected soon, demutualization packages being mailed: Economical Insurance
May 4, 2016 by Canadian UnderwriterEconomical Insurance’s “journey towards becoming a strong, Canadian, independent public company is now well under way,” a leg of which will include a strategic expansion into the direct-to-consumer market, president and CEO Karen Gavan said during the mutual’s Annual General…
Mandatory privacy breach notification will ‘probably be in force’ in late 2017: Insurance Telematics Canada speaker
May 2, 2016 Greg Meckbach, Associate EditorA Canada-wide regulation mandating disclosure of privacy breaches might not be in place until late 2017, an official with the Office of the Privacy Commissioner of Canada suggested Friday. In June, 2015, the Digital Privacy Act was passed into law.…
Marine, surety insurance policies among those exempt from Newfoundland and Labrador’s 15% retail sales tax on P&C premiums
May 2, 2016 by Canadian UnderwriterInsurance policies for marine, surety, guarantee or fidelity-type bonds, accident and sickness, and life will be exempt from Newfoundland and Labrador’s 15% retail sales tax (RST) on property and casualty insurance premiums, the Insurance Bureau of Canada (IBC) said on…
Bates Revisited
May 1, 2016 Daniel Strigberger, Partner; and Jenna Meth, Lawyer, Samis + CompanyIn the early 1990s, the Supreme Court of Canada found there were no practical alternatives – as of 1983 – to rating auto policyholders on the grounds of age, sex and marital status. But would today’s telematics products, which detect acceleration, braking, and cornering, help provide such alternatives?
Function Test
May 1, 2016 Marc Smith, Principal, Forget Smith MorelThe criteria to obtain a catastrophic impairment designation, in Ontario, will be narrower as of June 1, as the Glasgow Coma Scale will be replaced with the Glasgow Outcome Scale.
LAT Have Mercy
May 1, 2016 Willie Handler, Consultant, Willie Handler & AssociatesAs of April 1, the Financial Services Commission of Ontario stopped accepting applications for mediation and arbitration of auto accident benefits insurance claims disputes. That responsibility now rests with the Licence Appeal Tribunal.
Tired of Losses
May 1, 2016 Greg Meckbach, Associate EditorDriver distraction and fatigue are believed to be the root causes of many large auto losses. Even when drivers have their eyes on the road, the mere act of talking on a hands-free wireless device can adversely affect both field of vision and the ability to concentrate on the task of driving, one risk management expert cautions. While hours of service regulations stipulate the amount of rest that commercial drivers must have, one sleep expert warns that sleeping at the right time is just as important as getting the right amount of sleep.
Regulatory change demands that insurers show regulators using telematics data for claims management would help consumers
April 28, 2016 Angela Stelmakowich, EditorThe Financial Services Commission of Ontario (FSCO) has drawn a line in the sand when it comes to using telematics data for claims management, but it is not a given that line will always be in place, Blair Currie, vice…
Only a quarter of respondents say their enterprises monitor business partners at least quarterly: anti-corruption research
April 28, 2016 by Canadian UnderwriterJust 27% of the 330 respondents taking part in a recent online survey monitor business partners at least quarterly or more often, note findings from the 2016 Anti-Corruption Survey Report, released this week. Findings in the report from Dow Jones…
Ontario auto insurance rates drop, but still short of August 2015 target
April 25, 2016 The Canadian PressTORONTO – Auto insurance rates in Ontario have dropped about 10 per cent on average in the past couple of years, putting the Liberal government two-thirds of the way to a goal that passed eight months ago. The Liberals promised…
Police in Saskatchewan catch 374 unbuckled, unrestrained motorists in March: SGI
April 25, 2016 by Canadian UnderwriterSaskatchewan Government Insurance (SGI), the province’s self-sustaining auto insurance fund, said last week that a total of 374 people were ticketed for failing to wear a seatbelt or properly restrain children in vehicles during March’s traffic safety spotlight on occupant…
YIPT autonomous vehicles panel addresses product liability, future need for personal auto insurance
April 22, 2016 by Canadian UnderwriterThe first fully autonomous cars could be in showrooms in a few years, attendees to the Young Insurance Professionals of Toronto (YIPT) second annual Speaker Panel Series heard last week. “You will see the first fully autonomous cars in showrooms…