Topic Alberta
Inactive Alberta brokerage ordered to pay $6K for failing to remit client funds to MGA
May 14, 2021 by David GambrillAlberta-based NIB Insurance Group Ltd., now an inactive brokerage, has been ordered to pay $6,000 in civil penalties for failing to remit client premiums to an MGA, and for selling a policy to a client while it was no longer…
Canada’s worst-case wildfire scenario could see a $20-billion loss: RMS
May 13, 2021 by Jason ContantCanada could potentially see $20-billion loss events from wildfire alone, according to recent simulations by Risk Management Solutions, Inc. (RMS). The odds of that happening would be “extremely rare, on the order of a 1-in-10,000-year return period,” Michael Young, vice…
Merger mania: Multiple brokerage deals announced in May
May 11, 2021 by Jason ContantMay 2021 came in with a bang for Canadian brokerages involved in mergers and acquisitions activity, particularly in western Canada and Ontario. Over the course of a week, at least seven acquisitions were announced in the Canadian P&C brokerage space.…
Flames rip through Alberta retirement complex
May 7, 2021 by The Canadian PressST. ALBERT, Alta. – Fire has destroyed part of a retirement complex northwest of Edmonton. Officials say three residents suffered smoke inhalation but no one has died. Flames broke out at Citadel Mews West Continuing Care Facility in St. Albert…
Insurance certificate fraud costs ex-broker $26K
May 5, 2021 by David GambrillAlberta’s broker regulator has issued a civil penalty of $26,000 against a former broker found to have issued false insurance certificates to clients as “placeholders” until coverage was bound — which it never was. The penalty was based on 52…
Trans Mountain pipeline operator wins fight to avoid naming its insurance companies
April 30, 2021 by The Canadian PressCALGARY – The Canada Energy Regulator says it has decided to grant a request by the operator of the Trans Mountain pipeline to protect the identity of its insurers in its regulatory filings. In a ruling, the federal regulator says…
Study says easing rules on transfer of unreclaimed oil wells could speed cleanup
April 26, 2021 by The Canadian PressCALGARY – A report says Alberta should lower regulatory barriers that discourage businesses from reusing abandoned oil and gas wells. The Canada West Foundation and Energy Futures Lab say that could include allowing companies to sell off defunct energy infrastructure…
Alberta bill would protect health workers, care homes from some COVID-19 lawsuits
April 23, 2021 by Dean Bennett – THE CANADIAN PRESSEDMONTON – Alberta has introduced a bill that would give legal protection to health workers, including long-term care-home operators, facing lawsuits over COVID-19. Richard Gotfried, a United Conservative backbencher, says the proposed legislation offers protection but is not a free…
COVID’s effect on Canadian auto and property rates
April 22, 2021 by Jason ContantEndorsements to auto policies as a result of changing driving habits from COVID-19 are resulting in average premium rate renewal decreases across most of the country, according to Applied Systems’ latest rating index report. Personal property rates, on the other…
How to bring the risk of catastrophic events home to your clients
April 9, 2021 by Jason ContantCanada’s property and casualty insurance industry needs to ramp up its public education efforts to bring the risk of catastrophic events home to the Canadian population, speakers said Thursday during the virtual CIP Society Symposium 2021. “I don’t like to…
Etiquette for asking if your employees are vaccinated
April 9, 2021 by Greg MeckbachAsking your workers whether or not they got their COVID-19 vaccine shot is not necessarily a good idea. “If you are going to require employees to disclose their vaccination status, you need to consider the nature of the workplace,” said…
Repair cycle times in Canada: Where it takes the longest to get a car fixed
April 8, 2021 by Adam MalikAlberta is the only Canadian province where the average days billed for rental vehicles increased in 2020 Q4, according to a recent report. And it appears to be thanks to the almost $2 billion in insured damages the province suffered…