When an Ontario insured is required by law to select one of three statutory accident benefits, the benefits they do not select are not “available” to them. Therefore, they cannot be deducted from a claim for past income loss in…
A Canadian privacy lawyer is questioning the precedent established by the Insurance Corporation of B.C. (ICBC)’s recent offer to give Vancouver police access to the public insurer’s facial recognition technology to help identify people involved in the Stanley Cup riot…
Ontario’s broker association is encouraging the province’s consumers to provide input to the Canadian Council of Insurance Regulators (CCIR) on the use of credit scoring in insurance.The Insurance Brokers Association of Ontario (IBAO) was responding to the release of a…
The Canadian Council of Insurance Regulators (CCIR) is seeking further discussion about seven potential risks to consumers identified in a CCIR paper on the use of credit scores by insurers. “The CCIR would like to engage stakeholders in a discussion…
The Office of the Superintendent of Financial Institutions (OSFI) has decided to postpone implementation of the audit requirement for the MCT/BAAT by one year.As first introduced in the 2011 Minimum Capital Test (MCT) and the Branch Adequacy of Assets Test…
The Financial Services Commission of Ontario (FSCO) has confirmed that getting out of a motor vehicle “safely” falls within the definition of the ordinary use or operation of a motor vehicle – even when that means the driver has locked…
The B.C. Court of Appeal has dismissed an appeal from a February 2010 B.C. Supreme Court case, Beck v. Johnston, Meier Insurance Agencies Ltd., which establishes the onus on brokers to advise clients of gaps in homeowners’ coverage, particularly when…
Companies should not be establishing captive insurance entities simply to capitalize on tax advantages, a number of speakers cautioned at the 7th Annual Canadian Captives & Corporate Insurance Strategies Summit, held in Toronto on June 1.“We’d like to emphasize that…
Responding to a proposed new definition for catastrophic (CAT) impairment, the Insurance Bureau of Canada (IBC) says two issues are central to insurers – upholding the use of “hospital admission” as a gatekeeper function for determining a catastrophic impairment, and…
British Columbia’s Financial Institutions Commission (FICOM) is supporting a recent privacy commissioner ruling that found an insurer failed to comply with privacy laws around the collection and use of personal information related to credit scores. The Office of the Information…
Honda Canada has advised its customers of a data breach involving the unauthorized access of 2009 records, including names, addresses, Vehicle Identification Numbers (VIN) and, “in a small number of cases,” Honda Financial Services (HFS) account numbers.The breach has reportedly…
Insurers being sold through an auction channel, rather than through a traditional acquisition deal, face greater regulatory risk and uncertainty of the transaction being completed, said Brian Rose, senior partner with Stikeman Elliott’s corporate commercial section.Rose spoke as a panel…