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Why insurance regulators’ council wants to stop best-terms pricing

December 3, 2021 by Greg Meckbach

If you are still placing subscription policies using best-terms pricing, you should stop, the Canadian Council of Insurance regulators suggests. “Fair and transparent pricing is essential to a successful marketplace and CCIR Members expect insurers and brokers to cease BTP

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MGA regulatory regime unveiled: What you need to know

November 16, 2021 by Jason Contant

Canada’s association for managing general agents (MGAs) has unveiled a regulatory regime that will codify minimum business operating standards for these P&C intermediaries in Canada. The Canadian Association of Managing General Agents (CAMGA) announced the voluntary measures and membership requirements

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Regulatory changes to foreign entities operating in Canada

November 10, 2021 by Jason Contant

Foreign entities operating in Canada through a branch will now have to notify the federal regulator of any potential changes to branch management “as well as any circumstances that could negatively impact their suitability,” attendees to a virtual industry event

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Why open banking could ‘terrify’ brokers

October 8, 2021 by Greg Meckbach

If open banking comes to Canada, this could make it easier for fintechs and banks to offer embedded insurance and it will be hard to stop firms from using open banking data for underwriting purposes, a technology executive predicts. Open

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Why this electric scooter rider was convicted of driving with no auto insurance

October 7, 2021 by Greg Meckbach

A Supreme Court of Canada decision released Thursday means if your client is riding a certain type of scooter in British Columbia, they must be licensed and insured. In 2018, Ali Moussa Ghadban was stopped by a police officer in

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IBAC reacts to federal election

September 21, 2021 by Greg Meckbach

As the results from Monday’s federal election come in, your national industry association is promising to educate new members of parliament on why it’s important to keep banking and insurance in separate industry silos. “We congratulate Prime Minister [Justin] Trudeau

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Would the Liberals hike the industry’s corporate income tax?

August 31, 2021 by Greg Meckbach

Brokers will probably not be directly affected by a Liberal election promise to raise corporate tax rates on insurance companies making over $1 billion a year in profits, the CEO of the national brokerage association suggests. As quoted by The

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Why fintechs look forward to open banking in Canada

August 20, 2021 by Greg Meckbach

If open banking becomes available to Canadians in 2023, fintechs could find opportunities to cross-sell financial services including insurance, a venture capital expert suggests. Generally speaking, fintechs are looking forward to open banking coming into effect, said Laviva Mazhar, Montreal-based

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Former State Farm Canada head Bellissimo joins industry regulator board

August 17, 2021 by Greg Meckbach

Barbara Bellissimo, former chief agent for State Farm Canada, is now on the board of Ontario’s insurance regulator. The Ontario Financial Services Regulatory Authority announced Monday that Bellissimo is a member of its board of directors effective Aug. 12. Bellissimo

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Is it okay to use open banking data for underwriting?

August 10, 2021 by Greg Meckbach

Mutual insurers support a proposal to prohibit insurers in Canada from using banking data for underwriting, in an initial phase of open banking. However, one industry expert questions whether there is any harm in letting consenting consumers give their own

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Will Intact re-enter the B.C. auto market?

August 9, 2021 by Greg Meckbach

Intact Insurance could re-enter the British Columbia auto market but only if the provincial government provides “options and convenience” to motorists, says Intact Financial Corp. CEO Charles Brindamour. It has been eight months since Intact announced it is leaving the

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Banking data should not be used for underwriting insurance: open banking committee

August 5, 2021 by Greg Meckbach

Open banking should not be used for underwriting insurance, a federally appointed committee said Wednesday. In its final report issued Aug. 4, the Advisory Committee on Open Banking recommended that the “initial phase” of open banking, in Canada, be up