Topic Licensing
What FSRA found when it examined take-all-comers compliance
August 4, 2023 by Philip PoradoOntario’s auto insurance regulator has used the phrase “systemic non-compliance” to describe how the province’s 12 largest auto insurance companies are approaching Ontario’s take-all-comers requirement. According to a Financial Services Regulatory Authority of Ontario (FSRA) report, released Friday, market behaviour…
Broker fined for not disclosing disciplinary history
July 25, 2023 by David GambrillA Manitoba broker has been fined $500 and ordered to pay investigation costs of $2,000 for failing to disclose to the province’s broker regulator that he had previously been the subject of a disciplinary investigation by B.C.’s broker regulator. “The…
Broker regulator outlines approach to MGA licensing
June 12, 2023 by Jason ContantOntario’s broker self-regulatory body is looking at its licensing exams with a stronger focus on commercial lines and MGAs, Registered Insurance Brokers of Ontario (RIBO) CEO Patrick Ballantyne said last week during an industry event. “Those exams are currently under…
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…
What the industry says about regulator’s draft corporate culture guidance
March 7, 2023 by 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…
New ombudservice to handle complaints against MGAs
March 3, 2023 by Jason ContantThe Canadian Association of Managing General Agents (CAMGA) has created an ombudservice to act as an adjudicator of queries and allegations made against the association’s members. CAMGA has partnered with Barb Szychta as the independent MGA ombudservice, the association said…
Can a new college program draw talent to commercial brokerages?
January 18, 2023 by Alyssa DiSabatinoThe specialized nature of commercial brokering is causing a talent shortage now that veterans are retiring in droves. “I literally get three or four different companies a week that ask for talent, and it’s amplified across the industry,” said John…
What selling a brokerage and ‘The Bachelor’ have in common
November 17, 2022 by Philip PoradoDating takes time, and hours of preparation – even The Bachelor takes a full season for the prospective bride-to-be to sort through all the contestants. And the process of selling your brokerage is no different, according to a brokerage M&A…
How acquisitions help P&C brokers boost cross-selling options
October 28, 2022 by Philip PoradoSeveral Canadian commercial P&C brokerages are actively acquiring wealth management, retirement planning and employee benefits firms so they can boost revenues by adding to their product ranges. The simple math suggests a larger product suite — one that brings in…
How to find P&C talent by acquiring wealth planning advisories
October 27, 2022 by Philip PoradoFrequent announcements about Canadian P&C brokerages buying retirement and wealth planning advisories raises an interesting question: What do the acquirers offer to the employees of the firms they buy? The short answer is development opportunities, said Terri Botosan, regional president…
Why RIBO’s considering a harmonized standard for broker licensing, and MGA carve-out
October 4, 2022 by Jason ContantThe Registered Insurance Brokers of Ontario (RIBO) is working with the Canadian Insurance Services Regulatory Organizations (CISRO) to review property & casualty agent and broker education and training requirements to make recommendations regarding a harmonized standard. This could take the…
What the regulator’s review of auto insurance health care practitioners uncovered
September 9, 2022 by Alyssa DiSabatinoOntario’s insurance market conduct regulator took a closer look at how auto insurance health care providers are billing insurers through the province’s electronic billing system, and found that 27 medical health professionals on the billing roster have been sanctioned by…