Topic Licensing
Brokers and carriers react to MGA self-regulation
March 28, 2022 by Jason ContantProperty and casualty insurance carriers and brokers have embraced the Canadian Association of Managing General Agents’ (CAMGA) self-regulatory regime, the association’s managing director tells Canadian Underwriter. Late last year, CAMGA’s board and membership approved and adopted the undertaking as a…
What happens when a broker schemes to drive uninsured…
March 24, 2022 by David GambrillA former B.C. broker has been disciplined after she cancelled an auto insurance transaction and then affixed the cancelled sticker to her car’s licence plate, essentially allowing her to drive uninsured for several months. The former broker, whose licence has…
Why this broker was fined $700 after an acquisition
March 3, 2022 by David GambrillAn Alberta broker has been fined $700 for failing to transfer her broker’s license when the Co-operators General Insurance Company took over the ownership of her brokerage. Brokers in Alberta and other provinces must have a license that is connected…
Large brokerage reprimanded in credit card fraud case
February 14, 2022 by Jason ContantThe Insurance Council of British Columbia has reprimanded Westland Insurance Group Ltd. for failing to take appropriate action after becoming aware of a possible compromise of client information. Council executive director Janet Sinclair found that while Westland co-operated with agencies…
Looking to sell your brokerage? Here’s what to ask yourself first
January 21, 2022 by Jason ContantWhen it comes to selling your brokerage, timing is everything. Principals considering selling their brokerage should always ask themselves when is the best time to exit in terms of career and family situation, and then work backwards to plan from…
Ontario clients can operate these large trucks with no formal course
December 8, 2021 by Greg MeckbachTwo years after flagging the issue, Ontario’s auditor general says the transportation ministry has made “little to no progress” in mandating formal training for drivers of all large commercial vehicles. In Ontario, Class A licensed commercial operators need a formal…
Why insurance regulators’ council wants to stop best-terms pricing
December 3, 2021 by Greg MeckbachIf 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…
MGA regulatory regime unveiled: What you need to know
November 16, 2021 by Jason ContantCanada’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…
Regulatory changes to foreign entities operating in Canada
November 10, 2021 by Jason ContantForeign 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…
Why open banking could ‘terrify’ brokers
October 8, 2021 by Greg MeckbachIf 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…
Why this electric scooter rider was convicted of driving with no auto insurance
October 7, 2021 by Greg MeckbachA 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…
IBAC reacts to federal election
September 21, 2021 by Greg MeckbachAs 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…