Two 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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…