Keyword
Bank Act
Federal budget contains ‘unexpected positive development’ for brokers re: Bank Act
April 23, 2021 by Greg MeckbachThis year’s federal budget could keep the restrictions, on banks selling home and auto insurance, for at least another four years. “There was an unexpected positive development in the budget for us,” Peter Braid, CEO of the Insurance Brokers Association…
Brokers await regulations on bank fintech changes
May 17, 2019 by Jason ContantAs the federal government drafts regulations related to recent Bank Act amendments, the Insurance Brokers Association of Canada (IBAC) is confident that the fundamental aspects of their position have been upheld. Bill C-74, which received royal assent in June 2018,…
How the privacy commissioner aligned with mutuals on Bill C-74
May 23, 2018 by David GambrillCanadian privacy law as it currently stands may not be enough to protect Canadians if banks are allowed to disclose their customer data to fintechs, Canada’s privacy commissioner told the Canadian Senate Committee on Banking, Trade and Commerce Wednesday. “Financial…
What an MP says about banks selling insurance
November 14, 2017 Greg Meckbach, Associate EditorFederal restrictions on banks selling property and casualty insurance are up for review again in 2019 but a politician told brokers Tuesday he does not foresee many changes affecting insurance. “I think we need to ensure that we have a…
Bill eliminating federal tax exemption for farming and fishing insurers passed into law
June 23, 2017 by Canadian UnderwriterThe federal government passed Thursday a law eliminating the tax exemption for insurers covering farming and fishing properties. Bill C-44 is omnibus legislation that implements, among other things, some provisions of the federal budget 2017-18, tabled March 22. In addition…
Proposal to eliminate farm insurers’ tax exemption before Senate
June 21, 2017 by Canadian UnderwriterAn omnibus bill that proposes to eliminate the tax exemption for insurers covering farming and fishing properties has been referred to a Senate committee. Currently, Section 149 of the federal Income Tax Act stipulates that an insurer is exempt from…
Feds propose extension of mandatory Bank Act review to 2019
March 23, 2016 by Canadian UnderwriterThe federal government said Tuesday it is proposing to extend by two years the mandatory review of the Bank Act, which prohibits financial institutions from selling home and auto insurance in their branches. Finance Minister Bill Morneau is also proposing…