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News InsuranceLegislation / RegulationRisk

Why us? P&C industry responds to new foreign interference rules

October 5, 2023 by David Gambrill

Just when you thought it was safe to return to underwriting property and casualty (P&C) insurance risk, OSFI has new marching orders from Parliament to provide guidance on foreign interference in financial institutions, prompting yet another round of consultations with

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News BrokersInsuranceLegislation / Regulation

Angry at losing a deal? Don’t take it out on the client

August 18, 2023 by David Gambrill

Frustrated at losing a deal in a competitive marketplace? Don’t take it out on the client, B.C.’s broker regulator has warned. A B.C. broker received a reprimand from the Insurance Council of B.C. for sending an angry letter to a

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News InsuranceLegislation / Regulation

Why auto regulator fined Aviva and S&Y $300K each

August 4, 2023 by David Gambrill

Ontario’s insurance regulator has fined Aviva Insurance Company of Canada (AIC) and its subsidiary S&Y Insurance Company (S&Y) $300,000 each for breaching the province’s “take all comers” rule for auto insurance. In a settlement with the Financial Services Regulatory Authority

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News BrokersInsuranceLegislation / Regulation

Broker fined for not disclosing disciplinary history

July 25, 2023 by David Gambrill

A 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

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News AnnouncementsAssociationsBrokersCommercial LinesInsuranceLegalLegislation / RegulationMarkets / Coverages

Brokerage wins limited injunction against regulator’s new rule

July 19, 2023 by David Gambrill

FS Insurance Brokers (FSIB), a B.C. insurance broker that has common ownership with a strata property management company, has won a limited injunction against a new rule proposed by the province’s broker regulator, pending judicial review of the new rule.

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News Climate ChangeInsuranceLegislation / Regulation

OSFI calls for detailed reporting of insurers’ climate risks

July 12, 2023 by David Gambrill

Canada’s solvency regulator has published its draft Climate Risk Returns for federally regulated P&C insurance companies, proposing in detail how insurers should be calculating any real and potential climate risks on their books. The forms were created in partnership between

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News BrokersInsuranceLegislation / Regulation

Province to launch restricted licence for incidental insurance

June 6, 2023 by David Gambrill

B.C.’s broker regulator, the Insurance Council of B.C., is now consulting on a proposed new restricted licensing framework to regulate the sale of incidental insurance, the council announced in late May. The regulator’s initiative follows the province’s Bill 37, which

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News BrokersInsuranceLegislation / RegulationRisk

How OSFI wants P&C insurers to manage their third-party risks

May 8, 2023 by David Gambrill

Canada’s financial solvency regulator has published its final revised guideline for managing risks associated with third-party contracts and arrangements, having addressed industry concerns about scope, prescription and the timing of implementation. Guideline B-10: Third-Party Risk Management sets out enhanced third-party

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News InsuranceLegislation / Regulation

More ways IFRS 17 can make for wonky reporting

March 29, 2023 Philip Porado

In the face of IFRS 17 reporting requirements, insurers should prioritize stabilizing and managing their balance sheets, noted a panellist during a recent Canadian Insurance Accountants Association (CIAA) webinar. They also should strive to ensure the company’s assets and liabilities

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News BrokersInsuranceLegalLegislation / RegulationRisk

What the industry says about regulator’s draft corporate culture guidance

March 7, 2023 David Gambrill

Canada’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

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News Earnings / RatingsInsuranceLegalLegislation / Regulation

Will IFRS 17 make insurers’ results harder to compare?

January 25, 2023 Philip Porado

At best, it will be difficult to make initial comparisons to insurers’ IFRS 17 results, due to differences between companies’ approaches under the new accounting standard, said a report this week from Fitch Ratings. A stated objective of the insurance

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News ClaimsCommercial LinesInsurance

Claims denials on their way down, regulator reports

January 23, 2023 by David Gambrill

Claims denial ratios for the stressed business lines of aircraft, liability and marine — which spiked during the pandemic in 2020 — are starting to return to their pre-pandemic levels, according to the Canadian Council of Insurance Regulators (CCIR). “For