Canadian Underwriter

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regulation


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News InsuranceLegislation / RegulationMarkets / CoveragesProductsRiskTechnology

Predictions for regulation in cyber market

October 14, 2022 by Alyssa DiSabatino

Regulators and governments can work with the insurance industry to develop the cyber product through data sharing and consumer education, said Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar.  “We think governments and regulators

Business and technology concept. Communication network.
News BrokersInsuranceLegalLegislation / RegulationReinsuranceRisk

OSFI’s third-party guidance to include insurer-broker contracts

October 12, 2022 by David Gambrill

Canada’s solvency regulator is preparing guidance that legal experts say will shift the scope of the regulator’s concerns about outsourcing data and technology to a much broader inquiry about insurers’ arrangements with third parties generally — including with broker partners.

A diverse business team caught in red tape
News InsuranceLegalLegislation / RegulationRisk

Regulating business culture. A “solution in search of a problem?”

October 4, 2022 by David Gambrill

In what lawyers are calling a “solution in search of a problem,” Canada’s solvency regulator is seeking input from the Canadian property and casualty insurance industry on how to regulate business culture. “I feel like this culture conversation in Canada

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News Climate ChangeInsuranceLegislation / Regulation

Global climate disclosure standards will take time and money, P&C industry warned

September 22, 2022 by David Gambrill

Canada’s solvency regulator is seeking to harmonize climate risk disclosures with international standards, which some Canadian P&C insurers are viewing as akin to a climate-related IFRS 17 initiative. Some contend OSFI’s forthcoming guidance on harmonizing companies’ climate-related risk disclosures with

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News InsuranceLegislation / RegulationRisk

How OSFI proposes to regulate the P&C industry’s cryptocurrency risk

August 22, 2022 by David Gambrill

Canada’s solvency regulator is seeking comment on its proposed approach for regulating P&C insurers’ cryptocurrency risk exposure. In a proposed advisory to take effect in 2023 Q2, the Office of the Superintendent of Financial Institutions (OSFI) defines and categorizes two

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News InsuranceLegislation / RegulationReinsurance

OSFI’s capital guidelines include new 2.5% charge for risk-sharing pools

August 9, 2022 by David Gambrill

Canada’s federal solvency regulator has released its final capital guidelines for the P&C insurance sector, and one new wrinkle includes a fresh approach to handle the provincial risk-sharing pools administered by Facility Association — a new 2.5% capital charge. The

Front part of a damaged car
News ClaimsClaims CanadaInsuranceLegal

Aviva’s Project Bumper: Car repairers lose challenge to FSRA’s cease and desist order

August 5, 2022 by David Gambrill

Correction and Clarification Notice: The following article has been updated to correct errors contained in the originally published version of this story. First and foremost, FSCO’s proposed cease and desist order was not in effect at the time the Wardas

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News Insurance

Why pressure could mount for large commercial insurers

August 3, 2022 by Alyssa DiSabatino

A more assertive regulatory landscape may prove concerning for large commercial insurers (LCI) in the near future, especially those with multinational clients, a survey from KPMG suggested. Evolving client and broker expectations, economic uncertainty, technological evolution and environmental, social and

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News InsuranceRiskTechnology

What the regulator’s focus on digital risk means for you

June 27, 2022 by David Gambrill

Expect Canada’s solvency regulator to become more active in overseeing the P&C industry’s digital risks. “Insurers have become more digital with changes in business models and service delivery,” OSFI superintendent Peter Routledge said in prepared remarks to insurers attending the

Insurance claim expert at work.
News AdjustersClaimsClaims CanadaInsuranceLegislation / Regulation

Unlicensed adjuster doesn’t fit the ‘expert’ exemption: Regulator

May 9, 2022 by David Gambrill

Manitoba’s insurance regulator fined a former adjuster $500 and ordered him to pay partial investigation costs of $2,500 for acting as an adjustor without a licence and not, as the former adjuster claimed, as an ‘insurance expert’ helping claimants. Kenneth

winter and summer tires
News InsuranceMarkets / CoveragesRisk

Kilometres driven: TD’s non-UBI approach

April 20, 2022 by David Gambrill

While many insurers tout usage-based insurance as the most accurate way to rate kilometres driven, TD Insurance is offering a new twist on an old ratings variable. To offer consumers choice, and a more accurate assessment of their driving risk,

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News BrokersEarnings / RatingsInsuranceLegalLegislation / Regulation

Fee disclosure: Where national guidance meets provincial regulation

March 29, 2022 by David Gambrill

If you are a broker concerned about fair dealing with consumers, must you disclose your premiums that are baked into their premium rates? Or only those fees separate and apart from your commissions? In fine Canadian fashion, the answer depends