Biggest barriers to selling cyber policies
March 1, 2024 David GambrillProduct complexity remains a huge obstacle to selling cyber insurance to neophyte business clients, brokers told Canadian Underwriter in a January online survey. A stronger emphasis on cyber education — to clients, brokers, and underwriters alike — is critical to…
Broker and brokerage fined for using incorrect dec page
February 12, 2024 by David GambrillB.C.’s broker regulator fined a broker $2,000 and his former brokerage $2,500 for sending out an incorrect declarations page to a client that was modelled after a dec page issued by an altogether different brokerage. Questioned about the error by…
Broker fined for not disclosing disciplinary history
July 25, 2023 by David GambrillA 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…
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…
Paid The future of premium payments
August 1, 2021 PrimacoHow COVID-19 paved the way for easier payments; less risk to the broker As Canada prepares itself for a possible third COVID-19 wave, brokers are facing the reality of trying to manage the economic impact on themselves and their clients.…
Insurance certificate fraud costs ex-broker $26K
May 5, 2021 by David GambrillAlberta’s broker regulator has issued a civil penalty of $26,000 against a former broker found to have issued false insurance certificates to clients as “placeholders” until coverage was bound — which it never was. The penalty was based on 52…
What happened to the ex-broker who claimed he was a CE instructor, but wasn’t
July 22, 2020 by David GambrillA former broker who has vowed never to return to the insurance industry has been ordered to pay a $5,000 civil fine for claiming to be a CE instructor when he had not in fact taught the course he claimed…
How a simple office procedural error led to a fine for a broker, the nominee, and the brokerage
July 15, 2020 by David GambrillA “lack of appropriate office procedures,” in addition to a “casual” approach to handling a client file, led to a series of miscues that resulted in coverage not being bound for a married couple who reported a theft of their…
Broker fined for misrepresenting cause of her termination
February 21, 2020 by David GambrillA Manitoba broker has been fined $1,000 and ordered to take an ethics course after failing to fully disclose on her broker licence renewal application why her brokerage had terminated her for cause. Rahat Sharma, a broker who used to…
What insurers requested of police chiefs
June 24, 2019 by Adam MalikInsurers are calling on greater collaboration with law enforcement to help fight auto insurance fraud. The cost of auto insurance fraud is overwhelming, and no one industry can tackle it alone, Don Forgeron, president and CEO of the Insurance Bureau…
What open banking means for brokers
June 21, 2019 by Greg MeckbachBrokers should see open banking as more of an opportunity than a threat, a partner with EY Canada suggests. Open banking is a system in which consumers could consent to sharing their banking transaction data with other financial services providers,…
One way to minimize double entry of data
June 19, 2019 by Jason ContantOne question often on the minds of brokers is how do they better digitize their processes and minimize the amount of data they have to enter into various systems. “Our position is that data should be created in a digital…