This province lacks ‘reasonable’ cyber security: privacy commissioner
January 15, 2019 Keith Doucette - THE CANADIAN PRESSHALIFAX – A pair of reports slam the Nova Scotia government for failing to protect personal information, saying the risk management around its freedom-of-information website was inadequate and a privacy breach last year was preventable. In his report released Tuesday…
Failure to describe corruption risk cost this firm $30 million
December 18, 2018 Ian Bickis - THE CANADIAN PRESSTORONTO – Katanga Mining Ltd. will pay $30 million to the Ontario Securities Commission for misleading statements, its failure to properly disclose risks around operating in the Democratic Republic of Congo and its reliance on a controversial billionaire businessman. A…
Why some brokers may shy away from using an MGA
November 28, 2018 by Jason ContantThe risk of a greater errors and omissions (E&O) exposure is a major reason why some brokers choose not to place business with a managing general agent (MGA), speakers said Tuesday at Insurance-Canada.ca’s MGA Technology Symposium in Toronto. “We don’t…
Pot firms have deficiencies in disclosures to investors, regulators say
October 10, 2018 Armina Ligaya - THE CANADIAN PRESSTORONTO – Cannabis industry companies have several “deficiencies” in their disclosures to investors, including insufficient information in their financial statements, Canadian securities regulators say. The Canadian Securities Administrators reviewed the disclosures of 70 public companies in the marijuana industry and…
When a broker leaves a brokerage, who owns the clients?
September 1, 2018 by Jason ContantPersonal relationships with clients are a critical part of a broker’s business. So, when a broker decides to leave a brokerage, who owns the clients — the broker or the brokerage? “Really, the brokerage,” said John Elwick, a partner with Alexander…
Are consumers warming to telematics?
August 28, 2018 by Jason ContantA new survey for belairdirect has found more than half (53%) of polled Canadians would use an app that tracks their driving habits if it meant having a more personalized auto insurance rating. The finding contrasts recent industry comments and…
Tow referral fee rules ‘hard to monitor and enforce,’ insurer warns
August 23, 2018 by Greg MeckbachAuto insurance providers should remind motorists that in the event of an accident, it is usually the driver – not the tow truck operator – who decides where the car gets towed. Motorists often don’t know what rights they have…
Regulator allows adjuster to co-own a moving company that sells to insurers
August 9, 2018 by David GambrillIn a clear conflict of interest case, the Insurance Council of B.C. has allowed an insurance adjuster who co-owns an adjusting firm with his wife to double as a minority owner in a moving and storage company that sells its…
Data breach defendant must hand over computer forensics reports: court
June 26, 2018 by Greg MeckbachAn Ontario casino facing a class-action lawsuit over a data breach has lost its bid to prevent plaintiffs from getting their hands on part of a computer forensics investigation report. The casino claimed the report was protected by litigation privilege…
Major Canadian retailer finds cyberattacks “more difficult to detect”
May 31, 2018 by Greg MeckbachCyber threats are becoming “more difficult to detect,” a major Canadian retailer suggested Tuesday. Indigo Books and Music Inc., whose holdings include the Chapters and Coles book chains, “may be required to expend significant additional resources” to protect against threats…
BMO and CIBC’s Simplii warn fraudsters may have accessed data of 40,000 clients
May 28, 2018 The Canadian PressTORONTO – Two of Canada’s biggest banks are warning that “fraudsters” may have accessed certain personal and financial information from some customers. The Bank of Montreal said fraudsters contacted the bank on Sunday claiming to be in possession of certain…
Broker fined after leaving agency with his own book of business
May 8, 2018 by David GambrillA B.C. broker who believed he was leaving one agency for another with his own book of business received a $2,500 fine for a privacy breach when he took a spreadsheet of his clients’ information with him. Before joining his…