Canadian Underwriter

Driving on a beautiful spring day.
News AdjustersBrokersClaimsInsuranceLegislation / Regulation

Regulators suspend broker over fraudulent auto claim

March 28, 2024 by David Gambrill

A former Alberta broker who was suspended for a year last July for submitting a fraudulent auto insurance claim has had her B.C. licence suspended for a year, starting March 2024. B.C.’s insurance council said it was revoking her licence

Police badge and handcuffs on a computer to represent regulators cracking down on computer crime
News InsuranceTechnology

How quantum computing creates new risks, regulatory issues for insurers

March 14, 2024 Jason Contant

Quantum computing stands at the forefront of data processing technology and, although it remains an open question how it will be regulated, some form of guidelines will be needed. Quantum computers go well beyond a standard binary form of processing

Patrick Ballantyne Board Chair, CISRO
News AppointmentsBrokersInsuranceLegislation / Regulation

Meet CISRO’s new board chairman

March 14, 2024 by David Gambrill

Patrick Ballantyne, CEO of Ontario’s insurance broker regulator since 2016, is now board chairman at the Canadian Insurance Services Regulatory Organizations (CISRO). CISRO is a national forum of Canadian regulatory authorities dedicated to consistent qualifications and conduct of business standards

Construction site accident
News CatastrophesClaimsInsurance

Who’s responsible when construction projects go wrong

March 13, 2024 By Dr. Yasser Korany, KSI Engineering

Construction project delays can expose commercial insurers to significant claims costs. Canada’s property and casualty insurance market collected more than $748 million in direct written premiums for surety bonds in 2022, per Canada’s solvency regulator, the Office of the Superintendent

Car insurance application
News BrokersInsuranceMarkets / CoveragesTechnology

FSRA’s plans for auto coverage regulation

March 5, 2024 Philip Porado

Ontario’s auto insurers shouldn’t expect changes to the ‘take all comers’ or Unfair or Deceptive Practices Act rules, Michelle Dodokin, head of auto insurance supervision at Ontario’s Financial Services Regulatory Authority (FSRA), told a breakout session at Monday’s 2024 FSRA

Magnifying glass with documents
News CatastrophesClaimsClimate ChangeEarnings / RatingsInsuranceLegislation / Regulation

Why you can expect more insurance regulation next year

December 11, 2023 by David Gambrill

As the hard market proceeds apace in the Canadian P&C insurance industry, a projected economic slowdown in 2024 could invite more insurance regulation, since Canadians will find it harder to pay their insurance bills, a ratings agency warned. “While growing

Computer Vision - Conceptual Illustration
News InsuranceLegalLegislation / Regulation

Competition Bureau investigating Applied Systems

November 21, 2023 by David Gambrill

Canada’s Competition Bureau has obtained a court order to advance a civil investigation into allegations of anti-competitive conduct by Applied Systems Inc. and its affiliates, including Applied Systems Canada Inc. Both the Competition Bureau and Applied Systems replied in separate

Revolution fist with red nails propaganda poster
News AssociationsInsuranceLegislation / RegulationRisk

Over-regulation, populism: P&C execs sound the alarm

October 20, 2023 by David Gambrill

Canada’s P&C insurance industry is tired of shouldering the weight of “over-regulation” and populist politics. To counter these influences, the industry needs to spin its own narrative, P&C insurance company executives told attendees at the Insurance Broker Association of Ontario’s

New rules coming for insurance industry intermediaries
News BrokersInsuranceLegalTechnology

Is FSRA planning to license aggregators?

October 6, 2023 Philip Porado

Ontario’s insurance regulator has confirmed it is considering whether or not aggregators need to be licensed. Since August, when Ontario’s financial services regulator issued a report outlining concerns about auto insurers’ compliance with take-all-comers requirements, Canada’s P&C insurance industry has

Global economy and technology concept.
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

Businessman Signing Contract In The Office
News BrokersCommercial LinesInsuranceLegislation / Regulation

Rollover communication error lands BrokerLink in hot water

August 28, 2023 by David Gambrill

BrokerLink in Alberta got some unwanted regulatory attention after failing to inform a client about a rollover agreement the brokerage had made with a new insurer on behalf of a farm insurance client. As is common in P&C insurance, when

Magnifying glass representing scrutiny.
News InsuranceLegal

What FSRA found when it examined take-all-comers compliance

August 4, 2023 Philip Porado

Ontario’s auto insurance regulator has used the phrase “systemic non-compliance” to describe how the province’s 12 largest auto insurance companies are approaching Ontario’s take-all-comers requirement. According to a Financial Services Regulatory Authority of Ontario (FSRA) report, released Friday, market behaviour