Regulator cautions brokers about sharing and storing client data
December 15, 2020 by David GambrillAs the pandemic continues to plunge Canada’s property and casualty insurance industry deeper into the digital space, regulators are issuing ongoing reminders — and warnings — about how brokers are sharing and storing their clients’ personal data. Most recently, Peter…
Insurance regulators expand scope of inquiry into Best Terms Pricing
December 2, 2020 by David GambrillCanada’s national association of provincial property and casualty insurance regulators is looking into “Best Terms Pricing” in all commercial lines following recent regulatory actions to ban the practice in the strata insurance line in B.C. and Alberta. The Canadian Council…
OSFI draft guideline tightens oversight of Canadian branches of foreign insurers
November 4, 2020 by David GambrillCanada’s solvency regulator has released a new draft guideline that tightens the regulator’s oversight of foreign insurance and bank branches in Canada. Among other changes to existing regulations, the Office of the Superintendent of Financial Institutions (OSFI) is requiring local…
Intact’s take on regulating commercial ‘middle players’
October 26, 2020 by Greg MeckbachGovernment and the industry should take a close look at the structure and regulation of “middle players” in the commercial property and casualty insurance market, Ontario brokers heard last week at their annual convention. “We know there are some things…
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…
Broker loses licence for failing to disclose two of his bankruptcies
May 25, 2020 by David GambrillA B.C. broker received a two-year licence suspension and a $7,500 fine for failing to disclose two of his bankruptcies to the province’s broker regulator. Amarpal Singh Atwal, who has been licensed as a broker since 1983, filed for bankruptcy…
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…
Alberta strikes panel to review auto insurance, won’t bring back rate cap
December 27, 2019 Dean Bennett – THE CANADIAN PRESSAlberta is reviewing auto insurance in the province to ensure that the industry can remain viable and drivers can get affordable coverage. Finance Minister Travis Toews says Albertans are paying some of the highest rates in Canada but are having…
OSFI, industry step back from the brink on proposed new reinsurance rules
October 29, 2019 by David GambrillIt appears that there has been a proverbial “last-minute call from the governor” regarding controversial new rules proposed by Canada’s solvency regulator as part of its reinsurance review. The Office of the Superintendent of Financial Institutions (OSFI) has made it…
Ontario’s regulator explains how principles-based regulation still has teeth
October 29, 2019 by Adam MalikCiting a needed “culture change” as just one of the reasons, the body that regulates insurance in Ontario is moving towards being a principles-based group instead of one that is focused on a set of rules. And for those who…
What the industry can do to get out of the hard market cycle
August 30, 2019 by Adam MalikAlthough regulation is one significant factor in the current hardening market conditions, that doesn’t mean the insurance industry should cry “woe is me” and wait for things to get better on their own. Instead, a pro-active approach is needed, experts…
What could carriers do if auto regs are loosened?
August 6, 2019 by Adam MalikHigh loss ratios are creating a cascading series of negative effects and its time to do something about it, says one insurance professional. One way is to loosen the tight grip of regulation around auto insurance, said Justin Thouin, co-founder…