MGA regulatory regime unveiled: What you need to know
November 16, 2021 by Jason ContantCanada’s association for managing general agents (MGAs) has unveiled a regulatory regime that will codify minimum business operating standards for these P&C intermediaries in Canada. The Canadian Association of Managing General Agents (CAMGA) announced the voluntary measures and membership requirements…
Policyholders want to text you. Is your carrier doing enough to make this happen?
August 25, 2021 Canadian Underwriter StaffCOVID-19 has accelerated insurance carriers’ plans towards digital transformation, but Canada’s insurers are in their “infancy” when it comes to meeting policyholders’ growing demands for texting with their carriers, says a former insurance executive. Speaking at the Reuters virtual Future…
Inactive Alberta brokerage ordered to pay $6K for failing to remit client funds to MGA
May 14, 2021 by David GambrillAlberta-based NIB Insurance Group Ltd., now an inactive brokerage, has been ordered to pay $6,000 in civil penalties for failing to remit client premiums to an MGA, and for selling a policy to a client while it was no longer…
Adjuster’s fine halved on appeal in a replacement cost dispute over a tractor
April 15, 2021 by David GambrillA Manitoba insurance adjuster has been fined for failing to carry out instructions from an insurer to inform a claimant about how to replace their tractor under the terms of the insurer’s Limited Waiver of Depreciation. The adjuster, Douglas Boyd…
Letter to the editor: Best Terms — the buyer’s point of view
February 26, 2021 BC Risk & Insurance Manager’s AssociationTo the Editor, We would like to respond to your editorial titled “Regulators, leave subscription policies alone,” dated Dec. 7, 2020. It is true that these are turbulent times in the insurance market, and that insurers have been experiencing losses…
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…