Canadian Underwriter


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News BrokersLegislation / RegulationMergers and Aqcuisitions

Why this broker was fined $700 after an acquisition

March 3, 2022 by David Gambrill

An Alberta broker has been fined $700 for failing to transfer her broker’s license when the Co-operators General Insurance Company took over the ownership of her brokerage. Brokers in Alberta and other provinces must have a license that is connected

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News CatastrophesInsuranceLegislation / RegulationReinsurance

OSFI softens stance in new reinsurance guidelines

February 14, 2022 by David Gambrill

OSFI has softened its stance on two of the Canadian P&C industry’s key concerns in the solvency regulator’s final published guidelines on Sound Reinsurance Practices and Procedures (B-3) and Property and Casualty Large Insurance Exposures and Investment Concentration (B-2). Revised

Different approach concept
News Insurance

Regulation: A threat or benefit to innovation?

February 8, 2022 by Jason Contant

While there is a perception that regulation is a threat to innovation in the Canadian financial services space, that’s not the case, say executives from a fintech hub.  “[For] any start-up here in Canada, I think there’s a bit of

News Insurance

MGA regulatory regime unveiled: What you need to know

November 16, 2021 by Jason Contant

Canada’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

News Insurance

Policyholders want to text you. Is your carrier doing enough to make this happen?

August 25, 2021 Canadian Underwriter Staff

COVID-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

News BrokersInsuranceLegalLegislation / RegulationMGAs

Inactive Alberta brokerage ordered to pay $6K for failing to remit client funds to MGA

May 14, 2021 by David Gambrill

Alberta-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

News AdjustersClaimsCommercial LinesInsurance

Adjuster’s fine halved on appeal in a replacement cost dispute over a tractor

April 15, 2021 by David Gambrill

A 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

News AssociationsInsuranceLegalLegislation / RegulationRisk

Letter to the editor: Best Terms — the buyer’s point of view

February 26, 2021 BC Risk & Insurance Manager’s Association

To 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

News BrokersInsuranceLegislation / RegulationTechnology

Regulator cautions brokers about sharing and storing client data

December 15, 2020 by David Gambrill

As 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

News Insurance

Insurance regulators expand scope of inquiry into Best Terms Pricing

December 2, 2020 by David Gambrill

Canada’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

News InsuranceLegislation / Regulation

OSFI draft guideline tightens oversight of Canadian branches of foreign insurers

November 4, 2020 by David Gambrill

Canada’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

News AssociationsBrokersLegislation / RegulationMarkets / Coverages

Intact’s take on regulating commercial ‘middle players’

October 26, 2020 by Greg Meckbach

Government 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