What the new ‘foreign interference’ guidelines mean for insurers
February 6, 2024 by David GambrillManaging third-party risk and conducting thorough background checks are among several regulatory guidelines for banks and insurers looking to protect themselves against ‘foreign interference,’ as outlined in the Integrity and Security Guideline released by Canada’s solvency regulator last week. The…
Why OSFI changed its rules for appointed actuaries
August 31, 2023 by David GambrillIn the wake of IFRS 17 accounting changes, Canada’s solvency regulator is requiring federally regulated P&C insurance companies to be more proactive in reporting any changes related to their appointed actuaries (AAs) and their peer reviewers. The regulator has also…
Fee disclosure: Where national guidance meets provincial regulation
March 29, 2022 by David GambrillIf you are a broker concerned about fair dealing with consumers, must you disclose your premiums that are baked into their premium rates? Or only those fees separate and apart from your commissions? In fine Canadian fashion, the answer depends…
A new regime for tow truck regulations? What auto insurers want to see
July 2, 2020 by David GambrillAuto insurers are applauding Ontario’s creation of a new government task force to improve provincial oversight of the tow truck industry, citing the possibility of reducing insurance fraud and associated premium reductions for consumers. “IBC applauds the Ontario government for…
Ontario auto regulator: What does it mean to “pay too much?”
October 28, 2019 by Adam MalikWith all sides seemingly in agreement that auto insurance in Ontario needs a joint effort to get back in shape, the province’s regulator is poised to make it happen. And this requires a review of how much the auto product…
Canadians show disconnect on distracted driving
December 29, 2017 by David GambrillDistracted driving is getting worse, Canadians say, even as the laws are tightening and public education campaigns are in full gear. More than four out of five Canadians (83%) believe texting while driving is a bigger problem today than it…