Update from Nova Scotia

The year 2010 has been an active year in the life of the Insurance Brokers Association of Nova Scotia (IBANS). The following is a brief overview of the issues on which our broker association has been working.

AUTO INSURANCE

As in Ontario, auto insurance issues were very much in the news in 2010. The government introduced changes to our minor injury cap, resulting in an increase in the province’s minor injury limit from $2,500 to $7,500. Changes included amendments to definitions — for example, amending the definition of “minor injury” to mean strains, sprains and whiplash-associated disorders, mirroring the definition used in Alberta — as well as the introduction of an indexing feature.

These changes were consistent with some of the suggestions IBANS put forward. It will take time to determine what impact the definitional changes and the cap limit have on the product.

Based on feedback from IBANS broker members, as well as discussions with the province’s minister of finance, auto insurance has been a non-issue for the public both leading up to and since the changes took effect.

A full review of the automobile insurance product in Nova Scotia is planned, with a report to be tabled by the end of the current fiscal year in April 2011. IBANS, along with other industry stakeholders, will be part of the committee that has input on the report.

POLITICAL ACTION

In my time working with both IBANS and our national federation, the Insurance Brokers Association of Canada (IBAC), it has become clear our government leaders both in Halifax and Ottawa listen to and are very interested in our opinion. The benefit of a larger voice is not something any one of us could achieve alone. This statement is just as true in Nova Scotia as it is in Ontario.

In Nova Scotia, we are fortunate to have an open and active role with our regulators and political leaders. Speaking personally, I am fortunate to have had numerous meetings in recent months with our superintendent of insurance, our premier, minister of finance, as well as a number of Members of Parliament and Senators both in Ottawa and at their constituency offices.

Stephen MacNeil, the leader of the Liberal Party of Nova Scotia, is attending our October 2010 board meeting. This means all three of our province’s party leaders and our superintendent of insurance, Doug Murphy, have attended an IBANS board meeting over the past year.

We plan to enhance this role as political advocate on behalf of our members and consumers. The continued support of members in this role is most definitely a critical component. Becoming active can be as simple as attending an event for your provincial or federal representative. For many insurance brokers, this role does not come naturally. Being a friend to all is what we do for a living. However, in the political spectrum, supporting our elected officials and those seeking elected office is a role in which we as brokers must continue to engage.

INSURANCE INDUSTRY ACHIEVEMENTS

IBANS and its members participated in a socio-economic study commissioned by Nova Scotia Business Inc. and the Greater Halifax Partnership, published in March 2010.The intent was to study the current and future impact of Nova Scotia’s insurance sector. Being a report partner, IBANS secured the participation of its members, resulting in a valuable document detailing everything from average weekly earnings to five-year employment trending to taxes generated by our sector in Nova Scotia. We were very pleased by the willingness of our members to participate. We are excited about the final product and the powerful information it gives us in promoting the benefits of our industry to stakeholders.

April of 2010 saw the third annual Insurance Brokers Month in Nova Scotia. This event included a proclamation by Premier Darrell Dexter, a graduation and awards banquet, as well as our MLA dinner. The hosting of these events in April gives us the chance to publicize our achievements and remind our elected officials of the valuable service brokers provide Nova Scotians. During Broker Month, IBANS held its third annual Insurance Awards Dinner, at which six awards were presented to individuals or organizations that exemplified top-class performance.

REGIONAL COLLABORATION

IBANS has long enjoyed an excellent relationship with our sister association in Atlantic Canada, and in particular New Brunswick. This past year, we had three meetings with the president and executive director of the Insurance Brokers Association of New Brunswick (IBANB) to discuss a number of regional issues and to update one another on what is happening in our respective provinces. At one of those meetings, the Insurance Brokers Association of PEI and the Insurance Brokers Association of Newfoundland also participated. Continuation of these meetings will ensure that strong relationship is maintained.

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Based on feedback from IBANS broker members, as well as discussions with the province’s minister of finance, auto insurance has been a non-issue for the public both leading up to and since the minor injury cap changes took effect.

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Becoming active can be as simple as attending an event for your provincial or federal representative. For many insurance brokers, this role does not come naturally.