Legal / Regulation
Underwriters are paying close attention to how privately-held companies will respond to the feds' phase-out of COVID relief benefits
By David Gambrill | July 9, 2021
3 min read
Nova Scotia motorists could be out of luck when they try to renew their auto insurance if they got caught more than once using a hand-held gizmo when they should be paying attention to the road. In a ruling posted June 30, the province’s utility review board approved an application from The Dominion of Canada […]
By Greg Meckbach | July 6, 2021
2 min read
Ontario’s insurance regulator has no plans to regulate fintechs or managing general agents in the near term. “We sort of feel like we have enough on our plates,” said Tim Bzowey, executive vice president of auto/insurance products for the Financial Services Regulatory Authority of Ontario. “It’s not that we’re not paying attention. But I think […]
By Greg Meckbach | April 22, 2021
Open banking could give insurers better data for credit scoring, suggests an official with the organization that handles clearing and settlement for banks in Canada. “I think we will see more accurate underwriting and more accurate credit scoring,” Andrew McFarlane, Payments Canada’s executive director of modernization, said in a recent interview. This is because an […]
By Greg Meckbach | January 20, 2021
Manitoba’s brokers will provide input on designing a system for online auto insurance in the province and will be involved in every digital transaction, says the provincial broker association. A recently-signed, five-year agreement between Manitoba Public Insurance (MPI) and the Insurance Brokers Association of Manitoba takes effect Apr. 1, IBAM CEO Grant Wainikka told Canadian […]
By Greg Meckbach | January 14, 2021
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 Blodgett, president of the Registered Insurance Brokers of Ontario (RIBO), the province’s broker regulator, issued […]
By David Gambrill | December 15, 2020
A B.C. broker has been suspended for two years and fined $1,000 for passing off a client’s cancelled vehicle license plates as his own, giving the appearance that his vehicle was insured when in fact it wasn’t. Ping Hong (Gary) Chow was licensed as a Level 1 general insurance salesperson from 1997 until he terminated […]
By David Gambrill | November 10, 2020
While the global COVID pandemic may have sharpened the insurance industry’s focus on providing digital solutions to customers quickly, the speed at which the industry can move remains limited by traditional barriers such as a carrier’s organizational culture, regulation, and legacy systems. Panellists at the online conference Future of Insurance Canada, organized by Reuters Events, […]
By David Gambrill | November 3, 2020
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 happening in the market where some rules…do not apply to everyone in our market, and […]
By Greg Meckbach | October 26, 2020
4 min read
A Manitoba broker received a $250 fine recently for failing to advise a client that his policy had been moved to a different insurer until two weeks after the policy had expired. In its decision, the Insurance Council of Manitoba found that on Jan. 1, 2019, an unnamed brokerage had cancelled its contract with Insurer […]
By David Gambrill | October 19, 2020
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