Legal / Regulation
British Columbia’s Liberal party, which ruled the province from 2001 through 2017, is promising to open auto insurance up to competition if voters return the Liberals to power in the Oct. 24 election. “The ICBC monopoly is a failure and it’s time to offer drivers cheaper rates — that’s what competition will do,” Liberal leader […]
By Greg Meckbach | October 7, 2020
3 min read
Programming errors are cited as the culprit for why some Alberta auto clients have been charged higher rates than those approved by the Automobile Insurance Rate board. Six auto insurers (ultimately owned by Economical, TD Bank and Intact) had to pay a combined total of $725,000 in administrative penalties last year for over-charging, Alberta’s superintendent […]
By Greg Meckbach | October 2, 2020
2 min read
A B.C. broker received a $1,000 fine and was ordered to complete a course in auto insurance for her role in trying to help a man purchase a car for his son-in-law. The provincial broker regulator found that the broker, Lini Outh, had fraudulently transferred the ownership and insurance to the son-in-law without his knowledge […]
By David Gambrill | September 29, 2020
Personal auto insurance brokers who don’t offer an endorsement that would limit an insurer’s right to restrict its coverage to actual cash value could be increasing their errors and omissions risk, a senior broker has cautioned. Alberta and Ontario have optional endorsements to auto policies that insure vehicles up to the actual purchase price instead […]
By Greg Meckbach | September 21, 2020
4 min read
A 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 he had. Sean Ronson Nethercott was formerly a Level 2 general insurance broker and a […]
By David Gambrill | July 22, 2020
A “lack of appropriate office procedures,” in addition to a “casual” approach to handling a client file, led to a series of miscues that resulted in coverage not being bound for a married couple who reported a theft of their property in a storage facility while moving their residence, the B.C. Insurance Council has found. […]
By David Gambrill | July 15, 2020
A Manitoba broker was recently fined $2,000 after obtaining premium relief for a client within hours of being told by the regulator that he was unlicensed to act as a broker. On Dec. 19, 2018, Darcy Dion Boguski completed the Insurance Council of Manitoba (ICM)’s online licence application to obtain a supplemental insurance licence with […]
By David Gambrill | July 10, 2020
COVID-19 has shifted the Insurance Institute of Canada’s April exam session into the first three weeks of June, a move that affects students taking winter semester courses in the Institute’s Chartered Insurance Professional (CIP), General Insurance Essentials (GIE) and Risk Management programs. Winter semester students who were originally scheduled to write exams in April will […]
By David Gambrill | March 26, 2020
A B.C. broker has been banned from holding a licence for five years and fined $5,000 for committing insurance fraud. The province’s broker regulator, the Insurance Council of B.C., found that Martin Hroch submitted 74 false insurance claims for physiotherapy services through his brokerage’s health and wellness program over a 13-month period. “The amount claimed […]
By David Gambrill | March 4, 2020
Insurance Bureau of Canada (IBC) has issued a series of policy recommendations to help improve the affordability of strata insurance in British Columbia, some of which touch upon suggestions made by the province’s broker association. IBC’s recommendations include: Last month, Canadian Underwriter asked Chuck Byrne, the executive director and chief operating officer of the Insurance […]
By Jason Contant | March 2, 2020
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