Legal / Regulation
The government of British Columbia’s recent announcement that it will be removing lawyers and legal costs from the system to reduce insurance premiums by about 20% and increase care benefits has been met with approval from the provincial brokers association. However, there is a downside to the plan to reduce premiums so drastically by May […]
By Jason Contant | February 10, 2020
3 min read
An Ontario resident approached a direct writer for an auto insurance quote in March 2005. A new customer, the man gave the insurer his name, date of birth, vehicle information and property information. Upon receiving the quote, he took his auto insurance business elsewhere. Little did he know, the insurer would retain his data for […]
By David Gambrill | February 1, 2020
9 min read
VICTORIA – Vancouver is poised to join most major cities in Canada in offering ride-hailing services with the long-awaited approval Thursday of licences for companies Uber and Lyft to operate in British Columbia’s Lower Mainland and Whistler. The independent Passenger Transportation Board said the next steps for Uber and Lyft before getting vehicles on the […]
By Jason Contant | January 24, 2020
4 min read
Brokers with cannabis clients need to keep an eye on the changing legal landscape and cannabis companies’ evolving needs, paying particular attention to directors’ and officers’ liability, a managing general agency told Canadian Underwriter recently. Recreational cannabis became legal in October 2018. This past October, products like edibles and cannabis-infused beverages were legalized, meaning brokers […]
By Jason Contant | January 3, 2020
As open banking makes it easier for other players to access your clients’ financial data, now is the time for insurance professionals start thinking about how they can take advantage of this new model, an actuary advises. “A number of you have banking arms,” said Houston Cheng, actuary and senior manager at KPMG Canada, at […]
By Greg Meckbach | December 11, 2019
2 min read
VICTORIA – Premier John Horgan says ride-hailing is on its way to British Columbia and if the service isn’t available by Christmas it shouldn’t be seen as a government failure. The premier says the approval process to bring ride-hailing services to B.C. is well underway but it has been time consuming and taken longer than […]
By The Canadian Press | December 3, 2019
Ontario’s broker regulator has the current hard market conditions on its radar screen, scrutinizing what’s happening between brokers and their carrier partners through the lens of consumer fairness. Scott Bell, outgoing president of Registered Insurance Brokers of Ontario (RIBO), made a pointed reference to the hard market during his address at the regulator’s annual general […]
By David Gambrill | November 8, 2019
HR
All the talk in the White House these days about “whistleblowers” and “no quid pro quo” echoed in the discussions about ethics last Thursday between Canadian insurers and their brokers at the 2019 Insurance Brokers Association of Ontario (IBAO) Convention. Cyprian Kebbianyor, director of compliance and chief privacy officer at Traveler’s Canada, highlighted the importance […]
By David Gambrill | October 29, 2019
Intact Insurance is making some key changes to its usage-based insurance (UBI) product for motorists in Nova Scotia. Essentially, the company is requiring continual monitoring of an insured’s driving behaviour rather than having the same discount apply until the end of the policy term. With usage-based insurance (UBI), motorists in several provinces can get discounts […]
By Greg Meckbach | October 21, 2019
A brokerage in Manitoba has been fined $6,000 after a complaint to the regulator that representatives of the brokerage’s sub-agency were holding themselves out to the public under a trade name for which they were not licensed to do business. The Insurance Council of Manitoba’s decision refers to Optima Insurance Group’s sub-brokerage only as ‘Agency […]
By David Gambrill | October 11, 2019
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