Legal / Regulation
Artificial intelligence may be able to help auto insurers convince regulators to relax certain prohibitions on rate restrictions, the founder of an A.I. vendor suggests. In Ontario, insurers are prohibited from using several factors – such as certain at-fault accidents, credit history or how long the client has lived in their current home. The client’s […]
By Greg Meckbach | September 27, 2019
4 min read
Insurers should consider self-regulating machine learning practices before regulations are imposed on them, a speaker suggested last week at the Connected Insurance Canada conference in Toronto. Moderator Stephen Applebaum, principal at Insurance Solutions Group, asked panelists if regulators understand machine learning and their perspectives on using machine learning in insurance, particularly since it’s difficult to […]
By Jason Contant | September 18, 2019
3 min read
A third Canadian province has been given the go-ahead for electronic proof of insurance for drivers. The Alberta government gave the OK for drivers to show their pink cards in a digital format through their smartphone this week, following the lead of Newfoundland and Labrador earlier this month and Nova Scotia last year. Just recently, […]
By Adam Malik | August 13, 2019
Newfoundland and Labrador has become the second jurisdiction in Canada to approve the use of electronic proof of auto insurance (EPAI) for drivers in the province. The Superintendent of Insurance of Newfoundland and Labrador, Renee Dyer, announced the decision in a bulletin Monday. With this approval, drivers in the province can now present their EPAI […]
By Jason Contant | July 30, 2019
Real, sustainable solutions are needed to curb what’s being called a “devastating” time for some brokers in Alberta. The Insurance Brokers Association of Alberta (IBAA) has put together a task force to come up with ways to resolve what the group is calling a crisis around auto insurance in the province. The task force, chaired […]
By Adam Malik | June 11, 2019
A Manitoba brokerage recently found itself in hot water with the regulator for rebating premium money to a dissatisfied client. Insurance Council of Manitoba ruled that Donbar Agency Limited, which operates as Crossroads Insurance, should not have rebated an unhappy client’s premium by $164 – the difference between an initial quote and the final policy […]
By David Gambrill | June 3, 2019
To get the best out of your collaboration efforts, get outside of your comfort zone. The best companies understand the value of collaboration, said Sven Roehl, co-founder of Cookhouse Lab, an insurtech innovation firm. But they also understand they need to go beyond their inner circle of trusted friends. “What they’re now doing more than […]
By Adam Malik | May 31, 2019
A day many British Columbia policyholders have been calling for finally appears to be on the horizon. But it may force some brokers to change how they do business. While hosting an AMA (ask me anything) session on popular social media platform Reddit, B.C. Attorney General and Minister for the Insurance Corporation of British Columbia […]
By Adam Malik | May 8, 2019
2 min read
The Ontario government wants to expand testing of autonomous vehicles in the province. “Our government is taking active steps to open the door for expanded testing related to connected and autonomous vehicles in Ontario,” Michael Parsa, parliamentary assistant to the minister of economic development, job creation and trade, said Tuesday of Bill 66, which was […]
By Greg Meckbach | February 21, 2019
Months after Canada’s mandatory data breach notification law came into effect on Nov. 1, 2018, the Office of the Superintendent of Financial Institutions (OSFI) is now providing guidance on when to report cyber incidents to the financial regulator. In an advisory for supervisors published in late January that will come into effect Mar. 31, OSFI […]
By Jason Contant | February 12, 2019
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