Legal / Regulation
A B.C. broker has had her sales licence suspended for three years after she took approximately $8,000 in premiums without authorization. The broker admitted she took the funds without authorization to pay for a relative’s medical expenses and her intention was to repay the insurance agency. She repaid the agency in full within two weeks […]
By Jason Contant | August 27, 2018
2 min read
The rise of blockchain and cryptocurrency technologies have triggered an explosion in securities litigation, a lawyer specializing in the field said last week during a webinar on the insurance implications of blockchain and cryptocurrencies. Alex Drylewski is a partner of complex litigation and trials with Skadden, Arps, Slate, Meagher & Flom LLP in New York […]
By Jason Contant | August 21, 2018
3 min read
Major infractions committed by Quebec insurance brokers include acting dishonestly, negligently, or not acting with competence and professional integrity, says the disciplinary committee of the Chambre de l’assurance de dommages (ChAD), the province’s self-regulatory body for brokers, agents and claims adjusters. ChAD’s 2017 annual report found that the Top 2 infractions were “carrying on activities dishonestly […]
By Jason Contant | August 16, 2018
B.C.’s provincial government will introduce legislation to enable ridesharing in the province by fall of 2019, prompting the industry’s private insurers to say they can provide ridesharing insurance faster and better than the province’s public insurer. B.C.’s Ministry of Transportation and Infrastructure said in a press release last week that the government expects applications from […]
By Jason Contant | July 24, 2018
The public policy division of Travelers is recommending that a “clear risk transfer mechanism” be in place to adapt auto insurance for autonomous vehicles. “While there has not been widespread attention paid to how liability and compensation will be addressed as AVs [automated vehicles] multiply, product liability has been raised as the inevitable default option,” says a […]
By Jason Contant | July 22, 2018
The insurance industry is at risk if regulators don’t recognize that consumer expectations are changing and allow consumers the choice of receiving their policy documents electronically, the president and chief executive officer of the Centre for Study of Insurance Operations (CSIO) said last week. Speaking at Gore Mutual’s Fast Forward event in Toronto on Thursday, […]
By Jason Contant | June 19, 2018
Canada’s privacy commissioner is looking to add some bite to the country’s federal privacy laws. And if you need another reason to keep cyber insurance top of mind for your clients, look no further than a recent survey from the Office of the Privacy Commissioner, which found that half of Canadian executives have little or […]
By Jason Contant | June 7, 2018
Cyber bullying, which can result in liability claims under home insurance policies, will soon be grounds for lawsuits in Nova Scotia. The Nova Scotia government is now “on the verge” of bringing Bill 27 into force, law student Brayden McDonald wrote Friday on the CanLII Connects blog site. Bill 27, An Act Respecting the Unauthorized […]
By Greg Meckbach | June 4, 2018
TORONTO – Dozens of North American securities regulators have joined forces to investigate and warn investors about cryptocurrency-related schemes. Operation Cryptosweep includes more than 40 regulators in the U.S. and Canada, including the Ontario Securities Commission, which issued a release about the investigation Tuesday. “Operation Cryptosweep contributes to our ongoing efforts to raise awareness about […]
By The Canadian Press | May 23, 2018
The Canadian Association of Mutual Insurance Companies (CAMIC) and the Insurance Brokers Association of Canada (IBAC) are split on tactics regarding a federal government bill that would allow banks to share customer data with fintechs. Which path better protects consumers is a subject of hot debate. The tactical divergence became obvious after a representative of […]
By David Gambrill | May 22, 2018
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
