Legal / Regulation
Key features of Ontario’s latest auto reform package have been attempted before – and ended in heartbreak
By Willie Handler, Consultant, Willie Handler and Associates | January 30, 2018
2 min read
The Office of the Superintendent of Insurance of Nova Scotia has become the first regulator in Canada to permit electronic proof of auto insurance (EPAI). Earlier this month, the provincial superintendent of insurance, William Ngu, released a bulletin outlining the guiding principles permitting the use of EPAI. The required guidelines and principles for insurers/brokers to […]
By Jason Contant | January 25, 2018
3 min read
Brokers could pay more under proposal to tax income sprinkling and passive investments
By Greg Meckbach, Associate Editor | January 15, 2018
With Canada’s mandatory data breach notification provisions in the Digital Privacy Act expected to come into force this year, organizations will soon be required to report “breaches of security safeguards” that pose a “real risk of significant harm to an individual.” Included as part of a series of amendments to the Personal Information Protection and […]
By Jason Contant | January 10, 2018
Doing the bare minimum to comply with IFRS 17 may save you money in the short term, but there’s a bigger opportunity to transform your company digitally
By Kristen Cornell, Principal, Industry Value Engineering, SAP Canada | January 9, 2018
Vehicle owners who install smart phone-blocking apps should get a break on insurance rates, some industry groups contend. British Columbia’s government-owned auto insurer says it will roll out telematics devices designed to block drivers from using their wireless phones on a trial basis this coming January. With usage-based insurance, some carriers already provide discounts to […]
By Greg Meckbach | December 11, 2017
Saskatchewan has introduced legislation allowing for ridesharing services to operate in the province, with an interesting insurance twist. The Vehicles for Hire Act requires the ridesharing company to file written evidence of a motor vehicle liability insurance policy with a minimum limit of $1 million, Saskatchewan Government Insurance (SGI) reported. The company must also insure […]
By Canadian Underwriter | December 1, 2017
HR
Brokers need to be mindful of how they protect their clients’ information in the digital age, particularly when they transfer information to and from their office to work remotely from home. “We recognize that the digital era is upon us, but along with that, none of the rules have changed with respect to protecting clients’ […]
By Jason Contant | December 1, 2017
While the Office of the Superintendent of Financial Institutions (OSFI) expects federally regulated insurers (FRIs) to comply with its guideline on reinsurance, it realizes that “this guidance was not always well-understood by the industry and [has] identified opportunities to clarify our expectations.” Reinsurance is a tool used extensively by FRIs to manage insurance risks and […]
By Jason Contant | November 30, 2017
A rule requiring disciplinary hearings of Ontario brokers be open to the public is currently included in the province’s budget implementation bill, which has yet to be passed. The Insurance Brokers Association of Ontario (IBAO) told Canadian Underwriter Wednesday it has been “vocal” in its support of “increased transparency of Registered Insurance Brokers of Ontario,” […]
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