Legal / Regulation
Despite the constantly changing landscape, ever since insurance has been around, the industry has “accommodated or addressed” these emerging challenges, attendees to the National Insurance Conference of Canada (NICC) heard on Monday. Neville Henderson, assistant superintendent of the insurance supervision sector of the Office of the Superintendent of Financial Institutions (OSFI), said that he’s seen […]
By Jason Contant | October 3, 2017
3 min read
Global cyber premium volume is set to increase six- to eightfold within a decade, according to a new report from Fitch Ratings. Released on Wednesday, the report Cyber Insurance – Risks and Opportunities (Global Non-Life Insurer Underwriting Exposures Examined) found that cyber insurance has been a profitable business line for early market entrants and is […]
By Canadian Underwriter | September 28, 2017
2 min read
Autonomous vehicle (AV) technology will require a reassessment of liability and the uncertainty surrounding liability may even slow the introduction of AV technology, a speaker suggested on Monday at the RIMS Canada Conference. Jim Kidd, project manager at the City of Toronto’s insurance and risk management section, was speaking about the topic during a session […]
By Jason Contant | September 26, 2017
4 min read
Newfoundland and Labrador is undertaking an automobile insurance review meant to chart the way forward for the province. Whatever the final destination, brokers will be along for the ride to help ensure customers are protected, regulatory changes foster a healthy and sustainable system, and consumer education is enhanced.
By Kent Rowe, President, Insurance Brokers Association of Newfoundland and Labrador | September 26, 2017
6 min read
Legislation under consideration by the House of Commons “would increase the flexibility” of federal law to address automated and connected technologies used in vehicles, a member of parliament suggested Wednesday. “Shifts in the global technology landscape are placing a growing reliance on vehicle safety innovation while transforming business practices and consumer demands,” said Brenda Shanahan, […]
By Canadian Underwriter | September 22, 2017
Nearly four in five polled Canadians (78%) in Newfoundland and Labrador, Ontario and Alberta said they want to see a technology solution that would stop distracted driving by disabling texting and other functions while the driver is behind the wheel, a new opinion poll from Aviva Canada has found. Results of the online poll of […]
By Canadian Underwriter | September 21, 2017
As insurance firms invest in more complex securities, they struggle to manage data and meet regulatory reporting requirements, a newly released study has found. Addressing local regulation and accounting standards is the leading operational challenge when it comes to firms’ expansion strategies, according to the survey, titled 2017 Insurance Asset Management Technology Outlook and released […]
By Canadian Underwriter | September 11, 2017
TORONTO – Credit monitoring company Equifax says that it will work with regulators in Canada and the United Kingdom to determine the appropriate steps following a lapse in cyber security that’s affecting about 143 million people in the United States. Equifax said it has identified unauthorized access to limited personal information for certain Canadian and […]
By Jason Contant | September 8, 2017
1 min read
WASHINGTON – The House voted Wednesday to speed the introduction of self-driving cars by giving the federal government authority to exempt automakers from safety standards not applicable to the technology, and to permit deployment of up to 100,000 of the vehicles annually over the next several years. The bill was passed by a voice vote. […]
By Jason Contant | September 7, 2017
Technological innovation is not among the goals of some government regulators overseeing insurance markets, but some can be persuaded to allow innovation if a determined insurance provider presents “a good case study,” speakers suggested Tuesday at the Insurance-Canada.ca Executive Forum. “We as insurers have hidden behind the regulators for a long time and have said, ‘Gosh, I would love to do that but I won’t be allowed to,” said David Crozier, president and chief executive officer of Everest Insurance Company of Canada. “We…
By Jason Contant | August 30, 2017
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