Ontario’s financial services regulator is consulting on new guidance related to auto insurance rating and underwriting regulation. FSRA says the proposed guidance will help by “reducing regulatory lag and streamlining processes, so that premiums can be more closely matched to claims trends.” “This guidance marks an important milestone in FSRA’s Automobile Insurance Rating and Underwriting […]
By Jason Contant | September 23, 2024
3 min read
Despite Canada-wide disruption from shuttered rail lines, the rail lockout will have no direct impact on the P&C insurance industry, experts tell Canadian Underwriter. “Strikes, lockouts, etc., are all excluded from property and business interruption (BI) policies,” says Bernard McNulty, chief agent and head of claims for Canada at Allianz Commercial. “And because the direct […]
By Jason Contant | August 23, 2024
3 min read
Canada’s solvency regulator released the final version of its Guideline E-21: Operational Risk Management and Resilience today, calling for the new expectations in the guideline to be implemented in two phases over 2025 and 2026. Although the Office of the Superintendent of Financial Institutions (OSFI) has restructured the guideline to include simple language and clear […]
By David Gambrill | August 22, 2024
3 min read
Insurers face increased pressure to keep up with a myriad of regulations, guidelines, and evolving industry standards. How to cope with this frenzied pace of regulatory change? Enter generative artificial intelligence (Gen AI). Gen AI can help insurers analyze and interpret regulatory requirements with much more agility than before, says David Mamane, financial services senior […]
By Alyssa DiSabatino | July 30, 2024
4 min read
A former broker must wait one year before he can re-apply for his licence, after B.C.’s broker regulator found he had cheated on his CAIB 2 broker licensing exam in March 2021. The CAIB 2 broker’s licence exam covers commercial lines, including property forms, underwriting, additional coverage, transportation, crime and business interruption. Insurance Council of […]
By David Gambrill | June 25, 2024
2 min read
Two years into Alberta’s new direct compensation for property damage (DCPD) regime, regulators are still clearing up misunderstandings about when and how coverage gets triggered, regulators said at the Insurance Brokers Association of Alberta Convention 2024 in Banff last week. But in the middle of the discussion with the regulators about DCPD, the brokers in […]
By Alyssa DiSabatino | May 14, 2024
4 min read
Whatever auto reforms come of the Alberta Government’s push to lower auto premiums in the province, one thing is for sure — they’re acting fast. The industry can expect to see changes to the Insurance Act as early as fall 2024 — with even more on the way — two Alberta regulators said during […]
By Alyssa DiSabatino | May 10, 2024
2 min read
If Alberta brokers want to support their carriers as government hashes out its auto insurance reform options, they’re going to have to diversify their lines of business, insurer CEOs told attendees at the Insurance Brokers Association of Alberta Convention 2024 in Banff. The topic came up during an IBAA panel discussion, when carrier executives discussed […]
By Alyssa DiSabatino | May 9, 2024
3 min read
If you merge or acquire a new brokerage, make sure your brokers have the proper licences to serve the out-of-province insurance needs of any new clients absorbed into the business, a recent broker regulator decision states. Insurance Council of B.C. has fined Sussex Insurance Agency $20,000 and its nominee $5,000 for selling out-of-province insurance policies […]
By David Gambrill | May 1, 2024
3 min read
Alberta Insurance Council (AIC) has announced Amina Deiab as its new chief executive officer, effective April 22. Deiab is AIC’s second permanent CEO since the provincial licensing and regulation body for insurance brokers and adjusters launched 35 years ago. She will succeed Darlene Hyde, who held the interim CEO position since Aug. 2023, following […]
By Alyssa DiSabatino | April 16, 2024
2 min read