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
2 min read
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
3 min read
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
2 min read
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
2 min read
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 Jason Contant | May 23, 2018
2 min read
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
3 min read
The large body of regulations known as maritime law should be addressed before or in concert with insurance considerations when it comes to autonomous vessels, British Columbia-based author Blake Desaulniers told Canadian Underwriter last week. “That large body of regulations and laws will have to be addressed before you can effectively address the insurance considerations […]
By Jason Contant | May 21, 2018
2 min read
Managing the risk posed by the “dark web” is made all the more difficult by some people’s mistrust of police, a former top Royal Canadian Mounted Police officer suggested Thursday. “Cyber crime requires a different approach than just the preventative hardening of cyber security systems,” former RCMP Commissioner Bob Paulson told Payments Canada Summit attendees […]
By Greg Meckbach | May 11, 2018
3 min read
The Canadian Association of Mutual Insurance Companies (CAMIC) Wednesday called on Parliament to withdraw two sections from proposed Bill 74 that would allow chartered banks to share their customers’ banking data with fintechs. CAMIC and its 76 member companies are concerned that these provisions will undermine the current regulatory framework that prohibits banks from using […]
By David Gambrill | May 2, 2018
2 min read
Only one province in Canada officially accepts electronic proof of auto insurance right now, but industry scuttlebutt suggests police are already accepting them in some quarters, and Ontario will soon be in line to accept the electronic slips. “Word on the street” is that some police officers in Ontario are already accepting electronic proof of […]
By Greg Meckbach | April 27, 2018
2 min read