Legal / Regulation
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
January 9, 2018
2 min read
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
3 min read
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,” […]
Darius Delon, a consultant and president of Risk Management 101, told Canadian Underwriter Monday what he sees as the top concerns for risk managers. Here are his Top 3 risks: Number 1: Awareness about legislative changes In some instances, organizations are not aware of legislative changes that have already been made—to say nothing of upcoming […]
By Jason Contant | November 27, 2017
Ontario’s recent minimum wage hike up to $15 per hour ruffled a few feathers within the business community, but the new legislation didn’t raise much of a fuss within the property and casualty (P&C) insurance sector. “On this particular issue, we reached out to member companies when the legislation was first proposed, and we were […]
By Jason Contant | November 26, 2017
SAN FRANCISCO – California regulators are embracing a General Motors recommendation that would help makers of self-driving cars avoid paying for accidents and other trouble, raising concerns that the proposal will put an unfair burden on vehicle owners. If adopted, the regulations drafted by the California Department of Motor Vehicles would protect these carmakers from […]
By Jason Contant | November 16, 2017
The Saskatchewan Taxi Cab Association (STCA) is calling on the province to “conduct real consultation” before allowing transportation network companies (TNCs) like Uber to operate in the province. In its Speech from the Throne on Wednesday, the provincial government said that it plans to introduce legislation so that Saskatchewan Government Insurance (SGI) can offer coverage […]
By Canadian Underwriter | October 26, 2017
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