Patrick Ballantyne, CEO of Ontario’s insurance broker regulator since 2016, is now board chairman at the Canadian Insurance Services Regulatory Organizations (CISRO). CISRO is a national forum of Canadian regulatory authorities dedicated to consistent qualifications and conduct of business standards for insurance brokers and intermediaries. Ballantyne succeeds outgoing chairman, Eric Jacob, who was named as […]
By David Gambrill | March 14, 2024
2 min read
A former B.C. broker has been suspended for three years after making unauthorized purchases on a client’s credit card, the Insurance Council of B.C. has ruled. The province’s broker regulator ordered the suspension in February 2024, after finding that Maninder (Mandy) Kaur Sandhu had used a client’s credit card information to make a $146 purchase […]
By David Gambrill | March 13, 2024
3 min read
Potential risks stemming from P&C insurers’ managing general agent (MGA) outsourcing practices have caught the eye of Ontario’s insurance regulator, and it’s looking for feedback from stakeholders on a supervision plan. Insurers and MGAs alike have begun to weigh in on the matter and advise Ontario’s Financial Services Regulatory Authority (FSRA) on how best […]
By Alyssa DiSabatino | March 7, 2024
4 min read
B.C.’s broker regulator fined a broker $2,000 and his former brokerage $2,500 for sending out an incorrect declarations page to a client that was modelled after a dec page issued by an altogether different brokerage. Questioned about the error by the Insurance Council of B.C., the broker, Amanprit Singh Ghaug, said he did not know […]
By David Gambrill | February 12, 2024
4 min read
Canadian financial services regulators have the emerging technology of quantum computing on their radar, but questions remain around its potential regulation. “Regulating quantum computing, especially in the context of the insurance industry, is complex due to the technology’s novelty and potential impact,” Biren Agnihotri, EY Canada’s emerging technologies and AI & data leader, told Canadian […]
By Jason Contant | January 16, 2024
3 min read
Canada’s financial services supervisory regulator is seeking input from federally regulated financial institutions (FRFIs) on how they are adopting artificial intelligence (AI)/machine learning (ML) into their operations. The Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC) also wants to know how ready institutions are for the emerging […]
By Jason Contant | January 5, 2024
2 min read
An Alberta car dealership selling equipment warranties but not submitting the premiums to the insurer has been fined $85,000 by the province’s insurance regulator. Alberta Insurance Council [AIC] noted in its November 2023 decision that Penhold Car Farmers sold 17 equipment warranties for which it had not turned over the premiums to the unnamed insurer. […]
By David Gambrill | January 2, 2024
3 min read
It’s no longer sufficient for insurance industry board members to talk about diversity across the organization — boards need to actively look at their own diversity and address any gaps, KPMG suggested in a recent thought leadership piece. “To build a culture of success, boards need to recognize biases and tackle them head on,” KPMG […]
By Jason Contant | December 5, 2023
3 min read
Ontario brokers are questioning the value of the Ontario government’s forthcoming new law allowing drivers to drop out of direct compensation property damage (DCPD) coverage for their cars. DCPD coverage is currently mandatory and protects policyholders in the event of a collision in which another driver is at fault. By opting out of DCPD coverage, […]
By David Gambrill | November 23, 2023
3 min read
If your Ontario P&C business is using a recruiter or temporary staffing organization to find talent, make sure they’re licensed as of Jan. 1, 2024. Otherwise, you may be subject to a hefty fine in the New Year. As of January 1, 2024, temporary help agencies and recruiters operating in Ontario must be licensed. As […]
By David Gambrill | October 25, 2023
3 min read