Legal / Regulation
A Canada-wide regulation mandating disclosure of privacy breaches might not be in place until late 2017, an official with the Office of the Privacy Commissioner of Canada suggested Friday. In June, 2015, the Digital Privacy Act was passed into law. Originally tabled as Bill S-4, the bill would give courts the power to “assess penalties […]
By Jason Contant | May 2, 2016
3 min read
Driver distraction and fatigue are believed to be the root causes of many large auto losses. Even when drivers have their eyes on the road, the mere act of talking on a hands-free wireless device can adversely affect both field of vision and the ability to concentrate on the task of driving, one risk management expert cautions. While hours of service regulations stipulate the amount of rest that commercial drivers must have, one sleep expert warns that sleeping at the right time is just as important as getting the right amount of sleep.
May 1, 2016
13 min read
HR
The Financial Services Commission of Ontario (FSCO) has drawn a line in the sand when it comes to using telematics data for claims management, but it is not a given that line will always be in place, Blair Currie, vice president of Canadian business development for Intelligent Mechatronic Systems Inc. (IMS), suggested Thursday during an […]
By Jason Contant | April 29, 2016
4 min read
Just 27% of the 330 respondents taking part in a recent online survey monitor business partners at least quarterly or more often, note findings from the 2016 Anti-Corruption Survey Report, released this week. Findings in the report from Dow Jones Risk and Compliance, in association with MetricStream Research, are based on responses to a survey […]
By Canadian Underwriter | April 28, 2016
The first fully autonomous cars could be in showrooms in a few years, attendees to the Young Insurance Professionals of Toronto (YIPT) second annual Speaker Panel Series heard last week. “You will see the first fully autonomous cars in showrooms by year 2020,” predicted Barrie Kirk, co-founder and executive director of the Canadian Automated Vehicles […]
By Canadian Underwriter | April 22, 2016
2 min read
An international capital standard for global systemically important insurers is “probably not going to have much of an impact on the Canadian p&c industry,” an official with the Office of the Superintendent of Financial Institutions suggested recently, but Canadian insurers “will likely need to change some of their business practices to conform to the new […]
By Jason Contant | April 20, 2016
5 min read
Quebec’s financial services regulator is urging caution following the “recent emergence of peer-to-peer risk sharing platforms.” The Autorité des marchés financiers (AMF) said in a press release on Tuesday that it has noticed that companies are offering consumers platforms where they can form pools to protect similar property without using an insurer. “Consumers are asked […]
By Canadian Underwriter | April 20, 2016
WASHINGTON – Self-driving cars are more likely to hurt than help public safety because of unsolved technical issues, engineers and safety advocates told the government Friday, countering a push by innovators to speed government approval. Even a trade association for automakers cautioned the National Highway Traffic Safety Administration that a slower, more deliberative approach may […]
By Jason Contant | April 11, 2016
The global insurance telematics market size is expected to grow from US$857.2 million in 2015 to US$2.21 billion in 2020, at a compound annual growth rate (CAGR) of 20.9%, according to a report by ReportLinker, a market research technology company based in Lyon, France. Consumers’ enthusiasm for in-car connectivity and growth of smartphone penetration in […]
By Canadian Underwriter | April 5, 2016
The Ontario government has welcomed proposed changes it suggests will up the competitiveness of credit unions and caisses populaires in the province, while also helping to better serve individuals, communities and businesses. In recently accepting a report prepared by Laura Albanese, parliamentary assistant to Ontario finance minister Charles Sousa – which contains 15 recommendations for […]
April 1, 2016
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