Legal / Regulation

Regulator approves proposed ‘novel way’ of commercial insurance distribution

The Financial Services Regulatory Authority of Ontario’s (FSRA) Innovation Office has approved its first application under its test-and-learn environment — a regulatory ‘sandbox’ that allows the industry to test out new ideas, concepts and innovations. An insurance company is proposing to test a novel way of distributing commercial insurance products across Ontario through a “direct […]

By Jason Contant | August 30, 2023

3 min read

Legal / Regulation

Rollover communication error lands BrokerLink in hot water

BrokerLink in Alberta got some unwanted regulatory attention after failing to inform a client about a rollover agreement the brokerage had made with a new insurer on behalf of a farm insurance client. As is common in P&C insurance, when a brokerage terminates a contract with an insurer, it enters into a “rollover agreement” with […]

By David Gambrill | August 28, 2023

4 min read

Legal / Regulation

Don’t forget to make sure your client’s policy is in force

A B.C. broker, his brokerage, and the brokerage’s representative nominee were collectively fined $7,500 for a procedural mix-up that left a client unknowingly without a policy in force for a year. The broker, Amrit Singh Sidhu, received a $5,000 fine for his role in the matter. In Amrit Singh Sidhu, Daljit Singh Sidhu and S&S […]

By David Gambrill | August 22, 2023

4 min read

Legal / Regulation

Angry at losing a deal? Don’t take it out on the client

Frustrated at losing a deal in a competitive marketplace? Don’t take it out on the client, B.C.’s broker regulator has warned. A B.C. broker received a reprimand from the Insurance Council of B.C. for sending an angry letter to a client after the client rejected the broker’s quote for strata insurance. The broker was also […]

By David Gambrill | August 18, 2023

4 min read

Broker fined for not disclosing disciplinary history

A Manitoba broker has been fined $500 and ordered to pay investigation costs of $2,000 for failing to disclose to the province’s broker regulator that he had previously been the subject of a disciplinary investigation by B.C.’s broker regulator. “The licensee falsely declared on his licensing applications, dated May 5, 2020, May 12, 2021, and […]

3 min read

Broker regulator outlines approach to MGA licensing

Ontario’s broker self-regulatory body is looking at its licensing exams with a stronger focus on commercial lines and MGAs, Registered Insurance Brokers of Ontario (RIBO) CEO Patrick Ballantyne said last week during an industry event. “Those exams are currently under active review with a new blueprint set to be implemented this fall,” Ballantyne said during […]

3 min read

Province to launch restricted licence for incidental insurance

B.C.’s broker regulator, the Insurance Council of B.C., is now consulting on a proposed new restricted licensing framework to regulate the sale of incidental insurance, the council announced in late May. The regulator’s initiative follows the province’s Bill 37, which in 2019 enabled a restricted licence regime that allows businesses to sell insurance products incidental […]

3 min read

Feds developing cybersecurity process for defence contractors

OTTAWA – The federal government says certain defence contracts will be subject to a mandatory cybersecurity certification process starting in the winter of 2024. Defence Minister Anita Anand made the announcement Wednesday morning at the Canadian Association of Defence and Security Industries annual trade show in Ottawa, which is known as CANSEC. Anand’s speech focused […]

3 min read

Same rules apply to brokers/insurers designing incentives

Canada’s insurance regulators have confirmed insurers and brokers are each expected to comply with new guidance related to designing and managing sales incentive programs, even though the insurer is ultimately responsible for the fair treatment of customers for the full life cycle of the product. The Canadian Council of Insurance Regulators (CCIR) issued a Q&A […]

3 min read

How OSFI wants P&C insurers to manage their third-party risks

Canada’s financial solvency regulator has published its final revised guideline for managing risks associated with third-party contracts and arrangements, having addressed industry concerns about scope, prescription and the timing of implementation. Guideline B-10: Third-Party Risk Management sets out enhanced third-party risk management expectations for federally regulated financial institutions (FRFIs). “[FRFIs] have long leveraged third-party arrangements […]

4 min read