Barry Lorenzetti is encouraging you to get your brokers back to the office and if you disagree, don’t hesitate to contact him for a public debate. “It’s not as if COVID is going away and we will shut off COVID in four months or three months or next week. It’s here to stay. So are […]
By Greg Meckbach | November 4, 2021
3 min read
As the results from Monday’s federal election come in, your national industry association is promising to educate new members of parliament on why it’s important to keep banking and insurance in separate industry silos. “We congratulate Prime Minister [Justin] Trudeau on his re-election,” Insurance Brokers Association of Canada CEO Peter Braid told Canadian Underwriter Tuesday. […]
By Greg Meckbach | September 21, 2021
4 min read
Brokers will probably not be directly affected by a Liberal election promise to raise corporate tax rates on insurance companies making over $1 billion a year in profits, the CEO of the national brokerage association suggests. As quoted by The Canadian Press, Prime Minister Justin Trudeau proposed Aug. 26 to raise the corporate income tax […]
By Greg Meckbach | August 31, 2021
2 min read
Alberta’s broker regulator has issued an $8,000 civil penalty against an auto dealership, Avenue Motors Ltd., after an insurance company complained about alleged misuse of the insurer’s online quote generator by the dealership’s employees. The dealership holds a Restricted Corporate Auto Dealership (Equipment Warranty) certificate of authority to transact insurance business insurance within Alberta, a […]
By David Gambrill | July 16, 2021
3 min read
Brokers looking to see directors’ and officers’ (D&O) insurance pricing and capacity rebound quickly after the pandemic had better not hold their breath — especially with the Canadian government now starting to pull the plug on certain COVID relief measures for small private businesses. The looming threat of business bankruptcies has underwriters concerned about the […]
By David Gambrill | July 9, 2021
3 min read
Nova Scotia motorists could be out of luck when they try to renew their auto insurance if they got caught more than once using a hand-held gizmo when they should be paying attention to the road. In a ruling posted June 30, the province’s utility review board approved an application from The Dominion of Canada […]
By Greg Meckbach | July 6, 2021
2 min read
Ontario’s insurance regulator has no plans to regulate fintechs or managing general agents in the near term. “We sort of feel like we have enough on our plates,” said Tim Bzowey, executive vice president of auto/insurance products for the Financial Services Regulatory Authority of Ontario. “It’s not that we’re not paying attention. But I think […]
By Greg Meckbach | April 22, 2021
3 min read
Open banking could give insurers better data for credit scoring, suggests an official with the organization that handles clearing and settlement for banks in Canada. “I think we will see more accurate underwriting and more accurate credit scoring,” Andrew McFarlane, Payments Canada’s executive director of modernization, said in a recent interview. This is because an […]
By Greg Meckbach | January 20, 2021
3 min read
Manitoba’s brokers will provide input on designing a system for online auto insurance in the province and will be involved in every digital transaction, says the provincial broker association. A recently-signed, five-year agreement between Manitoba Public Insurance (MPI) and the Insurance Brokers Association of Manitoba takes effect Apr. 1, IBAM CEO Grant Wainikka told Canadian […]
By Greg Meckbach | January 14, 2021
2 min read
As the pandemic continues to plunge Canada’s property and casualty insurance industry deeper into the digital space, regulators are issuing ongoing reminders — and warnings — about how brokers are sharing and storing their clients’ personal data. Most recently, Peter Blodgett, president of the Registered Insurance Brokers of Ontario (RIBO), the province’s broker regulator, issued […]
By David Gambrill | December 15, 2020
2 min read