Legal / Regulation
As open banking makes it easier for other players to access your clients’ financial data, now is the time for insurance professionals start thinking about how they can take advantage of this new model, an actuary advises. “A number of you have banking arms,” said Houston Cheng, actuary and senior manager at KPMG Canada, at […]
By Greg Meckbach | December 11, 2019
2 min read
VICTORIA – Premier John Horgan says ride-hailing is on its way to British Columbia and if the service isn’t available by Christmas it shouldn’t be seen as a government failure. The premier says the approval process to bring ride-hailing services to B.C. is well underway but it has been time consuming and taken longer than […]
By Jason Contant | December 3, 2019
Ontario’s broker regulator has the current hard market conditions on its radar screen, scrutinizing what’s happening between brokers and their carrier partners through the lens of consumer fairness. Scott Bell, outgoing president of Registered Insurance Brokers of Ontario (RIBO), made a pointed reference to the hard market during his address at the regulator’s annual general […]
By David Gambrill | November 8, 2019
3 min read
HR
All the talk in the White House these days about “whistleblowers” and “no quid pro quo” echoed in the discussions about ethics last Thursday between Canadian insurers and their brokers at the 2019 Insurance Brokers Association of Ontario (IBAO) Convention. Cyprian Kebbianyor, director of compliance and chief privacy officer at Traveler’s Canada, highlighted the importance […]
By David Gambrill | October 29, 2019
Intact Insurance is making some key changes to its usage-based insurance (UBI) product for motorists in Nova Scotia. Essentially, the company is requiring continual monitoring of an insured’s driving behaviour rather than having the same discount apply until the end of the policy term. With usage-based insurance (UBI), motorists in several provinces can get discounts […]
By Greg Meckbach | October 21, 2019
A brokerage in Manitoba has been fined $6,000 after a complaint to the regulator that representatives of the brokerage’s sub-agency were holding themselves out to the public under a trade name for which they were not licensed to do business. The Insurance Council of Manitoba’s decision refers to Optima Insurance Group’s sub-brokerage only as ‘Agency […]
By David Gambrill | October 11, 2019
Artificial intelligence may be able to help auto insurers convince regulators to relax certain prohibitions on rate restrictions, the founder of an A.I. vendor suggests. In Ontario, insurers are prohibited from using several factors – such as certain at-fault accidents, credit history or how long the client has lived in their current home. The client’s […]
By Greg Meckbach | September 27, 2019
4 min read
Insurers should consider self-regulating machine learning practices before regulations are imposed on them, a speaker suggested last week at the Connected Insurance Canada conference in Toronto. Moderator Stephen Applebaum, principal at Insurance Solutions Group, asked panelists if regulators understand machine learning and their perspectives on using machine learning in insurance, particularly since it’s difficult to […]
By Jason Contant | September 18, 2019
A third Canadian province has been given the go-ahead for electronic proof of insurance for drivers. The Alberta government gave the OK for drivers to show their pink cards in a digital format through their smartphone this week, following the lead of Newfoundland and Labrador earlier this month and Nova Scotia last year. Just recently, […]
By Adam Malik | August 13, 2019
Newfoundland and Labrador has become the second jurisdiction in Canada to approve the use of electronic proof of auto insurance (EPAI) for drivers in the province. The Superintendent of Insurance of Newfoundland and Labrador, Renee Dyer, announced the decision in a bulletin Monday. With this approval, drivers in the province can now present their EPAI […]
By Jason Contant | July 30, 2019
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