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Articles by Rachel B. Runge
Automotive OEM's take note: BC tunes up approach to vehicle service contracts
On April 25, 2024, the British Columbia Financial Services Authority ("BCFSA") issued Regulatory Statement 24-008 ("RS 24-008"), clarifying the limits of "vehicle warranty insurance" and "product warranty insurance" as well as the scope of "automobile insurance." RS 24-008 will have significant impact on and require automobile manufacturers and automobile dealers to revisit the underwriting and sale of vehicle service contracts in British Columbia ("BC").
Ontario Budget 2024: Key financial services and technology announcements
On March 26, 2024, the Government of Ontario released its 2024 budget: Building a Better Ontario (Ontario Budget 2024). Ontario Budget 2024 sets out various provincial initiatives including modernizing elements of the financial services sector in Ontario. Gowling WLG breaks down five important announcements as further described below.
Insurance Council of Manitoba signals future implementation of corporate licensing and proposes updates to licensing fees
The Insurance Council of Manitoba ("ICM") is seeking comments with respect to proposed amendments to licensing of insurance intermediaries and licensing fees. The proposed amendments include the introduction of corporate licensing fees in anticipation of the future implementation of corporate licensing and changes to existing licensing fees.
FSRA to Conduct MGA Review to Ensure Fair Treatment of Non-Auto P&C Insurance Consumers in Ontario
On February 22, 2024, the Financial Services Regulatory Authority of Ontario (“FSRA”) published its Supervision Plan: Property & Casualty Insurer – Managing General Agent Outsourcing Relationships (the “Supervision Plan”). The Supervision Plan gives details of an upcoming review of P&C insurers and their outsourcing arrangements with managing general agents ("MGAs").
Insurance Council Of British Columbia Announces Changes To Licensing
On Feb. 6, 2024, the Insurance Council of British Columbia ("Insurance Council of BC") announced changes to general and adjuster licensure requirements as part of an ongoing multi-year initiative to review and update the Insurance Council's rules ("Council Rules"). These changes will remove ownership and management requirements for Level 3 insurance adjusters and Level 3 general insurance agents.
Insurance Council of British Columbia announces changes to licensing
On Feb. 6, 2024, the Insurance Council of British Columbia ("Insurance Council of BC") announced changes to general and adjuster licensure requirements as part of an ongoing multi-year initiative to review and update the Insurance Council's rules ("Council Rules"). These changes will remove ownership and management requirements for Level 3 insurance adjusters and Level 3 general insurance agents.
Covenants To Insure:
In Jakab v Clean Harbors Canada Inc1., the Ontario Court of Appeal considered contractual provisions regarding insurance for a commercial vehicle. This case highlights the importance of reviewing insurance coverage obtained pursuant to the terms of a commercial agreement. Facts The appellants, Gergely Jakab and his corporation, Ontario Heavy Xpress Ltd. (collectively, Mr. Jakab) owned and operated a truck to work exclusively for the respondent, Clean Harbors Canada Inc. (Clean Harbors).
Restricted Insurance Agent Licenses To Be Introduced In British Columbia
Businesses in British Columbia (BC) that sell insurance incidental to their ordinary course of business will soon be required to take out a restricted insurance agent's license. In response to the BC Ministry of Finance's introduction of Bill 37, which is described below, the Insurance Council of British Columbia (Insurance Council of BC) is undertaking a consultation process with respect to pending changes to the licensing regime to develop a new licensing framework for restricted licensees.
Rachel B. Runge from Gowling WLG Author Profile Page
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Restricted insurance agent licenses to be introduced in British Columbia
Businesses in British Columbia (BC) that sell insurance incidental to their ordinary course of business will soon be required to take out a restricted insurance agent's license. In response to the BC Ministry of Finance's introduction of Bill 37, which is described below, the Insurance Council of British Columbia (Insurance Council of BC) is undertaking a consultation process with respect to pending changes to the licensing regime to develop a new licensing framework for restricted licensees.
Covenants to insure: "All insurance" may not mean "fully covered"
In Jakab v Clean Harbors Canada Inc[1]., the Ontario Court of Appeal considered contractual provisions regarding insurance for a commercial vehicle. This case highlights the importance of reviewing insurance coverage obtained pursuant to the terms of a commercial agreement. Facts The appellants, Gergely Jakab and his corporation, Ontario Heavy Xpress Ltd. (collectively, Mr. Jakab) owned and operated a truck to work exclusively for the respondent, Clean Harbors Canada Inc. (Clean Harbors).
New Brunswick joins other provinces and territories in allowing electronic proof of automobile insurance
Automobile owners in New Brunswick are one step closer to going paper-free with a recent move in New Brunswick to allow for electronic proof of automobile insurance. On Feb. 1, 2023, the New Brunswick Registrar of Motor Vehicles issued a Bulletin approving the use of an electronic version of the motor vehicle liability insurance card (commonly referred to as a "pink card.").
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