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RIBO Explores AI Innovation in Ontario’s Insurance Industry 0

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RIBO Explores AI Innovation in Ontario’s Insurance Industry

Toronto, ON (Dec. 9, 2023) – The Registered Insurance Brokers of Ontario (RIBO) recognizes the transformative potential of Artificial Intelligence (AI) tools within the property and casualty (P&C) insurance sector. AI can enhance efficiency, deliver high-quality service, and provide individualized advice to consumers. However, adopting these tools also present new risks that may impact consumer protection. To better understand these implications, RIBO commissioned the Behavioural Insights Team (BIT) to conduct a comprehensive study on the role of AI in the sector and its alignment with RIBO’s mandate. In Summer 2024, BIT completed an extensive review, which included: A scan of relevant reports and articles from regulators, academics, and industry participants. Interviews with Ontario-based brokers to gain on-the-ground insights. In addition to BIT’s research, RIBO conducted supplementary interviews with brokers representing small and medium-sized businesses, including independent and insurer-owned brokers. To further validate the findings, RIBO engaged with other industry participants including other regulators and technology vendors, which provided valuable perspectives on AI innovation and its challenges. Shaping the Future of AI Regulation in Insurance Through this research, RIBO has developed a deeper understanding of AI’s impact on the sector. This includes evaluating the resilience of the existing Code of Conduct...

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Lloyd’s of London Trade Body Examines Planned Conduct Overhaul

Article 0 Comments Lloyd’s of London members have set up a working party to examine the commercial insurance market’s plans to overhaul its conduct rules, a trade body said on Friday, following criticism of the strengthened powers in the new rules. Lloyd’s has come under pressure in recent years to clean up the market, home to nearly 50,000 people working for underwriters and brokers, after admitting to problems with daytime drinking and sexual harassment. Lloyd’s, which has some regulatory powers, said in September it would overhaul its rules on dealing with poor conduct, as its current processes could be unclear. Its consultation on the proposals ends on Monday. Arabella Ramage, legal director for the Lloyd’s Market Association, said in an email the trade body was “supportive of Lloyd’s’ aim to ensure the market is well-run, and a great place for people to come and work.” The LMA will submit a response on behalf of its membership, she said. The LMA has set up a working group about the consultation. Plans for the working party follow an article in Reuters publication the Insurer in October by barrister Michael Uberoi, criticizing the new rules. Uberoi said in the article that some proposals...

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Slott, Levine: Here’s What Happens to the HSA When a Client Dies

The HSA is then treated in one of two ways, depending upon whether the beneficiary is the account holder’s surviving spouse. A spouse “automatically and instantly” becomes the HSA account holder, Levine explained. Importantly, such a transfer of ownership is not taxable, and future distributions from the HSA will be subject to income tax only to the extent that they were not used for qualified medical expenses. Once the account is transferred to their name, the surviving spouse can designate a new beneficiary to receive any amounts remaining in the HSA upon their own death. Other options include rolling some or all of the HSA’s account balance into another HSA they already own. All Other Inheritors Levine and Slott then discussed what happens to HSA funds inherited by anyone other than a surviving spouse. Generally, the HSA then ceases to be an HSA. In turn, an amount equal to the fair market value of the account assets as of the date of the account holder’s death is included in the beneficiary’s gross income. Notably, a non-spouse beneficiary may reduce that amount by any payments made from the HSA for qualified medical expenses incurred by the deceased account holder before death....

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The 4 Questions You’ll Get at Holiday Parties This Year

The real question: Is there any chance I will get a second chance at locking in a higher interest rate? How about answering:  Interest rates are cyclical, but it looks like the higher rate cycle has changed direction. Interest rates and inflation have a shared relationship. The Federal reserve has wanted inflation to come down. Raising interest rates theoretically slows the economy. Then the Fed can lower rates again.  The general assumption is inflation is somewhat under control, rates are expected to decline.  If you are a fixed income investor, you should start locking in higher rates now while they are still available. 3. Is a strong U.S. dollar a good thing?  Doesn’t it sound like this makes sense? Who wants the word “weak” associated with their country?  The real question: Why should a strong dollar worry me? How about answering: We are fortunate the US dollar has long been the world’s reserve currency. OPEC’s oil is priced in dollars. When the dollar is weak, U.S. manufactured goods are more competitive in the world market. When the dollar is strong, they are more expensive in local currency. As a traveler, you want a strong dollar, because it goes further on vacation in Europe. Those European...

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These Tax Policies Are Ripe for Change in 2025

“While I’m not suggesting that we allow the 199A deduction to expire entirely, 199A was never intended to be a tax loophole for the wealthiest Americans to use as they please,” he said. “Unfortunately, that’s how it’s often been used by wealthy Americans seeking to minimize their tax liability. Change is necessary to ensure the deduction is benefiting the small businesses who need protection the most.” In the end, according to Byrnes, many small-business owners would have had to deal with the traditional corporate structure to ensure fair taxation were it not for Section 199A of the 2017 legislation. “Section 199A is important because it essentially works to level the playing field, at least from a pure tax perspective, between traditional C corporations and pass-through entities,” he argued. “The law already contains built-in income thresholds designed to prevent abuse.” The Historically High Estate Tax Exemption When it comes to the renewal of the current estate tax exemption — $13.99 million or $27.98 million per married couple) for 2025 — the professors were again split in their interpretation. As Byrnes emphasized, a larger estate tax exemption encourages Americans to save and invest in economic growth. “When transfer tax exemption amounts are...

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Supreme Court to Hear Dispute Over California Tailpipe Emissions, EV Standards

Article 0 Comments The U.S. Supreme Court agreed on Friday to hear a bid by fuel producers to challenge California’s standards for vehicle emissions and electric cars under a federal air pollution law in a major case testing the Democratic-governed state’s power to fight greenhouse gases. The justices took up an appeal by a Valero Energy subsidiary and fuel industry groups of a lower court’s rejection of their challenge to a decision by Democratic President Joe Biden’s administration allow California to set its own regulations. The dispute centers on an exception granted to California in 2022 by the U.S. Environmental Protection Agency to national vehicle emission standards set by the agency under the landmark Clean Air Act anti-pollution law. Though states and municipalities are generally preempted from enacting their own limits, Congress allowed the EPA to waive the preemption rule to allow California to set certain regulations that are stricter than federal standards. California, the most-populous U.S. state, has received more than 75 waivers since 1967, requiring increasingly better emissions performance and EV sales. The EPA’s action in March 2022 reinstated a waiver for California to set its own tailpipe emissions limits and zero-emission vehicle mandate through 2025, reversing a...

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California Commissioner Announces Regulation to Enable the Use of Modeling in Rates

Article 1 Comment California Insurance Commissioner Ricardo Lara on Friday announced what he’s calling “first of its kind” catastrophe modeling and ratemaking regulation that will allow carriers to use the models as a factor in setting and getting rates. The regulation is a part of his so-called Sustainable Insurance Strategy to increase coverage in wildfire-distressed areas of the state. The California Department of Insurance posted the final regulation after the Office of Administrative Law filed it with the Secretary of State, which concludes a rulemaking process. “Giving people more choices to protect themselves is how we will solve California’s insurance crisis,” stated Lara. “For the first time in history we are requiring insurance companies to expand where people need help the most. With our changing climate we can no longer look to the past. We are being innovative and forward-looking to protect Californians’ access to insurance.” Only two days before Friday’s announcement, Farmers Insurance said it will resume offering coverage for multiple lines of insurance in California to new customers. The company cited among its reasons for the decision regulatory steps taken by the state’s insurance commissioner and other stakeholders. Carriers began pulling back from the state’s homeowners market, blaming...

QuickFacts Expands Comparisons Platform with Farm Product Line 0

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QuickFacts Expands Comparisons Platform with Farm Product Line

Halifax, NS (Dec. 12, 2024) – QuickFacts is excited to announce the launch of a new Farm Product Line on its Comparisons platform, designed to assist brokers in addressing the unique insurance needs of small-scale agricultural operations and rural lifestyle enthusiasts. Unlike traditional Commercial Farm insurance, this new offering is specifically crafted for Hobby Farms—properties maintained primarily for sustainability and providing fresh, homegrown food for families rather than profit. This expansion offers comparisons for over 25 carriers nationally for livestock, equipment, structures, and more, making it easier for brokers to serve clients seeking tailored insurance solutions for their agro-business and self-sustaining lifestyle needs. Hobby Farms are distinct from Commercial Farms, as they are often family-run, smaller in scale, and not intended as a primary source of income. They reflect a growing interest in rural and agricultural lifestyles, particularly in regions like Ontario, where hobby Farming has become increasingly popular. QuickFacts’ new product line extends beyond standard Personal Lines insurance, offering customized protection that fills a crucial gap in the current insurance market. “Ontario has seen a substantial rise in Hobby Farming, and we recognized an unmet need for tailored insurance solutions in this space,” said Christy Barsalou, President and CEO...

The Global Vehicle Telematics Hardware Market: Berg Insight 0

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The Global Vehicle Telematics Hardware Market: Berg Insight

Gothenburg, Sweden (Dec. 13, 2024) – IoT analyst firm Berg Insight has published a new market report, The Global Vehicle Telematics Hardware Market – 3rd Edition, which covers both the aftermarket and OEM segments for passenger cars and commercial vehicles. This study provides you with 150 pages of unique business intelligence, including 5-year industry forecasts, expert commentary and real-life case studies on which to base your business decisions. Telematics is a broad term that may be applied to a wide range of vehicle connectivity solutions. Berg Insight’s definition of a telematics system in this report is an automatic system designed for passenger cars and commercial vehicles that incorporates some form of cellular/GNSS or RF communication technology. The connected car has been a major trend in the automotive industry for many years. All of the world’s leading carmakers have now launched mass-market connectivity services in key regions. The OEM initiatives can be seen as competition for aftermarket solutions, but there is still a growing demand for different forms of aftermarket telematics services. The addressable market for aftermarket telematics solutions is significant. At the end of 2022, an estimated 1.52 billion vehicles were registered worldwide. Berg Insight has found that 47.3 million...

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Public Nuisance Claims Denied by Ohio Supreme Court in Opioid Case

Article 0 Comments COLUMBUS, Ohio (AP) — The Ohio Supreme Court ruled last Tuesday that the state’s product liability law prohibits counties from bringing public nuisance claims against national pharmaceutical chains as they did as part of national opioid litigation, a decision that could overturn a against the pharmacies. An attorney for the counties called the decision “devastating.” Justices were largely unanimous in their interpretation of an arcane disagreement over the state law, which had emerged in a lawsuit brought by Lake and Trumbull counties outside Cleveland against CVS, Walgreens and Walmart. The counties won their initial lawsuit — and were awarded $650 million in damages by a federal judge in 2022 — but the pharmacies had disputed the court’s reading of the Ohio Product Liability Act, which they said protected them from such sanctions. In an opinion written by Justice Joseph Deters, the court found that Ohio state lawmakers intended the law to prevent “all common law product liability causes of action” — even if they don’t seek compensatory damages but merely “equitable relief” for the communities. “The plain language of the OPLA abrogates product-liability claims, including product-related public-nuisance claims seeking equitable relief,” he wrote. “We are constrained to...