INSURANCE BUREAU OF CANADA/BUREAU D'ASSURANCE DU CANADA
Registration:
53
of
68
(2022-11-16
to
2023-01-01)
Legislative Proposal, Bill or Resolution
- Submission on Innovation, Science and Economic Development Canada proposed reforms to modernize federal privacy legislation and implement Canada’s Digital Charter
Legislative Proposal, Bill or Resolution, Policies or Program, Regulation
- Financial sector policy and regulatory changes pursuant to the renegotiations of the United States-Mexico-Canada Agreement (USMCA), formerly North American Free Trade Agreement.
Legislative Proposal, Bill or Resolution, Regulation
- Developing a national approach for the deployment of connected and automated vehicles
Policies or Program
- Climate Change Adaptation -- national infrastructure and natural disaster mitigation strategy; (Natural Resources Canada, Infrastructure Canada, Transport Canada), with respect to the development of a risk assessment tool by Natural Resources Canada to help municipalities determine infrastructure that may be at risk due to age or inadequate size; with respect to the Infrastructure Stimulus Fund, requesting that attention be given to sewer and waste water renewal projects to help Canadian homes, businesses and communities adapt to climate change. This will assist Canadian insurers by providing a more stable claims environment on the issues of natural disasters in general, and water losses in particular.
- Flood issues - including flood mapping to inform government of the extent of flood risks and zones across the country, best estimates of property losses, recommendations for infrastructure investment
- National Coordination of provincial stolen and wrecked vehicle programs. (Transport Canada), with regard to allowing the exchange of information in order to prevent the fraudulent "re-VINing" of vehicles. This refers to the practice of changing the Vehicle Information Number (VIN) on a stolen or wrecked vehicle, thus facilitating its fraudulent re-sale.
- Raise awareness of the necessity for the federal government to be better prepared in the event of a major earthquake and proposed public-private partnership with the insurance industry to better protect Canadians
- Submission on Office of Privacy Commissioner of Canada consultation on proposed federal privacy legislation reforms to implement Canada’s Digital Charter
Policies or Program, Regulation
- Changes to the Minimum Capital Test (MCT) and solvency regulations.
Changes to the reinsurance framework.
Changes to other guidelines (i.e. Guideline B2, Guideline B3, Guideline E4A)
Changes to tax legislation related to IFRS 17 adoption
Regulation
- Implications of International Financial Reporting Standards (IFRS) 17 Insurance Contracts adoption in January 2023 on the accounting policies, tax policies and solvency regulation
- Participation in government consultation regarding vehicle safety standards for connected and automated vehicles
- Participation in government consultations with Transport Canada regarding insurance requirements for Unmanned Aircraft Systems (UAS)