INSURANCE BUREAU OF CANADA/BUREAU D'ASSURANCE DU CANADA
Registration:
63
of
68
(2024-01-08
to
2024-02-28)
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
- Advocate for national auto theft strategy led by the federal government, in coordination with provincial and territorial partners, including: modern solutions to combat the theft of vehicles in (and illegal export of vehicles from) Canada, updated anti-theft standards in the Motor Vehicle Safety Regulations, Canada Border Services Agency vehicle inspection policy changes, and better information sharing.
- Climate Change Adaptation – development of a forthcoming national infrastructure strategy, modernization of disaster financial assistance arrangements, emergency preparedness and response and implementation of the National Adaptation Strategy; (Environment and Climate Change Canada, Natural Resources Canada, Infrastructure Canada, Transport Canada, Health Canada, Public Safety Canada)
- Flood issues - including the development of a National Flood Insurance Program (Public Safety Canada and Finance Canada) for Canadians in high-risk areas and 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. Guidelines B10, B13, B15; Guidelines E13, E21, E23).
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)