Positive Ways That COVID-19 May Change The Regulatory Environment (Canadian Underwriter)

Positive Ways That COVID-19 May Change The Regulatory Environment

  Thursday, March 26th, 2020 Source: Canadian Underwriter

The COVID-19 pandemic sweeping across the globe and here at home may help spur more permanent changes to insurance regulations regarding online transactions.

Last week, the government of British Columbia announced it would allow certain auto insurance transactions, such as vehicle insurance renewals, by phone and email.

Normally to complete an Insurance Corporation of B.C. (ICBC) Autoplan new policy or renewal, the insured is required to attend an ICBC agent’s office and personally sign the policy documents to receive the policy and decal. (In B.C., the annual registration and basic insurance policy are tied together).

The Ministry of Attorney General said in a release Mar. 18 that while there are no changes to driver’s licence renewals at this time, “ICBC is working actively on further options across the board to support customers and employees. ICBC also continues to work closely with brokers through a joint task force on additional online services, including a more permanent process for insurance renewals.”

Aly Kanji, president and CEO of InsureLine, told Canadian Underwriter Tuesday that the mandate of the task force is to determine which insurance transactions can be done online and how to conduct them. “The presumption is the proposed changes will then result in a change to the legislation and regulations in order to enable the new practice and process,” he said in an interview. The insurance regulations are 40 years old, Kanji added.

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