Regulators, insurers must focus on risks: OSFI

International regulators should narrow the focus of their mandates, while insurers must re-evaluate their use of modeling, according to the head of the Office of the Superintendent of Financial Institutions (OSFI). Speaking at the National Insurance Conference of Canada (NICC) in Ottawa, Superintendent Julie Dickson told a ballroom of C-suite professionals in the P&C space[…]

Goodman call seeks to allay advisor fears

The executive team of Dundee Corporation has moved quickly to allay the concerns of their advisors, holding a conference call in the wake of the announced sale of Dundee Bank to Scotiabank. Dundee president and CEO Ned Goodman, along with board member and heir apparent David Goodman and DundeeWealth executive vice-president David Whyte assured Dundee[…]

Victory for brokers: Reaction to Flaherty’s announcement

The federal government intends to stop Canada’s banks from using their online websites to sell insurance. The announcement—which was met with cheers, and a few jeers, across the country—came more than 18 weeks after the Office of the Superintendent of Financial Services (OSFI) gave banks the green-light to sell insurance online. Robert (Bob) King, a[…]

Brokers across the country react to online bank insurance selling

Brokers need to get active and get political in light of the recent ruling by the Office of the Superintendent of Financial Institutions (OSFI) on what constitutes a bank branch. In statements made on Wed. June 10, 2009, OFSI spokesperson Jean Paul Duval clarified that the Bank Act could not prevent banks selling insurance products[…]