THE POSSIBILITY of harmonizing insurance legislation for the four Atlantic provinces is still on the table, according to the chair of the Insurance Brokers Association of New Brunswick.
Jay Kimball, vp at GoToInsure in Saint John, told Thompson’s recently that harmonization there makes sense due to the relatively low populations of Nova Scotia, New Brunswick, P.E.I. and Newfoundland.
“The Financial and Consumer Commission and their counterparts in other provinces are looking at harmonization, so even the regulatory bodies realize that the four provinces aren’t huge,” he said.
He said it doesn’t make sense “to reinvent the wheel four times” when the combined population of Atlantic Canada is no more than 2.5 million.
Mr. Kimball said a study was conducted on the matter last year but he has yet to hear whether any plan will see the light of day.
It also remains to be seen whether the IBANB would be pleased with harmonization. “We would have to . . . see how the process works,” Mr. Kimball said.
“Everyone can get very protective (of the laws) if the harmonization is good for everyone and we don’t lose anything. “There is more appetite to buy into the process than if harmonization leads to some downsizing or tougher procedures.”
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