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    • Bureau taking aim at regulatory burden
        (Copyright Thompson’s World Insurance News
        Not to be redistributed by individual recipients.)
        An expanding regulatory burden is among the key issues for the industry identified by the president and ceo of the Insurance Bureau of Canada.
        At its annual meeting in Toronto, Don Forgeron noted the IBC asked PricewaterhouseCoopers to conduct a regulatory compliance survey of its members (Thompson’s , last week).
        It found Canada’s p&c insurers were required to pay regulators a total of $85m in 2008 for an array of regulatory charges and fees. As well, it found that 85% of the taxes insurers pay are not fixed to income.
        IBC will use the results of these surveys to show government the tax and regulatory burden facing Canada’s p&c insurers.
        Other key issues facing bureau members in the coming year include the ever-pressing need for auto reform, the growing problem of water damage, an onerous tax system and the insidious problem of insurance crime and auto theft.
        Mr. Forgeron noted the IBC has tackled the upcoming Ontario auto changes with meetings with members on what they mean and how to incorporate them when they take effect in September.
        The IBC is also looking to inform the government and consumers about how to adapt to severe weather so as to lessen its impact and costs.
        Mr. Forgeron said he is also speaking at the World Disaster Management Conference in Toronto in June.
        “IBC’s participation in these provincial and global events provides strong indication that we are taken seriously as an emergency preparedness partner.”
        More in our May 3, 2010 edition
        
    		 


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