Financial Sector Report

Financial Services Commission of Ontario

[financialsectorreport-blog]

Insurers to Face Hefty Goods and Services Tax (GST) Bill

Advisor

Canada’s insurance industry faces a $1-billion GST bill at the end of this month, thanks to new federal tax legislation that applies to financial services.

[financialsectorreport-blog]

Canadian Life and Health Insurance Association (CLHIA) Endorses Plan For National Database of Disciplinary Decisions

Investment Executive

The CLHIA is lauding the Financial Services Commission of Ontario's (FSCO) plan to create a national database of disciplinary decisions for the insurance industry, but worries about the possible side effects of its plans to combat auto insurance fraud.

[financialsectorreport-blog]

Why DSM-5 is Important to Employers

McCarthy Tetrault

DSM-5 is the “Diagnostic and Statistical Manual of Mental Disorders” as newly revised from the previous DSM-IV. It was formally introduced this week by the American Psychiatric Association and it becomes the authoritative source in North America for diagnosing mental disorders. DSM-5 will have an impact in the workplace.

[financialsectorreport-blog]

Foreign Exchange Settlement Risk

Office of the Superintendent of Financial Institutions (OSFI)

The advisory Settlement Risk in Foreign Exchange Transactions establishes expectations with respect to the management of foreign exchange settlement risk by banks, bank holding companies and trust and loan companies. This Advisory establishes OSFI‟s expectations regarding the management of foreign exchange settlement risk by banks, bank holding companies and trust and loan companies.

[financialsectorreport-blog]

Proposed Pilot Program First Outcome of Saskatchewan Government Insurance (SGI)'s Work with the Motorcycle Review Committee

Canadian Insurance Top Broker

SGI is looking to become one of the first insurance companies in the world to use telematics technology for motorcycles. The insurer has issued an Advance Contract Award Notice (ACAN) seeking a vendor to supply telematics technology for motorcycles for its planned pilot program.

[financialsectorreport-blog]

Saying ‘I Do’ to Wedding Insurance

Insurance Journal

Last year, Natalia Esparra, then 34 and a new bride, learned that something had gone wrong with her photographer’s memory card and that all of her wedding photos had disappeared. It was for people like Esparra that wedding insurance was created.