May 9, 2016 | News
A new standard Ontario automobile insurance policy will come into effect on June 1, 2016. The new standard includes reductions in coverage particularly as they relate to the Statutory Accident benefits (SAB) from the current auto policy.
This information is intended to assist brokers in the development and implementation of a plan for communicating with their clients about the Ontario Automobile Reforms. Further, it is designed to provide guidance on receiving and documenting client instructions relating to auto coverage in light of these reforms. Your clients are entitled to your advice on their options under the new standard auto policy. The presence of a clear and consistent approach toward communication and documentation will enable a broker to demonstrate, if asked, that meaningful steps were taken to service their clients in a conscientious and
diligent manner.
ILScorp will have brand new course on the Ontario Automobile Insurance Reforms 2016 available soon.
Highlights Summary
- A new standard automobile insurance policy will come into effect on June 1, 2016.
- The new standard includes reductions in coverage particularly as they relate to the Statutory Accident benefits (SAB) from the current auto policy.
- Brokers are specifically encouraged to make all reasonable efforts to advise their clients of these changes.
- As policies renew after June 1st, brokers should be prepared to review with their clients how the changes will impact them.
- Brokers should ensure client files accurately reflect discussions and instructions received.
Background
As part of the Provincial budget announced on April 23, 2015, the Ontario Government has issued a number of automobile insurance reforms that will become effective on June 1, 2016. Of particular interest to brokers are a new Statutory Accident Benefits Schedule – Effective June 1, 2016 (“new SABS”). There are a number of other changes to related Regulations which will also be summarized in this document. This best practices document will focus primarily on the impact of the SABS reforms.
HOW THE REFORMS MAY AFFECT YOUR AUTO CLIENTS
The new standard Ontario automobile policy, to be effective June 1, 2016, includes several significant changes from the current standard policy including provisions that will result in lower coverage for clients.
SUMMARY CHART
A Summary Chart of the most significant new policy changes that take effect on June 1, 2016, including the current policy provisions as well as consumer choices under the new policy, are set out below:
Most Significant Changes
On June 1, 2016, if a consumer is buying a new policy or renewing an existing one, brokers should be aware of the most significant changes to auto insurance:
Some important things to remember about these choices:
Medical, Rehabilitation and Attendant Care benefits for minor injuries are fixed at a maximum limit of $3,500.
If clients purchase both the additional Medical, Rehabilitation and Attendant Care benefit for catastrophic injuries and for all injuries, the total eligible benefit amount for a catastrophic impairment would be $3,000,000.
Other Optional Benefits
There are many other options available to purchase additional or increased benefits and coverages. The following chart lists some but not all of those and indicates if those options will change on June 1, 2016. Clients can also choose not to increase any benefit or coverage. Brokers should let clients know if they had previously purchased any optional benefits. A further review of documents is required as they may have changed.
NOTE: This information is a sample summary and should not be relied upon to be exhaustive. For complete information follow this link:
DOWNLOAD FULL ONTARIO AUTO REFORM DOCUMENT HERE
ILScorp will have brand new course on the Ontario Automobile Insurance Reforms 2016 available soon.
May 2, 2016 | News
A BC Insurance Professional’s Regulatory Responsibilities
Ensure you and your staff remain compliant with the Insurance Act and the Insurance Council of BC’s requirements.
In this three part course you will be guided through the regulatory responsibilities expected of an Insurance professional in the province of B.C. This course starts out with an introduction to the Acts, statutes, and regulatory bodies that are empowered to oversee the insurance industry in BC and briefly addresses privacy issues.
Lesson 2 moves into the Rules that the Insurance Council of British Columbia has implemented in order to provide the administrative structure for provincial brokers and adjusters. These rules include licensing, educational requirements, individual responsibilities, the complaints process and disciple procedures.
Lesson three completes the course with a detailed look into the Council Code of Conduct and recent disciplinary rulings. Each lesson includes an exam to ensure the required level of comprehension has been met.
View Course
Credit Hours: 3 – BC ONLY
Credit Type: General/Adjuster – Life/A&S
Included as part of the ILScorp General Insurance CE Subscription
Included as part of the ILScorp Adjuster CE Subscription
Included as part of the ILScorp Life/A&S Insurance CE Subscription
Please note: this is NOT the mandatory “BC Council Rules Course” for BC individuals who obtain an insurance licence on or after March 1, 2016.
However, to ensure compliance with the Insurance Act and the Insurance Council of BC’s requirements, it is highly recommended this training be completed by all BC licensees.
Apr 19, 2016 | News
Recently we asked our subscribers one simple question…. What would you like to Learn?
Your answers have been coming in steadily and your feedback has been exceedingly valuable to ILScorp!
The polls are close with “Client Needs Analysis” and “Rating, Underwriting and Claims” sitting tied for top spot on the survey, with “Risk Management Principles” trailing close behind.
Here’s a quick snap shot of where the results are at this morning.
If you haven’t completed our quick “What do you want to learn Survey” yet, now is your chance. Simply click on the link below to start the short survey.
All individuals who complete the survey will be entered to win a free CE subscription!
TAKE SURVEY
Winners will be contacted via email. No refunds or cash value. If you currently have a CE subscription you may use your winning subscription for your following renewal period. Contest ends May 1, 2016. Three winners will be awarded CE Subscriptions.
Apr 11, 2016 | News
We know you love to learn new things, and we love to make your learning and CE Fast and Easy!
While we continue to research, write and create courses here at ILScorp, we’d love to get some feedback from YOU (and we’ll send a few of you some surprise CE subscriptions for filling out our survey!)
Just one simple question…
TAKE SURVEY
Winners will be contacted via email. No refunds or cash value. If you currently have a CE subscription you may use your winning subscription for your following renewal period. Contest ends May 1, 2016. Three winners will be awarded ILScorp CE Subscriptions.
Apr 4, 2016 | News
Insurance Council of British Columbia, 2016 Annual Filing Forms Are Now Available ONLINE
Annual filings are due on or before the close of business Wednesday, June 1, 2016. The filing fee is $120.00. The BC Insurance Council will accept cash, cheque, or money order, in Canadian Funds only. Post-dated cheques are not accepted.
Continuing education (“CE”) requirements can be found on Council’s website under Continuing Education, and ILScorp’s website under the Resource Center. Please read these requirements carefully as full CE credits must be met, even for partial licence years. Also, both active and inactive licences, require completion of full CE credits.
You are not required to attach proof of CE to your annual filing, however, you must retain this information for a period of five years.
The first filing date for licences issued with effective dates of March 1, 2016 to May 31, 2016 is June 1, 2017.
Double CE will be required prior to June 1, 2017 (to cover the licence periods from effective date to May 31, 2016 and from June 1, 2016 to May 31, 2017).
Need CE? View ILScorp’s subscriptions of online continuing education courses.
CE COURSE SUBSCRIPTIONS
Annual filing forms are now available on Council’s website. To generate your filing form, navigate to the Search Licensees section of the site and search for your licence. On your licence information page, click the Print Annual Filing button. Your filing form will be automatically generated. Simply print the form and attach it to your payment. Your signature is not required.
The Search Licensees page can be found here: www.insurancecouncilofbc.com/publicweb/SearchLicensee.aspx
For general information, forms, and Council publications go to: www.insurancecouncilofbc.com
Mar 31, 2016 | News
New courses added to your ILS General CE and ILS Adjuster CE course subscriptions!
Introduction to Travel Insurance Coverages 6 Course Series is now available to all ILS General and ILS Adjuster Subscribers.
These 6 courses are 2 CE credit hours each, accredited in BC, Alberta, Saskatchewan, Manitoba and Ontario.
Included as part of the ILScorp General Insurance CE Subscription
Included as part of the ILScorp Adjuster CE Subscription
VIEW COURSES
TRAVEL COURSES:
Introduction to Travel Insurance Other Benefits Coverage
Introduction to Travel Insurance Assistance Services Coverage
Introduction to Travel Insurance Loss or Delay Protection Coverage
Introduction to Travel Insurance Life and Body Protection Coverage
Introduction to Travel Insurance Medical and Dental Coverage
Introduction to Travel Insurance Trip Protection Coverage
Feature course:
Introduction to Travel Insurance Assistance Services Coverage.
The course provides an overview of the various forms of protection that fall under the heading of Travel Insurance Assistance Services Coverage.
Topics include:
- The need for insurance and travel insurance, along with an overview of its history and development over time.
- An overview of the common law duties associated with an insurance contract and the obligations that come with these.
- How the various Assistance Services minimize the financial risks of travel.
- A look at the benefits and limitations of the Global Assistance Hotline (24/7) Services Coverage provided, including the terms, conditions and examples of circumstances where it may prove beneficial.
- How Travel Medical Assistance benefits travelers, including examples of its use, and application of certain terms and conditions.
- The terms and conditions that apply specifically to Roadside Assistance Services along with examples of situations where it has protected travelers.
- The terms and conditions governing Concierge Services coverage, along with examples of situations where it can protect an insured traveler.
- How Business Assistance Services coverage aids business travellers, including examples of its use, and application of certain terms and conditions.
- A look at the benefits and limitations of Identity Theft Services, its terms, conditions.
- How Passport/Credit Card Services minimizes the financial and security risks of travel.
Credit Hours: 2
Credit Type: General/Adjuster – Technical
BC, AB, SK, MB, ON
Included as part of the ILScorp General Insurance CE Subscription
Included as part of the ILScorp Adjuster CE Subscription
Become an ILScorp group member to save even more
Credit Hours: 2
Credit Type: General/Adjuster – Technical
BC, AB, SK, MB, ON
