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In January 2021, the Canadian Council of Insurance Regulators
(CCIR) released a paper outlining a number of issues to address
as connected and autonomous vehicles (CAVs) become increasingly
prevalent in the automobile sector.
The CCIR s paper contains the results of a small-scale
survey conducted across several government and industry
associations. The survey indicates that most respondents
acknowledge that CAVs will have a significant impact on automobile
insurance. A majority also agreed that CAVs posed at least some
risk to the industry. However, only half of survey respondents felt
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In 2020, there were numerous changes to regulation of the
insurance sector in Canada, both in response to COVID-19 and in
keeping with regulators long-term plans. This article provides
a recap of some of the major changes that insurance companies and
other industry participants should keep in mind in 2021.
1. REGULATORY CHANGES
Saskatchewan s New Insurance
Legislation
The Insurance Act (Saskatchewan) and its
regulations came into force on January 1, 2020. The new Act created
new licensing categories, new rules regarding fair and unfair
practices, and rules regarding self-evaluative audits.