Travel insurance is needed for domestic excursions outside of your home province, and drug prices could climb higher (if the drugs are available at all) in response to U.S. executive orders signed in May.
What’s new, my friends?
A few dispatches from insurance land that you might want to know about include the need for travel insurance, even when you’re travelling within Canada, and U.S. drug policy which could affect the availability of your drugs going forward.
Some highlights:
- Agents from other provinces who want to work in Ontario may benefit from new rules, fast-tracking licensing processes for those already licensed in their home jurisdiction.
- A lot of Canadians are travelling domestically. Many don’t realize there are still medical costs they will need to absorb if they’re hospitalized or require medical care outside of their home province.
- Drug policy in the U.S. – a May 2025 executive order could result in massively increased drug prices, if the drugs are available in Canada at all going forward, according to research from the C.D. Howe Institute.
I was also asked to put together a quick primer on the First Home Savings Account (FHSA), though you’ll need a subscription to see that one (PRO). Alberta insurers are also being warned to stop treating customers as new clients (charging them higher premiums and/or providing more restrictive coverage) when their brokers are no longer contracted to work with the insurers providing their auto insurance.
Insurers are being encouraged to get more involved in the cyber insurance market.
And finally, for those frustrated with the ridiculous amount of time it takes to move assets from one institution to the next, the Canadian Investment Regulatory Organization (CIRO) has proposed a solution in a relatively recent whitepaper on improving account transfer timelines.
Would you like to see similar news tracking for your own company or industry? We’d be happy to have your back – get in touch! We’d be delighted to hear from you.
Hope you’re all enjoying your summer!
Best,
Kate
