2018 marks a year of reinvigoration for the Saskatchewan Young Brokers Network (YBN), and big changes are on the horizon! To help ensure we have a strong leadership team to shepherd us through the process, the YBN is recruiting 2-3 new Executive Committee members for a (minimum) two-year term, beginning August 1, 2018. You must be a licensed broker under the age of 40 to be eligible. For more information, or to express interest, contact YBN President Alyssa Taksas at firstname.lastname@example.org no later than Wednesday, July 18.
Thank you to the 130-plus golfers and sponsors who came out for the 2018 IBAS Golf Tournament, which was held June 19 at the Willows Golf and Country Club in Saskatoon. This year’s trophy — presented by Midwest Claims Services — went to the team of Les Fedorak, Gail Fedorak, Zac Fedorak, and Wilf Penner. $1,670 was raised for the Saskatchewan branch of the MS Society of Canada.
The Broker Identity Program (BIP) — with its well-known BIPPER logo — is central to advancing recognition for the insurance broker profession and enhancing the reputation of brokers across Saskatchewan and beyond.
After more than 25 years, the Insurance Brokers Association of Canada (IBAC) board of directors voted at its May meeting to modernize this important symbol for today’s changing landscape. While you will certainly recognize the new logo and the familiar magenta colour scheme, you will also see that it has been simplified to resonate better with consumers in the digital environment.
The updated BIPPER is dynamic, confident, and contemporary — just like the 1,600-plus licensed brokers IBAS represents province-wide. We look forward to joining IBAC as it unveils the new logo this fall as part of an exciting national online and television campaign.
In the meantime, if you are planning an office renovation, or are simply printing promotional materials, we suggest you wait until the new BIPPER is ready to launch. IBAC is currently in the process of developing a full suite of marketing tools that will be made available to you on the BIPPER Toolbox beginning in October.
Representatives from both IBAS and the Saskatchewan Young Brokers Network (YBN) were in Ottawa on Tuesday, May 29, for the annual Insurance Brokers Association of Canada (IBAC) Parliament Hill Day. In total, the national delegation met with more than 120 members of parliament, senators, and senior bureaucrats. The Saskatchewan contingent — which consisted of Derek Lothian (IBAS CEO), Sheldon Wasylenko (IBAS and IBAC board director), Tracy Rogoza (IBAS board director and IBAC board observer), Alyssa Taksas (YBN President), and Jaycee Turtle (YBN Past President) — participated in close to a dozen meetings, including with Hon. Ralph Goodale and Andrew Scheer, leader of the official opposition. Topics of discussion included the statutory review of the Bank Act, overland flooding and wildfires, as well as cannabis legalization.
A capacity crowd of more than 100 insurance brokers, insurer representatives, policymakers, and industry stakeholders converged on Regina May 15 for the 2018 IBAS Industry Dinner, presented by MNP. Former Premier of Manitoba and Canada’s 23rd Ambassador to the United States, Gary Doer, delivered the keynote address, focusing on the state of cross-border trade. Premier Scott Moe, meanwhile, brought greetings on behalf of the Government of Saskatchewan and his several cabinet colleagues in attendance.
Registration is now open for the 2018 IBAS Golf Tournament, Tuesday, June 19, at the Willows Golf & Country Club in Saskatoon. Click here to learn more or to reserve your spot.
At its March meeting, the IBAS board of directors approved the creation of a special Extended Auto Advisory Committee to inform and guide the association’s services and advocacy activities related to the future of extended auto insurance in Saskatchewan.
Specifically, the committee will be tasked with providing recommendations on policy positions directly related to:
- Increasing the uptake of Saskatchewan drivers with liability coverage greater than $200,000;
- Deductibles, liability limits, coverages, and transaction processes of basic plate insurance;
- The establishment of ‘ideal’ benchmarks and standards for automotive insurance coverage; and
- The availability and adequacy of extended auto coverages.
The committee will also be asked to help steer the direction of other IBAS initiatives to support the advancement of the association’s policy positions, including but not limited to:
- Technology tools and partnerships;
- Public and industry promotion;
- Communications; and
We are still looking for 3-5 additional brokers to volunteer to join this important committee. At least two individuals must be from outside Regina and Saskatchewan. For more information, or to express interest, please contact IBAS CEO Derek Lothian at email@example.com.
More than 100 brokers, underwriters, adjusters, and other industry stakeholders converged on Saskatoon this past Thursday, April 12, for the first-ever Saskatchewan Summit of Young Insurance Professionals.
The full-day event featured two panel discussions, as well as presentations from: IBAC Board President Scott Treasure; Tyler Willox, the youngest chairperson in Regina & District Chamber of Commerce history; global social media influencer Michaela Alexis; Prairie Proud Founder Cole Thorpe; and Jaqueline Gallagher, vice president of Saskatchewan and B.C. with the David Aplin Group.
Attendees also raised more than $1,240 through the event’s 50/50 draw — the proceeds from which will go to support the victims and their families of the Humboldt Broncos tragedy.
As you know, in the 2017-18 budget, the Government of Saskatchewan removed a longstanding exemption to the application of the Provincial Sales Tax (PST) on insurance premiums, which came into effect on August 1, 2017.
During the Saskatchewan Party leadership campaign that followed, however, then-candidate and now-Premier Scott Moe vowed to reverse the repeal on life, health, and certain agricultural coverages, retroactive to the time of enforcement.
The team at IBAS has been working closely alongside Ministry of Finance officials over the past several weeks to finalize the details with respect to what specific policies will be subject to PST going forward and how the reimbursement process will be facilitated.
This past Friday, in response to these consultations, the Province released three important documents:
- Information Bulletin: Information for Vendors of Insurance Contracts;
- Information Notice: PST Insurance Exemptions; and
- Information Notice: PST Refunds on Insurance Premiums.
While IBAS highly recommends all brokers and brokerage offices take the necessary time to review these documents in detail, there are a few key highlights to note:
- The PST no longer applies to insurance premiums for the following types of insurance contracts: Individual and group life insurance; individual and group health, disability, accident, and sickness insurance; as well as crop and livestock insurance, hail insurance, and margin/income insurance.
- When an insurance contract or policy includes both taxable and tax-exempt coverages, the value of the taxable and tax-exempt components must be listed and identified separately in the insurance contract with PST applied to the taxable portions. If these amounts are not shown separately in the contract or on the invoices issued pursuant to that contract, with tax applied to the taxable portions, PST applies to the total premium charged to the customer.
- PST collected on any tax-exempt policies must be refunded or credited to customers’ accounts by June 30, 2018. The party that collected and remitted the PST is responsible for calculating and processing the refund payable. That party must then submit a claim for reimbursement to the Ministry of Finance. Again, please note there is no credit or refund of PST paid on insurance policies that include both taxable and tax-exempt coverages when the taxable and tax-exempt coverage values are not listed and identified separately in the contract of insurance.
If you have any questions related to this matter, please contact the appropriate Ministry of Finance official outlined in the accompanying documents. Alternatively, if you have additional questions or feedback, please don’t hesitate to reach out to directly to IBAS CEO Derek Lothian at (306) 380-3765 or firstname.lastname@example.org.
SGI CANADA recently announced it has joined the Toronto Insurance Conference’s (TIC) project on real-time data integration between insurers and brokers.
This proof-of-concept, announced in January and entitled The D/X Initiative, focuses on communicating claims information for both commercial and personal lines clients. It follows the nationally-endorsed Insurance Brokers’ Association of Canada Data Exchange (D/X) principles, which use established industry data standards and no surplus middleware or data translation layer.
“Our claims software is different from that of the other insurers involved in this project,” says Dawn Bloom, executive vice-president and chief digital and information officer at SGI CANADA. “We plan to demonstrate how communication can be seamless and interoperable, regardless of the system, if the D/X principles are followed.”
These principles are essential to deriving maximum time, accuracy, and cost saving advantages from already-existing technology, for the benefit of all industry stakeholders, including insurers, brokers, and, most importantly, customers.
More details about The D/X Initiative can be found at www.ticonf.com.