SPRUNG SPRING HAS And so has the season for flood claims, political jockeying, and wide-eyed optimism

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SPRUNG SPRING HAS And so has the season for flood claims, political jockeying, and wide-eyed optimism
SPRING                   HAS

                                        SPRUNG
                                        And so has the season for
                                        flood claims, political jockeying,
                                        and wide-eyed optimism
Publications mail agreement #43155015

                                                                                             www.ibas.ca
                                                                             Volume 1, Issue 1 | May 2019
SPRUNG SPRING HAS And so has the season for flood claims, political jockeying, and wide-eyed optimism
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SPRUNG SPRING HAS And so has the season for flood claims, political jockeying, and wide-eyed optimism
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SPRUNG SPRING HAS And so has the season for flood claims, political jockeying, and wide-eyed optimism
INSURANCE BROKERS
                                                                                                                     ASSOCIATION OF SASKATCHEWAN

                                                                                                                        2631 – 28th Avenue, Suite 305
                                                                                                                            Regina SK S4S 6X3
                                                                                                                           Phone: 306-525-5900
                                                                                                                               www.ibas.ca

                                                                                                                               Derek Lothian
                                                                                                                             President & CEO
                                                                                                                              306-525-4075
                                                                                                                          derek.lothian@ibas.ca

                                                                                                               2018-2019 BOARD OF DIRECTORS
    IN THIS ISSUE
                                                                                                                     Dave Pettigrew (Chair)
                                                                                                                   Harvard Western Insurance

            Get ready for The Insurance Act                                                                         Jayne Gorrill (Vice Chair)
                                                                                                                   Hoffmann Kool Insurance
            Well, it’s been a long time coming. But as of January 1, 2020, five years after
            first being passed by policymakers, Saskatchewan’s insurance sector will be                     Peter Bennett (Secretary-Treasurer)
                                                                                                             Saskatoon Insurance Agencies
            officially governed by new legislation: The Insurance Act. We take a look at
            what’s changing, what it means for your brokerage, and what you need to do to                             Tracy Archer

    26      maintain compliance.                                                                                 Knight Archer Insurance

                                                                                                                    Sarah Edwards
                                                                                                                  Aberdeen Agencies
            Extended Auto Advisory Committee releases recommendations
            Only half of Saskatchewan drivers carry more than the $200,000 in minimum                            Chad Parenteau
                                                                                                               W.W. Smith Insurance
            third-party liability coverage that comes standard with licence plates,
            leaving many individuals and families exposed to unnecessary financial                                Dave Reidy
            risk. Now, after a year of consultation, research, and discussion, IBAS has                       Henderson Insurance

    32      introduced a plan to bridge the gap.
                                                                                                               Nicole Korpusik
                                                                                                              Norquay Agencies

            In the hot seat                                                                             Jaycee Turtle (YBN Observer)
                                                                                                            Lakeview Insurance
            Every spring, the IBAS board of directors meets with executives from the
            leading insurance companies operating in the province to learn more                        PUBLICATION CONTACTS
            about their business strategies and discuss issues that matter to broker
                                                                                                         For editorial inquiries:
            members. In preparation for these meetings, we posed three questions to
                                                                                                               Krista Clark
    39      each company — and are sharing their responses with you.                                              Editor
                                                                                                             306-525-4078
                                                                                                         krista.clark@ibas.ca

                                                                                                   For advertising inquiries:
    Regular Features                                                                                   1-877-880-3392
                                                                                                  ronda@rlmediaservices.ca

                                                                                               Published and designed by
     8     In Camera with IBAS Board Chair Dave Pettigrew
           Your priorities are our priorities                                                      RL Media Services

                                                                                            © Copyright 2019, RL Media Services.

    12     Carrier’s Perspective                                                           All rights reserved. The contents of this
                                                                                         publication may not be reproduced by any
           Doubling down on the broker channel                                           means, in whole or in part, without prior
                                                                                            written consent of the publisher.

    16     National Priorities
           The devil is in the details                                                      Publications mail agreement
                                                                                                    #43155015

    20     CEO’s Notebook
           Here’s (some of) what we’re working on
                                                                                     Return undeliverable Canadian copies
                                                                                    to the IBAS office via the address above.

                                                                                   While every effort has been made to ensure the
    24     Events Spotlight                                                        accuracy of the information contained in and
                                                                                  the reliability of the source, the publisher in no
                                                                                  way guarantees nor warrants the information
                                                                                   and is not responsible for errors, omissions
    58    Classifieds                                                             or statements made by advertisers. Opinions
                                                                                 and recommendations made by contributors
                                                                                or advertisers are not necessarily those of the
4   SaskBroker Magazine | May 2019                                              publisher, its directors, officers, or employees.
SPRUNG SPRING HAS And so has the season for flood claims, political jockeying, and wide-eyed optimism
SPRUNG SPRING HAS And so has the season for flood claims, political jockeying, and wide-eyed optimism
2019 IBAS Community Leadership Award
Call for Nominations

I
   nsurance brokers are woven into the very social and economic fabric of
   Saskatchewan. They are the heartbeat of our communities, large and small
   — champions for civic engagement, generous supporters of local causes,
   and compassionate business leaders, who go the extra mile to provide their
neighbours with an unparalleled level of service and support. As an industry, it is
imperative we celebrate these positive impacts.
    That’s why IBAS — in partnership with Saskatchewan Blue Cross — is launching
the Community Leadership Award. This award, to be presented for the first time at
the 2019 IBAS Convention Chair’s Banquet (Friday, October 18), will recognize the
outstanding contributions of one broker or brokerage that has went above and
beyond to make a difference in their respective community. These contributions may
be made through volunteerism, participation in or leadership of key local initiatives,
philanthropy, or other means of involvement.

Nominations close Friday, September 13, 2019. Self-nominations are encouraged.

Submit your nomination at www.ibas2019.ca/award.

Eligibility & Selection
      • Eligible nominees include: Insurance brokers
        (currently licensed or previously licensed for a
        consecutive period of at least 20 years), brokerage
        principals, or brokerage businesses operating in
        Saskatchewan as of the date of nomination.
      • Nominations must include a maximum 500-word
        submission outlining the nominee’s relevant
        community involvement and contributions (as well
        as outcomes, if applicable), and a brief explanation of
        why they should receive this award.
      • The recipient shall be chosen by a three-person
        panel consisting of: One former IBAS board chair (or
        president), one representative from Saskatchewan
        Blue Cross, and one non-industry representative to be
        selected by IBAS management.

6      SaskBroker Magazine | May 2019
SPRUNG SPRING HAS And so has the season for flood claims, political jockeying, and wide-eyed optimism
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SPRUNG SPRING HAS And so has the season for flood claims, political jockeying, and wide-eyed optimism
In camera
with IBAS Board Chair Dave Pettigrew

Your priorities
are our priorities
By Dave Pettigrew, President & CEO, Harvard Western Insurance

S
         pring is often regarded as a                   we accomplish that, however, is the        by promoting insurance as a first-
         time for renewal — a new year,                 million-dollar question, and the answer    choice career pathway. This is the
         with new resolutions and an                    must change with the realities of the      pillar you will hopefully see the most
         optimistic outlook on what lies                marketplace.                               progress in over the coming year.
ahead. In many ways, it is the season for                   As an association, there are three     From launching new CE courses to
improvement.                                            fundamental things we do on behalf of      rolling out the Saskatchewan Insurance
    At IBAS, we’ve embraced spring                      our members.                               Workforce Development Coalition,
as an opportunity to sharpen our                            First off, we connect you to insight   IBAS recognizes — and is responding
focus on how we provide value and                       and support, offering you access to the    to — this call to action that was clearly
engage our members. The relaunch of                     information and resources you need         articulated by members in our 2018
SaskBroker Magazine is emblematic of                    to make better business decisions.         Broker Issues Survey.
that commitment — not in rebranding                     Strengthening this area was the                And, third, we champion your
the same product, but in redefining the                 underlying reason for the overhaul of      interests. Perhaps above all else, it is
product, the package, and the delivery                  this magazine. Adding new events,          our role to be the unifying, trusted,
model altogether.                                       such as the Broker Insights Roundtable     and influential voice of Saskatchewan
    The IBAS board has put a lot                        Series (which launched in February)        insurance brokers with government,
of thought recently into why the                        and Saskatchewan Summit of Young           regulators, carriers, consumers, and
organization does what it does. Why                     Insurance Professionals (the second        other industry stakeholders. IBAS has
does IBAS exist? What are we here to                    annual iteration of which was held on      taken this responsibility to heart, and
accomplish? And, do our members’                        April 4), were also deliberate steps in    that has been demonstrated in some
expectations align with our current                     that direction. The next phase is to       of the exciting new initiatives that
priorities?                                             evolve our member services portfolio       have either recently happened or are
    While there have been many                          beyond our E&O, Consumer Protection        ongoing — the Extended Auto Advisory
variations to our ‘mission’ and ‘vision’                Fund, and broker website programs.         Committee (Page 32), quarterly
over the years, the overarching purpose                     Secondly, we build the broker          advocacy teleconferences, and
has, I think, remained largely the same:                force. In other words: We work to          Insurance Broker Day at the Legislature
Our mandate is to ensure Saskatchewan                   ensure you have access to the skilled      (Page 24), to name a few.
brokers are recognized as the most                      labour necessary to compete and                Keep in mind that, collectively,
trusted, knowledgeable, and consumer-                   grow — through education, ongoing          these are lofty goals for any sized
focused distributors of insurance. How                  professional development, as well as       organization, not to mention IBAS’s

“Our mandate is to ensure Saskatchewan brokers are recognized as the most trusted,
knowledgeable, and consumer-focused distributors of insurance. How we accomplish that,
however, is the million-dollar question, and the answer must change with the realities of
the marketplace.”

8       SaskBroker Magazine | May 2019
SPRUNG SPRING HAS And so has the season for flood claims, political jockeying, and wide-eyed optimism
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SPRUNG SPRING HAS And so has the season for flood claims, political jockeying, and wide-eyed optimism
“As an industry, we only grow when those around us grow.”

small staff. Under the leadership of         of our ethos, it has really become         files: Providing input to the new
our CEO Derek Lothian, the IBAS team         ingrained in our identity and our          Saskatchewan growth plan, workforce
has made incredible strides over the         place in the overall economic and          and skills development, federal
past year-and-a-half. But progress           social picture of Saskatchewan. As an      advocacy, and PST on construction
requires a sustained effort. So, as we       industry, we only grow when those          services. Stay tuned to future issues of
move forward, it is imperative members       around us grow.                            SaskBroker Magazine for updates as the
continue to support the association              That’s why, this past January,         council rolls up its sleeves.
wherever possible. Join a committee.         IBAS was proud to help found the               Undertakings such as this illustrate
Consider allowing your name to stand         Saskatchewan Business Council. Now         how important collaboration will be to
for nomination to the IBAS board of          comprised of more than 20 industry         our future success — as a province and
directors. Indenture your employees in       associations and business support          as an association. We need you, and
IBAS training and events. Every little bit   groups, this unique coalition has come     your input, more now than ever before.
counts.                                      together to promote the positive           Member value starts with member
    Finally, I wanted to take a quick        contributions of Saskatchewan              engagement.
moment to highlight an emerging              businesses, and to proactively
‘fourth pillar’ IBAS has begun to            advocate on common issues that             Dave Pettigrew is the president and CEO
embrace: Business community                  enhance the competitiveness of the         of Harvard Western Insurance and is
leadership. Although it has not              province’s business climate. Initially,    serving his first term as chair of the IBAS
historically fallen within the scope         the council has identified four priority   board of directors.

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Carrier’s Perspective

Doubling down on
the broker channel
Wawanesa’s Carol Jardine chats with us
on technology, market trends, and the
benefits of being a mutual
By SaskBroker Magazine Staff

F
       or our first iteration of Carrier’s   rates to keep up with the rising cost of
       Perspective, we sat down with         claims.
       Carol Jardine, president of               Our customers are being impacted,         “As a mutual insurer, we
       Canadian P&C operations with          and insurers and brokers are working          take the long view. We
Wawanesa Insurance, to discuss her           together to help Canadians better
company’s competitive position in            understand why their premiums are             look at decades — not
the Saskatchewan marketplace. Our            going up. This includes educating             fiscal quarters — and are
questions appear in blue, followed by        customers on all the new insurance            in this market for the next
Jardine’s responses in regular text.         products that are available, as well as
                                             what preventative actions they can take
                                                                                           100 years to provide the
What is your general perspective on the      to protect their property from severe         underwriting capacity our
Saskatchewan insurance market?               weather events and reduce their risk of       brokers need at a price
                                             damage.
    As a Western Canadian mutual                                                           that allows us to break
insurer founded in Manitoba, the
Prairies are part of our roots, and          What is driving rate increases across         even. We are committed
Saskatchewan is integral to who we are.      Canada?                                       to this, irrespective of
We have been building relationships               While I can’t comment specifically       other insurers who have
here with brokerages of every size           on Saskatchewan auto insurance, as
and scale for generations. We are
                                                                                           left the province or may be
                                             we do not compete with the province’s
committed to supporting the growth           public insurer, nationwide, rates are         contemplating retreating
of the Saskatchewan marketplace and          being impacted due to the rising cost of      from the Saskatchewan
continuing our strong partnerships with
independent brokers who share our
                                             vehicle repair and injury recovery.           market.”
                                                  The increased frequency of extreme
commitment to service and community.         weather events is clearly impacting
When we look at Saskatchewan, we             us all, too. Smaller and more frequent
see lots of opportunities — for us, and                                                 ensuring that our customers understand
                                             severe weather contributed to $2
for our brokers. But, even so, there are                                                the value of their insurance policies, and
                                             billion of total catastrophes in Canada
challenges ahead for all of us.                                                         that the premium impact is minimized,
                                             in 2018. Last year alone, summer
                                                                                        fair, and transparent. We don’t take
                                             storms across the Prairies caused
Challenges such as?                                                                     lightly the effect rising premiums have
                                             more than $240 million in insured
                                             damage. The conversation regarding         on our policyholders and we’re working
    Market conditions in the Canadian
industry have become more challenging        climate adaptation and disaster risk       hard to spend their premium dollars
of late. Brokers across the country          management is at an all-time high. This    carefully.
are telling us they are facing reduced       is our new normal — not ‘one in 100-            As a mutual insurer, we take the
underwriting capacity, and we know           year events.’                              long view. We look at decades — not
underwriters — including ours at                  The challenge we have as an insurer   fiscal quarters — and are in this market
Wawanesa — are having to increase            is to manage these rising costs while      for the next 100 years to provide the

12      SaskBroker Magazine | May 2019
Our Light
                      Our Light
                          is Always On
                          is Always On

        WWW.LAKEVIEWINSURANCE.COM
        WWW.LAKEVIEWINSURANCE.COM
       PERSONAL & HOME | COMMERCIAL | AGRICULTURE | CHURCH & CHARITY

       PERSONAL & HOME | COMMERCIAL | AGRICULTURE | CHURCH & CHARITY
           679 Pembina
     117 Centennial Drive N. Hwy.                 info@lakeviewwinnipeg.com
                                        207 2nd Avenue                679 Pembina Hwy.
    Martensville, SK S0K 2T0        Blaine Lake, SK S0J 0J0         Winnipeg, MB R3M 2L6
           Winnipeg,
           679 Pembina     MBHwy.
info@lakeviewmartensville.com
                              R3M   2L6           Phone:
                                 info@lakeviewblainelake.com
                                                            204-453-0106
                                                  info@lakeviewwinnipeg.com
                                                                 info@lakeviewwinnipeg.com
     Phone: (306) 931-2888           Phone: (306) 497-2695           Phone: 204-453-0106
         Winnipeg, MB R3M 2L6                  Phone: 204-453-0106
underwriting capacity our brokers need      province would find it hard to reach the     more competitive and customer-
at a price that allows us to break even.    scale required to justify the investment     responsive, and if we can provide
We are committed to this, irrespective      to do so.                                    technology-enabled solutions to free up
of other insurers who have left the                                                      time for brokers to provide expert advice
province or may be contemplating            Your broker strategy has recently gone       to their clients, then everyone wins.
retreating from the Saskatchewan            through significant change. Why?             We believe that Canadians want and
market.                                         We’ve doubled down on brokers.           need independent, expert advice from
                                            We’ve transferred our direct distribution    brokers — especially those who have
Is there enough competition in the          customers in Quebec to a group of            embraced digital ways of interacting and
market today?                               independent insurance brokers and are        are seeking a convenient experience.
     Well, the government insurer in        no longer selling any products direct to         A huge part of our technology focus
Saskatchewan is our main competitor in      consumers. Wawanesa is now the largest       last year was introducing Guidewire
P&C and has a major role in influencing     P&C insurer in Canada solely committed       InsuranceSuite — an integrated policy
competition and choice — especially         to and focused on the independent            administration, rating, and billing
when SGI is the only government insurer     broker channel.                              system — to Saskatchewan brokers.
in Canada that both competes in P&C             Our research tells us that customers     We also launched BluePass, our new
and supplies mandatory automobile           want advice from professionals in            broker entry portal. Next up will be BMS
insurance. It is not easy to compete        their community that they trust. They        integration, which will enable seamless
against a government insurer. They have     may research insurance online, but,          real-time policy transactions between us
access to every broker office and provide   ultimately, they turn to an insurance        and our brokers.
a system that brokers use as agents of      broker for advice on the protection of
SGI every day.                              their greatest assets — their home, their    What about product innovation for the
     Let me, though, be clear: We are       car, and their businesses. We believe that   Saskatchewan market?
comfortable with competition. We            brokerages who share our hometown                That’s another key focus of our
operate in provinces with more than         values and are prepared to invest in         partnering strategy.
200 insurance companies competing           their businesses to meet the service             Our new commercial farm product
against us every day. And Wawanesa          expectations of the modern insurance         — Agricultural Select — launched last
is investing more than ever to be a         consumer will survive and thrive.            November. It is our first flexible and
stronger competitor. But here’s a caution                                                comprehensive insurance product
for Saskatchewan brokers: Too much          How important is technology in your          built for large-scale grain, oilseed, and
reliance on any one insurer is not good     Saskatchewan broker strategy?                produce operations.
for you, or for your customers. Without        It’s critical. We are increasing              We have introduced a personal cyber
strategic support for other insurers,       our investments in digital tools and         policy that protects customers from the
Saskatchewan brokers risk becoming          capabilities with the broker value           fallout of cyber attack, cyber extortion,
agents, and insurers who would              proposition in mind. Our view is if we       online fraud, or data breach — it’s not
otherwise be interested in writing in the   can help brokers ‘go digital’ and become     just businesses that face these risks.

14     SaskBroker Magazine | May 2019
We also recently launched a personal
      umbrella policy to the Saskatchewan                 “But the biggest strategic issue that is changing our industry — in a
      market and our brokers in this province.
                                                          very positive way — is rising customer expectations for value, service,
      What other trends are shaping                       and corporate social responsibility. This requires us to work together to
      Wawanesa’s strategy?                                modernize and significantly improve how customers view insurance and
          Right now, our Canadian P&C                     the benefits we provide when they need us the most.”
      business is deep into a transformation
      process. Our evolution is about more
      than a strong balance sheet and strong
      relationships — although these are                  But the biggest strategic issue that      decade. Transacting in a seamless way
      core elements of our strategy. It’s about       is changing our industry — in a very          with customers, with correct quoting,
      navigating the next 100 years as a              positive way — is rising customer             renewal, and billing information
      mutual on the Prairies.                         expectations for value, service, and          straight through to an insurer’s system,
          We are becoming an innovative               corporate social responsibility. This         is already possible today.
      insurance company, streamlining                 requires us to work together to                   Customers have simple questions at
      and automating as much as we                    modernize and significantly improve           odd hours, and they have clearly told
      can to operate more efficiently and             how customers view insurance and the          us that they want 24/7 direct access to
      effectively for our brokers and our             benefits we provide when they need            their information. Right now, it may be
      policyholders. What’s exciting to see are       us the most. As a mutual, we have no          through a website and unique sign-on,
      the partnerships we have created not            shareholders demanding larger profits,        but we’re moving quickly into different
      only with some great insurtech startups         so we are really able to hone in on the       application programming interfaces
      in our Innovation Lab and Outpost,              needs of our policyholders, who are our       (APIs) that will allow customers —
      but also with the new breed of digital          owners.                                       through their brokers’ websites — to
      brokers. These brokers are embracing                                                          look at their policy documents, check
      technology and are using it to attract          What do these changes and trends              when their payment is due, or maybe
      those consumers who live in our digital         mean for brokers?                             search for the status of their claim.
      world. Wawanesa continues to actively               It means that, in the same way                It truly is an exciting time for all of
      explore and negotiate new partnerships          insurers need to invest in technology,        us. The insurance industry is rapidly
      and engagement opportunities in this            brokers need to adapt and invest as           evolving — we are innovating, and
      area. We have a digital distribution team       well to meet the rising expectations          brokers are, too. At Wawanesa, we are
      focused on ensuring all our technology          of customers. Brokers who have not            working with brokers to transform our
      supports broker integrations. This team         yet done so must begin their own              businesses together. Our partnership
      also assists brokers with developing            transformation and their own strategic        has succeeded for more than 120 years,
      their own digital strategy — we are here        process to figure out how they can            and we look forward to the next 100
      to help. PAI magazine ad.pdf 3 2019-04-15        3:56survive
                                                      best   PM    and thrive in the next           years together.

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                                                                                                                            www.ibas.ca     15
National Priorities

The devil is
in the details
By Peter Braid, CEO, Insurance Brokers Association of Canada

T
          he Insurance Brokers Association of Canada (IBAC) is     Emergence of fintechs
          a national organization that represents the collective
                                                                        Last year, the Government of Canada also enacted changes
          interests of 11 member associations — including
                                                                   to give greater flexibility for financial institutions to undertake
          IBAS — and their member brokers. IBAC advocates
                                                                   fintech activities. Recognizing this could potentially have an
on behalf of insurance brokers and consumers, supports and
                                                                   impact on insurance brokers and the industry as a whole, IBAC
elevates the broker profession, and promotes a vibrant and
                                                                   sought to clarify the government’s intentions.
sustainable broker distribution channel.
                                                                        Through meetings with Finance Minister Bill Morneau and
   In this column going forward, I will be providing you an
                                                                   senior officials, and an appearance at the House of Commons
update on some of the important files we’re advancing on your
                                                                   Finance Committee, IBAC was able to convey brokers’ concerns
behalf.
                                                                   and received assurances that the government understands
                                                                   and is aligned with our position. The next step is the drafting
The Bank Act                                                       of fintech regulations, and — knowing that the devil is in the
    Federal advocacy is IBAC’s raison d'être, and we continue to   details — IBAC is watching closely to ensure these regulations
raise the bar. With a national voice that carries the weight of    will reflect the historical separation between banking and
over 38,000 P&C insurance brokers, we are working to protect       insurance.
consumers, enhance the image of the broker profession, and              In January 2019, Finance Canada officials invited IBAC to
ensure a fair and competitive insurance marketplace.               a meeting to review and discuss fintech issues from a broker
    The centre of IBAC’s advocacy effort over the years has been   perspective, prior to the drafting of the new regulations.
the ongoing battle to maintain the Bank Act provisions that        They wanted to discuss the particular concerns of brokers
ensure the separation of the pillars of banking and insurance.     and ensure the final regulations achieve the shared goal of
We are able to leverage our strong political relationships at      maintaining the separation of banking and insurance. This was
                                                                   a positive, significant, and unprecedented opportunity for IBAC,
both the grassroots and national levels to ensure this core
                                                                   and a testament to the bridges that we have been building in
principle is maintained through successive Bank Act reviews
                                                                   Ottawa.
and related matters.
                                                                        At the meeting, departmental officials confirmed that,
    In 2018, we intensified our advocacy on the Bank Act
                                                                   based on expert analysis, the current blanket provisions in the
ahead of the statutory review due by March 2019. Our annual
                                                                   Bank Act that prevent banks from sharing customer information
Parliament Hill Day in May 2018 focused on reinforcing and
                                                                   either directly or indirectly will also apply to fintech entities
promoting our long-held position that banks should not sell
                                                                   that banks may own or control. We will have the opportunity
insurance at the point of granting credit. This message of         to review the draft regulations, expected this spring, to ensure
consumer protection resonated with all decision-makers, with       that there are no unintended consequences or loopholes that
the result that the important blanket prohibitions in the Bank     could impact brokers.
Act were upheld once again. The enabling legislation was                That being said, we continue to have concerns regarding
passed in June 2018, and no further review of the Bank Act will    the monitoring and enforcement of the blanket provisions in
occur until 2023.                                                  the legislation, and have suggested that a consumer education
    This represents a significant victory for Canadian             component and a clear consumer complaints process be
consumers, who will continue to have access to expert,             established. This approach supports our advocacy with regards
impartial advice when purchasing insurance coverage. Thanks        to both the Bank Act and consumer protection, and we will be
to all brokers who have participated in IBAC’s successful          exploring this further with Finance Canada and the Financial
advocacy on this issue over the past few years.                    Consumer Agency of Canada (FCAC).

16       SaskBroker Magazine | May 2019
Open banking: Threat or opportunity?                                somewhat unlikely (21 per cent) that their homes are at risk of
                                                                    flooding. Many homeowners reported their insurance policy
    Open banking is a new potential disruptor in the financial
                                                                    would not cover overland flooding (27 per cent) and a further 34
services sector, allowing consumers to access their financial
                                                                    per cent did not know if they would be covered.
information and share it with third-party financial services
                                                                        Given their trusted relationships with clients, insurance
providers. The federal government is considering whether
                                                                    brokers are well-positioned to help their clients understand their
Canada should implement an open banking system, and IBAC
                                                                    individual risks, and advise them on the appropriate insurance
has contributed a written submission to the consultation
                                                                    coverage required to protect their family’s property and financial
process.
                                                                    security.
    It is IBAC’s view that open banking could help to modernize
Canada’s financial systems, accelerate innovation in products           IBAC is also doing its part as a responsible stakeholder with
and services, and provide benefits for small businesses. At the     the launch of a national campaign in the spring to educate
same time, the principle of protecting consumers must remain        Canadians about the risks of catastrophic events and the
paramount. As this issue moves forward, we will continue to         importance of having the right coverage.
stand up for consumers and maintain a watchful eye on the
public policy details.                                              Parliament Hill Day
                                                                        Once again this year, on May 29, IBAC will converge on
Public awareness                                                    Parliament Hill for our annual advocacy day. Brokers from across
    IBAC’s advocacy also includes serving as a respected voice on   the country, including an enthusiastic delegation from IBAS,
insurance-related issues.                                           always receive a warm welcome from parliamentarians, and we
    One area of focus is the increasing risk of natural disasters   are looking forward to advancing these important issues on
such as overland flooding, and the apparent disconnect in public    behalf of brokers and consumers.
awareness despite repeated news reports of such catastrophic
events in communities across the country.                           Peter Braid is the CEO of the Insurance Brokers Association of
    Last year, we commissioned a study that found that the          Canada. Prior to assuming that role in 2017, he served as a Member
majority of Canadians believe it is unlikely (66 per cent) or       of Parliament for Kitchener–Waterloo between 2008 and 2015.

     MCKERCHER LLP BARRISTERS & SOLICITORS

                    Innovative Thinking, Precise Solutions

                                                   SaSkatoon                  Regina
                                                   Gregory A. Thompson, QC    David E. Thera, QC               mckercher.ca
                                                   (306) 664-1335             (306) 565-6522

                                            Members of Risk Management Counsel of Canada

18     SaskBroker Magazine | May 2019
CEO’s Notebook

    Here’s (some of)
    what we’re working on
    By Derek Lothian, CEO, Insurance Brokers Association of Saskatchewan

    T
               hroughout my professional life,             environment you’re operating within           members, short updates on the business
               I’ve always considered myself to            is not only what fuels that curiosity, it’s   climate, policy files, programs, and
               be a ‘high-functioning’ introvert.          paramount in our ability to deliver you       initiatives driving our mandate forward.
               Okay, okay — semi-functioning.              value.                                        There won’t be near enough pages to
         The truth is that while I’ve made                     Two of the most common questions          cover everything, but my hope is that
    a living as a communicator, I’m not                    I hear while visiting brokerage principals    it will give you at least a flavour for the
    naturally that good at it. I grew up a shy             are: What are you seeing out there right      direction the organization is heading
    kid and, despite learning to disguise                  now in the economy, and what is IBAS          and the breadth of activity we’re
    it with age, I’ve never been able to                   doing to address ‘X’? ‘X’ is generally a      involved in on a daily basis.
    completely shake the sense of anxiety                  wide range of industry-specific issues,
    around new people. I often joke with                   from helping brokers embrace new              Budget 2019
    friends that taking public relations in                technologies right down to shaping                Every year, for the past eight
    college was a therapeutic exercise for                 certain government policies. As it turns      years, I have attended the unveiling
    someone who didn’t really relate with                  out, they are also my favourite questions     of a government budget, either
    the public.                                            to answer.                                    provincially here in Regina or federally
         The single trait, however, that                       I’m a big believer in continuous          in Ottawa. And, I have to say, this year’s
    has allowed me to transcend those                      improvement; and I will be the first to       Saskatchewan budget may go down as
    hurdles has been my curiosity. When                    admit that, as an association, we still       one of the most boring on-record. What
    I’m immersed in something, I need to                   have a long way to go to operate at the       is usually a headline-laden affair could
    understand how it works — what is                      high level of performance we feel is          be summed up in less than 10 words:
    influencing the mechanics and what                     achievable. That said, there are very few     Return to balance, no new taxes, stay the
    elements are controllable that can                     topics that arise in conversation where       course.
    impact the outcome.                                    we have not at least begun to advance             After two years of deficits, the
         I think that’s why, through my                    a potential solution. Being able to share     Saskatchewan Party tabled its plan to
    first year-and-a-half as CEO of IBAS,                  our perspective and the work we are           bring in a razor-thin surplus of $34.4
    my favourite part of the job has been                  undertaking on your behalf is one of the      million — hardly a lot of breathing
    meeting directly with members — a                      most important responsibilities I have.       room in a near-$15 billion budget.
    bit paradoxical for an introvert, I know.                  Ultimately, that’s what this CEO’s        And although I do think many of the
    But understanding your challenges, the                 Notebook column is all about — a              projections made within it are extremely
    opportunities you’re pursuing, and the                 regular forum to provide you, as              conservative, the numbers also

“Capital investment in the province is projected to drop 3.6 per cent in 2019, to $14.9 billion —
the lowest level since 2010. Manufacturing investment alone is expected to plummet 22 per cent.
Among major industries, only the resource and construction sectors are anticipating upticks in
capital spending, at 13 per cent and two per cent, respectively.”

    20      SaskBroker Magazine | May 2019
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admittedly do not consider the potential        industries, only the resource and               insurance sector with Saskatchewan’s
economic impact of the federal carbon           construction sectors are anticipating           burgeoning technology cluster.
tax, which came into force on April 1.          upticks in capital spending, at 13 per
    Expect Premier Moe and the                  cent and two per cent, respectively.            Rural Brokerage Advisory
SaskParty caucus to do everything                   Given these pressures, and barring          Committee
in their power to remain in the black           any surprises, my best guess is that the            More than 20 brokerage principals
leading up to an all-important election         economic mood in Saskatchewan over              took part in the first-ever teleconference
year budget in 2020.                            the next eight-or-so months will likely         of the new IBAS Rural Brokerage
                                                feel more subdued than the pundits will         Advisory Committee, held on April 2.
Red flags                                       try to tell us it is based on the statistics.       Participants identified six areas
     By almost every forecast,                                                                  of focus for future exploration: The
Saskatchewan is poised to lead                  Saskatchewan Insurance                          availability of insurance markets for
Canadian provinces in growth through            Workforce Development                           small and rural brokerages; education
2019 — coming in at either number one           Coalition                                       and support around technology
or number two on the list, between 1.7               Later this year, IBAS will be rolling      adoption; recruiting and retaining
and 2.2 per cent.                               out the new Saskatchewan Insurance              skilled staff; high-speed internet access;
     Depending on the lens you’re               Workforce Development Coalition. And,           the urbanization of the customer base;
looking through, that could be either           yes, we need to come up with a shorter          and compensation levels on basic auto
good news or bad news. The good news            name.                                           coverage.
is that it appears to be a stabilization of          The exact structure of this entity is          A second teleconference will be held
growth after a few years of boom and            still being hashed out; however, in short,      in the coming months, followed by an
bust. On the downside, there is a very          it will be a collective of independent,         initial in-person meeting this fall. Please
real possibility that inflation will actually   like-minded organizations (including            contact me if you would like to join.
outpace the rate of growth, meaning             the Saskatchewan Young Brokers
less money in the pockets of consumers          Network, insurance carriers, training           Autonomous vehicles
and businesses at the end of the day. A         institutions, and other industry groups),           Earlier this year, IBAS took part
handful of major variables could swing          collaborating to promote insurance as a         in a meeting alongside SGI and the
the pendulum to either side, including          rewarding, modern, first-choice career          Insurance Bureau of Canada to begin to
some market access uncertainties with           pathway. The interest has already been          explore the regulatory and insurance
our two largest trading partners, the U.S.      encouraging.                                    framework for autonomous vehicles in
and China (which, together, account for              This work will aim to include              Saskatchewan.
70 per cent of Saskatchewan exports).           embedding insurance education                       In October, Nova Scotia announced it
     Those big, flashing question marks         into financial literacy programming,            would become one of the first Canadian
are reflected in some of the first-quarter      marketing efforts to modernize                  jurisdictions to make serious legislative
trends. For instance: Capital investment        the perception of the insurance                 changes to accommodate self-driving
in the province is projected to drop 3.6        industry, forecasting the insurance             vehicles, replacing its longstanding
per cent in 2019, to $14.9 billion — the        industry’s workforce and skills                 Motor Vehicle Act with an updated Traffic
lowest level since 2010. Manufacturing          demand, coordinating attendance at              Safety Act.
investment alone is expected to                 Saskatchewan career fairs, and forging              Watch for more on this in the coming
plummet 22 per cent. Among major                stronger relations on behalf of the             months.

22      SaskBroker Magazine | May 2019
The taxation of insurance                      and its impact on coverage decisions,         And one last thing…
                                               IBAS commended the government for
    During the second annual Insurance                                                           This is the first ‘relaunched’ issue of
                                               upholding the principle of transparency
Broker Day at the Legislature on                                                             SaskBroker Magazine. The decision to
                                               in the face of public pressure, choosing
March 5, IBAS took the opportunity                                                           go a new direction wasn’t just about
                                               to repeal the PST exemption instead
to communicate to policymakers the                                                           coming up with a new logo or investing
                                               of adjusting upward the Insurance
importance of maintaining transparency                                                       in a thicker stock of paper — it was
                                               Premiums Tax.
when taxing insurance products.                                                              about fundamentally redefining what
                                                   Going forward, IBAS is prepared
    No industry is likely to celebrate                                                       this publication is and why you want
                                               to work alongside government in a
new taxes; but, where there is a public                                                      to read it. Our vision is for a modern,
                                               proactive manner to analyze and better
financial necessity to collect them, it is                                                   thought-provoking resource you can’t
                                               understand the impact that varying
important they are implemented with                                                          wait to open — that combines leading-
                                               levels of taxation have on consumer
openness and fairness.                                                                       edge insight and analysis with the latest
                                               insurance decisions, and the subsequent
    There are two ways the Province may                                                      IBAS information you need to make
                                               personal, business, and public exposure
choose to collect tax on P&C insurance:                                                      sound business decisions.
                                               to risk.
Through PST applied to premiums —                                                                This is a journey and it does not with
the exemption for which was removed                                                          our first issue. That said, I hope you’ll
                                               CAIB update
in 2017 — or through the longstanding                                                        find as you flip through these pages
Insurance Premiums Tax. Few folks                 As you may have heard, IBAC is in          that we’re on the right path. Let us know
outside the industry are aware the latter      the process of updating the current           what you’d like to see!
already exists, adding up to four per cent     CAIB curriculum. This is more of a
onto coverages, as it is built into the cost   ‘modernization’ than a ‘rewrite,’ and is      Questions? Comments? I’d love to hear
of the premium and is not visible to the       aimed at bringing terminology and             from you directly! Call my direct line
consumer.                                      course learnings more in-line with            anytime at (306) 525-4075 or drop me an
    While IBAS remains concerned about         today’s realities. IBAC has set a tentative   e-mail at derek.lothian@ibas.ca.
the eroding affordability of insurance         goal of year-end for completion.

                                                                                                                     www.ibas.ca     23
Events Spotlight
2019 Insurance Broker Day at the Legislature
                                                                                                               held March 5
                                                                                                 The second annual Insurance Broker Day
                                                                                                                                                at
                                                                                             the Legislature was held Tuesday, March
                                                                                                                                          5, in
                                                                                            Regina.
                                                                                                 This is one of IBAS’s most important advo
                                                                                                                                               cacy
                                                                                            initiatives of the year, featuring a full day
                                                                                                                                          of
                                                                                            meetings with elected officials, top bureaucra
                                                                                                                                                 ts,
                                                                                            and regulatory executives.
                                                                                                The delegation — which consisted of the
                                                                                                                                                IBAS
                                                                                            board of directors, as well as representatives
                                                                                                                                              from
                                                                                           the Saskatchewan Young Brokers Network
                                                                                                                                           and
                                                                                           Insurance Bureau of Canada — led discussion
                                                                                                                                               s
                                                                                           with the Premier’s office, the Minister Resp
                                                                                                                                           onsible
                                                                                           for SGI, the Minister of Government Relat
                                                                                                                                         ions
                                                                                          (and Minister Responsible for PDAP), the
                                                                                                                                         Minister
                                                                                          of Justice and Attorney General, the Cauc
                                                                                                                                         us Policy
                                                                                          Committee on Crown and Central Agencies,
                                                                                          the Ministry of Finance, the General Insur
                                                                                                                                         ance
                                                                                          Council of Saskatchewan, as well as the Offic
                                                                                                                                             ial
                                                                                          Opposition.

               d  fo r th e se co  nd  an  nu  al S as ka tchewan
Capacity crow
    m it of Y ou ng In  su ra nc e  Pr of es sionals
Sum
                                       the Saskatchewan
    For the second straight year,
                                 Professionals was a smash
Summit of Young Insurance
                                 wd of roughly 140 brokers,
hit, attracting a capacity cro
                                      tives, adjusters, and other
insurance company representa
industry stakeholders.
                                        and the Saskatchewan
     Co-hosted by IBAS, the YBN,
                                       al, the April 4 event
 Pond of Blue Goose Internation
                                       of  spe  akers, including
 featured a best-in-class line-up
                                  Preside & CEO Craig
                                             nt
 Saskatchewan Roughriders
                                     sident, Clarity Coaching
 Reynolds; Jolene Watson, pre
                                      d EVP & COO Penny
  & Development; SGI Auto Fun
                                      nder Braden Bosch; Loren
  McCune; Nuera Insurance Fou
                                       cialty solutions with Intact
  Gardiner, vice president of spe                                            rance Bureau of Canada.
           ce; as wel l as Cel yes te Pow   er, vice president with the Insu                         lying Campaign. A special tha
                                                                                                                                   nks to our Presenting
  Insuran                                                             Red  Cro ss Ima  gin e No  Bul
                                            $1,000 for the Canadian                                                                Mutual Insurance, Red
       The event also raised close to                                  to our Eve  nt Par tne rs: Inta ct Insurance, Saskatchewan
                                                                    as
                                    ce and SGI CANADA, as well
  Partners: Wawanesa Insuran                                           ction.
                                       Services, and Lydale Constru
   River Mutual, Midwest Claims

24     SaskBroker Magazine | May 2019
UPCOMING EVENTS
                                       Industry Networking
    2019 IBAS Golf Tournament                        YBN Corporate Challenge                         2019 IBAS Convention:
                                                                                                       The New Frontier

 June 18, 2019                                  September 13, 2019                             October 17 – 18, 2019
 The Legends Golf Club (Warman, SK)             To Be Announced (Saskatoon, SK)                Sheraton Cavalier Hotel (Saskatoon, SK)

 The annual IBAS Golf Tournament                Now in its third year, the                     Saddle up in Saskatoon! Join more
 is a staple social event for broker            Saskatchewan Young Brokers Network             than 600 brokers and insurance
 members and industry partners. Enjoy           (YBN) Corporate Challenge is a fun,            leaders for our marquis event of the
 a great day on the links with friends          one-day event to raise money for               year. Presenters include Dragons’
 and peers — register individually or           a worthwhile local cause. Teams                Den entrepreneur Manjit Minhas and
 as a team by visiting www.ibas.ca. A           representing brokerages, insurers,             Abacus Data CEO David Coletto, with
 complimentary shuttle service will             and other industry partners compete            roll-in-the-aisles entertainment from
 be provided between the Sheraton               for bragging rights and great prizes.          renowned Canadian comic Steve
 Cavalier Hotel in Saskatoon and the            To date, more than $17,500 has been            Patterson. Help make this our biggest
 golf course (pre-registration required).       raised for charity.                            and best convention yet — register
                                                                                               now for your chance at $1,000 in
 www.ibas.ca/events                             www.ibas.ca/events                             early-bird cash!

                                                                                               www.ibas2019.ca

                              Professional Development
Webinar: Commercial Endorsements & Extensions               CAIB Immersion Courses                    National Exam Date
May 22, 2019                                                CAIB 2: September 7 – 14 , 2019           December 4, 2019
Online Webinar                                              Sandman Hotel (Regina, SK)                IBAS Office (Regina, SK)
                                                                                                      SGI Claims Centre (Saskatoon, SK)
The number of add-ons that can be supplemented onto         CAIB 1: November 16 – 23, 2019
commercial insurance policies can seem overwhelming.        Sandman Hotel (Regina, SK)                Students can choose to write
In this webinar, you’ll look at the most commonly used      Taught by long-time instructor Todd       exams for the following courses:
commercial endorsements and floaters, including but         Hochban, CAIB immersion courses           Fundamentals of Insurance, Auto
not limited to: Building bylaws, stock spoilage, the        are a weeklong experience where           Part 1 (Basic), General Bylaws, as
exhibition floater, and the installation floater. Through   students participate in intensive         well as CAIB & CPIB paper exams.
this overview and related claims examples, you’ll gain an   theoretical discussions and hands-on
excellent understanding of how the various coverages        exercises. A final exam is held on the
should be applied.                                          last day of each course.

                  To learn more or to register for IBAS educational opportunities, visit www.ibas.ca.
                                                                                                                     www.ibas.ca     25
Get ready for The
       Five years after being passed in the
       Legislature, Saskatchewan’s new
       Act is set to take effect in 2020
       By Derek Lothian, CEO, Insurance Brokers Association of Saskatchewan

  W
                 ell, it’s been a long time coming. But as of January             Since then, IBAS has been working closely alongside the
                 1, 2020, Saskatchewan’s insurance sector will                Financial & Consumer Affairs Authority (FCAA) as well as the
                 be officially governed by new legislation: The               staff at the General Insurance Council of Saskatchewan (GICS) to
                 Insurance Act.                                               clarify the rules and help ensure a smooth transition.
      Originally passed by policymakers in 2015, the ‘new Act’
  has had more than its share of false starts. Those of you who               From 30,000 feet
  attended the most recent IBAS AGM may recall implementation                     It’s fair to say the changes will impact the life insurance sector
  was hard set for this past January. In November, however,                   far more dramatically than P&C companies. Nevertheless, there
  IBAS — along with several other organizations — requested an                are new parameters you as brokers and brokerage owners need
  additional delay to allow for the finalization of still-outstanding         to be aware of.
  regulatory amendments, and to provide those affected by the                     To understand some quirks of the new Act, one must rewind
  Act, including brokers, sufficient time to review the changes and           to 2015 and consider the political environment leading up to
  take any actions necessary to maintain compliance. As a result of           that period. The New West Partnership Trade Agreement — which
  those appeals, enactment was delayed by a full year.                        was originally signed by Saskatchewan, Alberta, and British
                                                                              Columbia (followed by Manitoba in 2016) — was gaining
                                                                              momentum under the banner of ‘regulatory harmonization,’
“It’s fair to say the changes will impact the life                            and aimed to better integrate the Western Canadian economy.
insurance sector far more dramatically than                                   Then-Premier Brad Wall was at the center of this push. As a
                                                                              result, several pieces of legislation under review at the time were
P&C companies. Nevertheless, there are new
                                                                              examined through the lens of their counterparts in the other
parameters you as brokers and brokerage owners                                western provinces. For better or for worse, Saskatchewan ended
need to be aware of.”                                                         up ‘borrowing’ certain legislative elements to bring it closer in-
                                                                              line with its neighbours.

  26      SaskBroker Magazine | May 2019
Insurance Act

     The wording in The Insurance Act, it could be argued, is the          Under this restriction, insurance providers and intermediaries
 outcome of those imperfect realities. There are several instances     cannot require customers to purchase one product or service to
 throughout the text and resulting regulations that seem to            receive the initial product or service they wanted to purchase.
 be borne of noble intent, but that bring to bear seemingly            This mirrors the longstanding provisions of the federal Bank
 unnecessary consequences. There are other modifications that          Act, which prevent financial institutions from offering loans
 are straight-up improvements, and others that have a clear            contingent on the purchase of insurance policies.
 direction with which IBAS remains somewhat concerned.                     Unfortunately, despite being a significant step in the right
                                                                       direction, this falls short of IBAS’s more rigid recommendation to
 New definitions                                                       FCAA.
     One of the most obvious changes is to the definition of               The prohibition on tied selling does not necessarily prevent
 property and casualty insurance. As of January 1, 2020, it will       credit-granting agencies from selling insurance, or even
 mean ‘any class of insurance other than life insurance.’ So, those
 who currently carry an All Classes Other than Life licence will now
                                                                           “Legislative modernization is never an easy
 have a licence under the new name.
     There is also a revised definition of general insurance, which        journey, regardless of industry. In truth, it can
 will essentially mean ‘any class of P&C insurance other than              be quite painful — for those it governs and for
 accident and sickness insurance.’ This encompasses crop hail              those responsible for enforcing it. The key is open,
 coverage.
                                                                           proactive, and transparent dialogue, rooted in
 Tied selling                                                              a rational understanding that we are all in this
    IBAS is pleased the new Act will expressly prohibit the                together.”
 practice of tied selling.

                                                                                                                      www.ibas.ca     27
requiring insurance — it simply precludes them from requiring          may face with potentially overzealous enforcement. The IBAS
the consumer buys their insurance to receive the loan. The best        board was advised by GICS staff that risk-based audits of both
example of this is when seeking financing on the purchase              a proactive (random) and responsive (for example, due to
of a new vehicle or piece of farm equipment. The lender can            consumer complaints or as a result of previous compliance
absolutely require the consumer to have insurance as a condition       actions) nature are being considered. This process will be
of the financing, but the consumer must be able to obtain that         developed and announced within the next year.
insurance from whomever they choose.                                       IBAS will be working closely with GICS in the coming
    This is a hollow protection, though, if the borrower is            months to explore the possibility of creating resources to
unaware he or she has a choice. And, in some cases, high-              help brokerages minimize their exposure to the risk of non-
pressure sales tactics can lead to a borrower purchasing               compliance. Possibilities include the establishment of a best
additional insurance that he or she may already be covered for.        practices guide or standards certification process not indifferent
    It remains IBAS’s position that the lender should be required      to the COR (short for Certificate of Recognition) safety certification
to inform the borrower that he or she has an explicit choice in        widely used in industries like construction and manufacturing.
where to obtain compulsory coverage.
                                                                       Fines
Licensing
                                                                           The new Act will enable GICS to levy financial penalties of up
    The new Act requires employees of an insurer to become             to $25,000 for individuals and $50,000 for brokerages for non-
licensed if providing insurance advice, or if working jointly with     compliance with the council bylaws — a significant increase over
advisors and clients. This includes sales representatives and          today’s punitive powers.
some call center employees, who were largely exempt under the
‘old Act’ that is still in-force.                                      Designated Representatives
                                                                           The most substantive overhaul in the new Act revolves
Broker adjusting
                                                                       around Designated Representatives, or DRs.
    One of the more interesting changes allows brokers to adjust           Let’s start with how DRs are appointed. As it stands today,
claims under $10,000 without an adjusters’ licence.                    an insurer ‘sponsors’ a brokerage for licence, and the brokerage
    This can be done only when the policy was sold by the same         delegates the appropriate DR. The new Act will indenture a
brokerage (you can’t adjust another brokerage’s policy), and           different process, whereby the insurer will appoint the DR
you have the expressed permission of the carrier. Brokerages           directly to council. This will — almost always — be at the
interested in pursuing this as a means of value-added customer         recommendation of the brokerage; however, the communication
service are highly encouraged to speak with carriers well in           of that appointment will now be directly between the sponsor
advance of January 1 to discuss how they will be navigating this       and GICS.
new option.

Disclosures
   To be called an insurance broker or insurance brokerage, you
must hold a valid licence and represent at least two different
markets (in any type of insurance line). If you do not meet this
requirement, you must refer to yourself as an agent or agency,
and you must disclose the insurer to the client or potential client.

Fees
    GICS bylaws already require you to inform customers of any                                                           Krista McCann of 306 Adjusting
fees you charge over and above the premium, advising them                                                                Services in Saskatoon.
of the fee and the reason for charging it. Beginning in January,
consumers must also agree to these fees in writing before you
provide the service you are charging for.

Audit authorities
   Under the new Act, GICS will have the authority to audit your
brokerage — and your brokerage’s individual licensees — for
compliance.
   As part of its Insurance Broker Day at the Legislature on
March 5, IBAS expressed to GICS concerns around how audit
powers would be managed, and the risk that brokerages

28     SaskBroker Magazine | May 2019
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