Topic
Insurance
Proposed changes to anti-money laundering legislation may prove onerous for smaller reporting entities: Fasken Martineau
November 18, 2011 by Canadian UnderwriterProposed changes to Canada’s anti-money laundering and anti-terrorist financing legislation may prove to be very onerous for smaller reporting entities, according to a Nov. 17 Financial Institutions Bulletin issued by law firm Fasken Martineau.The Department of Finance (Canada) released its…
Injured claimant’s adaptive ability should be based on more than just an inability to return to work: Ontario arbitrator
November 17, 2011 by Canadian UnderwriterAn injured person’s ability to adapt to stressful circumstances is broader than just whether or not a person can return to work, an Ontario arbitrator has found.Adaptability is one of four factors used to determine whether a person’s mental or…
State Farm Canada seeks $21 million in damages from Ontario health clinics and individuals
November 17, 2011 by Canadian UnderwriterState Farm Canada has filed a statement of claim seeking a total of $21 million in damages from several Ontario health service providers and individuals. State Farm’s statement of claim contains allegations not proven in court. It alleges that six…
ILS touted as “the next evolution” of product support and development coming out of the Bermuda reinsurance market
November 17, 2011 by Canadian UnderwriterExpect insurance-linked securities (ILS) to be the next evolution of product support and development coming out of the Bermuda reinsurance market, says the CEO of the Bermuda Stock Exchange (BSX). Greg Wojciechwski spoke to Canadian Underwriter in a telephone interview…
CARSTAR launches free mobile app for iPhone, Unhappen My Accident
November 17, 2011 by Canadian UnderwriterCARSTAR Automotive Canada has launched the Unhappen My Accident iPhone application. The free app is now available for download from the Apple iTunes App store or at www.carstar.ca/eng/iphone_app.aspx. It works by storing critical driver and accident information such as insurance,…
A.M. Best affirms A+ financial strength rating of Wawanesa
November 17, 2011 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit rating (ICR) of “aa-” of The Wawanesa Mutual Insurance Company. “The ratings and outlook of Wawanesa are reflective of its superior risk-adjusted capital, balance…
Creechurch International Launches Enhanced Suite of Management Liability Products
November 17, 2011 CreechurchToronto — November 17, 2011 — In today’s rapidly evolving corporate environment Canadian executives continue to face complex legal issues. Uncertainty is not an option. Today Creechurch International Underwriters Ltd. responds to that uncertainty by introducing a new suite of…
Insurers face unexpected increase in business interruption claims after Japanese companies relocate operations to Thailand: law firm
November 16, 2011 by Canadian UnderwriterInsurers of Japanese earthquake losses are facing unexpected increases in claims from manufacturers who moved production and/or sourcing of supplies to Thailand, according to law firm RPC (Reynolds Porter Chamberlain LLP).“Many Japanese companies, particularly in the automotive and electronics sectors,…
Zurich launches new surety bond related to Public Private Partnerships (PPPs)
November 16, 2011 by Canadian UnderwriterZurich has launched a new surety bond intended to help contractors deliver Public Private Partnership (PPP) projects.Zurich says its Public Private Partnership Performance Bond enables large construction projects to benefit from favourable financing treatment while maintaining the public policy, project…
Insurance Brokers Association of Alberta (IBAA) presents cheque for just under $13,000 to Slave Lake Victim Services
November 16, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Alberta (IBAA) presented Slave Lake Victim Services with a cheque for $12,960.00 on Nov. 7, 2011 to help offset the costs of the Slave Lake fire in May 2011.IBAA local councils and individual brokers donated…
Quebec brokers say proposed regulation to ensure transparent disclosure of billing for fees is redundant
November 16, 2011 by Canadian UnderwriterThe Regroupment des cabinets de courtage d’assurance du Québec (RCCAQ), a Quebec insurance broker association, says an amendment to regulations recently proposed by the province’s insurance regulator will simply duplicate existing standards governing transparent disclosure of billing for fees.The Autorité…
Real estate brokers should not be allowed to act simultaneously as insurance representatives: Quebec brokers
November 16, 2011 by Canadian UnderwriterQuebec insurance brokers have expressed concern to the province’s insurance regulator, the Autorité des marchés financiers (AMF), about a proposed amendment to regulations that would allow real estate brokers to act simultaneously as insurance representatives. Specifically, the Regroupment des cabinets…