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Legislation / Regulation

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Fairfax-Allied merger offer expires Friday night

June 28, 2017 by Canadian Underwriter

Shareholders of commercial insurer and reinsurer Allied World Assurance Company Holdings AG are being urged to accept the offer from Toronto-based Fairfax Financial Holdings Limited to buy Allied World shares because the merger agreement initially announced a week before Christmas

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Canadian Council of Insurance Regulators releases 2017-2020 strategic plan

June 28, 2017 by Canadian Underwriter

The Canadian Council of Insurance Regulators (CCIR) has published its strategic plan for 2017-2020, which focuses its efforts on cooperative supervisory activities, fair treatment of consumers, risks and coverages related to nat cats, and a cooperative approach to financial services

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TSB calls for ‘oversight for all commercial fishing operations’ in Canada

June 27, 2017 by Canadian Underwriter

An investigation into the sinking of a fishing vessel on Lake Superior “highlights several factors as to risk” in Canada’s commercial fishing industry, the Transportation Safety Board of Canada said in a recent report. TSB released Wednesday a report into

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Majority of global financial institutions to ramp up transformation initiatives over next year, Accenture survey finds

June 26, 2017 by Canadian Underwriter

An Accenture survey of nearly 800 financial services executives across Europe, Asia and North America found that more than half of financial institutions plan to increase their investments in major corporate transformation initiatives, or “change programs,” over the next 12

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Bill eliminating federal tax exemption for farming and fishing insurers passed into law

June 23, 2017 by Canadian Underwriter

The federal government passed Thursday a law eliminating the tax exemption for insurers covering farming and fishing properties. Bill C-44 is omnibus legislation that implements, among other things, some provisions of the federal budget 2017-18, tabled March 22. In addition

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Proposal to eliminate farm insurers’ tax exemption before Senate

June 21, 2017 by Canadian Underwriter

An omnibus bill that proposes to eliminate the tax exemption for insurers covering farming and fishing properties has been referred to a Senate committee. Currently, Section 149 of the federal Income Tax Act stipulates that an insurer is exempt from

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Federal rail safety bill would set ‘strict criteria’ on how locomotive voice and video recorder data could be used: Garneau

June 21, 2017 by Canadian Underwriter

Canada’s transport minister says federal legislation mandating locomotive voice and video recorders would, if passed into law, give the rail industry “opportunities to mitigate risks” but an opposition MP recently warned such a law could violate employees right to privacy.

News Climate ChangeInsuranceLegislation / RegulationMarkets / Coverages

N.B. Auditor General finds climate change action items lack implementation plans and timelines

June 20, 2017 by Canadian Underwriter

Greenhouse gas (GHG) emissions in New Brunswick are not projected to decline much further under the status quo, and meeting 2030 and 2050 targets will require “significant action” from provincial and federal initiatives, the Auditor General of New Brunswick said

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Canada second most expensive country for data breaches: IBM and Ponemon Institute study

June 20, 2017 by Canadian Underwriter

Canada was the second most expensive country for data breaches, costing an average of $255 per lost or stolen record in 2017, according to a new report sponsored by IBM Security and conducted by the Ponemon Institute. Released on Tuesday,

News CatastrophesClimate ChangeConstructionInsuranceLegislation / RegulationMarkets / Coverages

Alberta advisory group recommends penalties for heavy oilsands emitters if cap hit

June 19, 2017 Ian Bickis - THE CANADIAN PRESS

CALGARY – Oilsands producers could face steep fines and suspended projects if industry comes close to hitting a mandated 100-megatonne limit under recommendations proposed by Alberta’s Oil Sands Advisory Group. But the non-binding report sets out a series of policies

News CatastrophesConstructionInsuranceLegislation / RegulationMarkets / CoveragesPersonal Lines

Canadian building standards meant to guard against fires like London blaze

June 16, 2017 Michelle McQuigge - THE CANADIAN PRESS

TORONTO – Canadian building standards should theoretically prevent the sort of blaze that engulfed a London apartment tower earlier this week, but at least one expert says flouting those regulations can put people in serious danger. Exterior panelling known as

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ENCON Group announces standalone cyber policy for Canadian companies

June 16, 2017 by Canadian Underwriter

Canadian managing general agent (MGA) ENCON Group Inc. announced on Thursday the introduction of a standalone cyber insurance policy that provides coverage for network business interruption, ecommerce trading exposure, crime and intellectual property risks. Ottawa-based ENCON Group said in a