Canadian Underwriter

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What’s new: In brief (June 08, 2004)

June 8, 2004 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) confirms the release of a final framework to replace the designated assessment center (DAC) system will be delayed as the earlier proposed expert assessor network (EAN) goes back to the drawing board. FSCO

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EAN had “a lot of weaknesses”: IBC

June 7, 2004 by Canadian Underwriter

The Ontario government’s proposal for an “expert assessor network” (EAN) has “a lot of weaknesses” according to feedback from the insurance industry.The proposal has been sent back to the drawing board, it was confirmed Friday by the office of Mike

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What’s new: In brief (June 07, 2004)

June 7, 2004 by Canadian Underwriter

Anthony Clark International founders John and Peter Podorieszach await the decision of the Alberta Securities Commission (ASC) on whether orders will be made following the ASC’s finding that the Podorieszachs breached the Securities Act. A panel of the ASC decided

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EAN proposal under revision

June 6, 2004 by Canadian Underwriter

The Ontario Liberals’ proposal of an expert assessor network (EAN) to replace the designated assessment center (DAC) system is going back to the drawing board following consultations.The proposal is facing revisions, confirms Arthur Lofsky, special assistant to Mike Colle, parliamentary

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Canadian p&c industry turning fortunes around

June 3, 2004 by Canadian Underwriter

In the face of a difficult operating environment, the Canadian p&c industry is beginning to show signs of a turn around, says Standard & Poor’s director Donald Chu.Chu made the comments as part of a presentation to the Canadian Insurance

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Auto insurance reforms paying off for consumers: IBC

June 1, 2004 by Canadian Underwriter

In its most recent quarterly “Perspective” report, the Insurance Bureau of Canada notes auto insurance premiums have dropped significantly in all private market provinces from their 2003 peaks, with the exception of Newfoundland.Topping the list is PEI, where premiums are

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What’s new: In brief (June 01, 2004)

June 1, 2004 by Canadian Underwriter

Rating errors could cost U.S. auto insurers as much as US$13 billion annually, says a report from QPC. In fact, in an audit of 12 million policies from 10 insurers over the past two years, QPC estimates the rating error

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Newfoundland legislation prompts Dominion withdrawal

May 31, 2004 by Canadian Underwriter

Citing auto insurance reforms tabled by the Newfoundland government last week, The Dominion of Canada is the first insurer to signal it will leave the province.In a statement, CEO George Cooke says, “We are deeply offended by the punitive insurance

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“Driving lessons” begin well before the age of 16: survey

May 31, 2004 by Canadian Underwriter

Driving instructors want parents to act as good role models to their children, long before those children are ready to get behind the wheel, according to a new survey by “I Promise Program” executive director Gary Direnfeld. “It is difficult

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Final Alberta reform package promises overall 20% rate savings

May 28, 2004 by Canadian Underwriter

After months of wrangling, a final package of auto reforms has been released in Alberta, with a promised rate savings of 20% overall, the government says. The reforms are to be implemented by September, with the province’s Standing Policy Committee

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Organized groups responsible for 1/5 of car thefts

May 27, 2004 by Canadian Underwriter

About one in every five motor vehicle thefts in Canada are committed by organized groups, suggests StatsCan.Statscan bases this figure on the number of vehicles reported stolen but never recovered, with the government statistics collector citing law enforcement use of

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Facility N.B. depopulation ahead of schedule

May 26, 2004 by Canadian Underwriter

The Facility Association (FA) is celebrating early success in its goal to depopulate the New Brunswick pool for high-risk drivers, having reduced market share to 2.5% in just two months.“While the May numbers are early projections, I’m thrilled to see