Canadian Underwriter

Keyword
bankruptcy

News InsuranceLegalPersonal Lines

Takata adds new type of inflator to huge air bag recall

July 12, 2017 Tom Krisher - THE ASSOCIATED PRESS

DETROIT – Takata is adding a new type of air bag inflator to the nation’s largest automotive recall. The company filed documents with the U.S. government adding 2.7 million vehicles to the recall from Ford, Nissan and Mazda, all with

News Commercial LinesInsuranceLegislation / RegulationMarkets / Coverages

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

News InsuranceLegalMarkets / Coverages

Experts: Takata bankruptcy means air bag victims get less

June 20, 2017 Tom Krisher - THE ASSOCIATED PRESS

DETROIT – A bankruptcy filing by Japanese air bag maker Takata will leave little money for dozens of people who sued the company over deaths and injuries caused by its exploding air bag inflators, according to outside legal experts and

News InsuranceLegal

Supreme Court of Canada could hear appeal of lawsuit involving auditors’ duty of care to non-shareholder lenders

May 29, 2017 by Canadian Underwriter

Canada’s highest court will decide June 1 whether it will hear an appeal from a major auditing and accounting firm that could face a trial this fall in a class action lawsuit filed by several banks over the bankruptcy in

News InsuranceLegal

Justices turn away GM appeal over ignition switches

April 24, 2017 The Associated Press

WASHINGTON – The Supreme Court on Monday turned away an appeal from General Motors Co. seeking to block dozens of lawsuits over faulty ignition switches that could expose the company to billions of dollars in additional claims. The justices without

News InsuranceLegalPersonal LinesTechnology

Dangerous air bags can find their way into used cars, experts say

April 19, 2017 Tom Krisher and Ken Ritter - THE ASSOCIATED PRESS

LAS VEGAS – A Nevada crash that nearly killed a young woman has exposed a hole in the government’s efforts to get dangerous Takata air bag inflators off the road: There’s nothing that prevents the devices from being taken from

News Insurance

Court ruling opens GM to billions in death, injury claims

July 15, 2016 Tom Krisher - THE ASSOCIATED PRESS

DETROIT – A federal appeals court ruling that General Motors can’t use its 2009 bankruptcy to fend off lawsuits over faulty and dangerous ignition switches exposes the automaker to billions in additional liabilities, according to legal experts. The 2nd U.S.

News CatastrophesCommercial LinesInsuranceLegalPersonal Lines

Feds quietly paid $75M settlement for Lac Megantic victims and to avoid lawsuits

May 2, 2016 Andy Blatchford - THE CANADIAN PRESS

OTTAWA – The federal government quietly spent $75 million to settle with victims and creditors affected by the Lac-Megantic rail disaster – a contribution that also shielded it from lawsuits related to the deadly crash. Former transport minister Lisa Raitt

News CatastrophesCommercial LinesInsurancePersonal Lines

Wind, hail storms in Texas contribute to $318m in Q1 catastrophe losses for Travelers

April 26, 2016 by Canadian Underwriter

The Travelers Companies Inc. reported catastrophe losses of $318 million during the three months ending March 31, up 96% from $162 million during the same period in 2015, while Q1 earned premiums in personal insurance rose 6.2% year-over year. All