News

The U.S. Securities and Exchange Commission (SEC) filed a record 735 enforcement actions in the fiscal year that ended Sept. 30, the agency reported in a release.The number includes many cases involving highly complex products, transactions and market practices, including…

Munich Re posted a profit of roughly $110 million in the first nine months of 2011, compared to a profit of $2.7 billion during the same period of 2010. The group posted a profit of $401 million in 2011 Q3,…

DAS Canada is offering small businesses in Atlantic Canada a week of free access to its legal service hotline and the opportunity to win a free year of legal insurance coverage.During the week of Nov. 14, small business owners in…

Driving without winter tires will not void an insurance policy in the event of a claim, but in a scenario in which a driver has crashed and winter tires may have helped to avoid it, it may be a deciding…

Insurance Brokers Association of Ontario (IBAO) launched a mobile service for its members to assist with productivity and keep brokers organized while on the go. The new service, called ‘hereiam,’ allows brokers to:•Listen and compose emails while driving. The hereiam…

The Desjardins Group’s property and casualty insurance segment reported its surplus earnings rose $17 million in 2011 Q3 despite a higher loss ratio in the third quarter of 2011 than during the same period in 2010.The segment’s total income in…

Ontarians have not paid more than $1 billion in Provincial Offences Act fines, and one-third of these fines relate to driving with invalid or false insurance cards, according to a white paper released on Nov. 9 by the Ontario Association…

Alberta has denied disaster recovery assistance to Cold Lake, Alberta residents for flood damage sustained during a storm event in late June 2011, telling the Edmonton Journal that the storm did not qualify as a 1-in-25-year event.Instead, a hydrologist contracted…

Insurance Bureau of Canada (IBC) remains cautiously optimistic of Nova Scotia’s auto insurance reforms, expressing concern regarding the complexity of implementation issues associated with such comprehensive changes. “IBC applauds the Nova Scotia government for its direction with these reforms and…

Ontario’s property and casualty industry contributed a total of $7.5 billion to the province’s economy either directly or indirectly (through ‘spin-off’ contributions), according to a Conference Board of Canada study released on Nov. 9 by the Insurance Bureau of Canada…

Nova Scotia unveiled its proposed auto insurance reforms, which will be implemented in two phases over the next two years.The key aspects of the reforms contained few surprises, including enhanced no-fault, mandatory med-rehab limits of up to $50,000; a new…

Removing gender as a rating factor is not included in the 2011 auto insurance reforms released by Nova Scotia’s government. During a press conference, Graham Steele, the minister responsible for the province’s Insurance Act, said gender is a factor that…