Topic
Insurance
Insurance Council of B.C. fines agency, marketing manager for improper access to ICBC rate information
August 10, 2010 by Canadian UnderwriterThe Insurance Council of B.C. has published its intention to fine Family Insurance Solutions Inc. $20,000 and its marketing manager, Graham Nelson Doerr, $10,000 for improperly obtaining vehicle rating information from the province’s public insurer, the Insurance Corporation of B.C.…
RIBO does not recognize licensed brokerage employees as “independent contractors”
August 10, 2010 by Canadian UnderwriterA licensed individual at a brokerage cannot be an “independent contractor,” Ontario’s broker regulator, Registered Insurance Brokers of Ontario (RIBO), said in its Summer 2010 bulletin.“On occasion, RIBO staff has been advised that a licensed individual within a brokerage is…
CCIR investigating regulatory changes for general agencies, wholsesale brokers and third party administrators
August 10, 2010 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) is looking into the regulation of general agencies, wholesale agencies, wholesale brokers and third party administrators.The CCIR’s agencies regulation committee will also review risks to consumers and legislative and regulatory issues arising from…
Companies need to entrench risk management: UK risk managers’ association
August 10, 2010 by Canadian UnderwriterDespite being more aware about the risks they face, companies still need to work on embedding risk management into their organizations, the chair of the UK Association of Risk and Insurance Managers (AIRMIC) says. “There are organisations that have properly…
OSFI releases draft guideline on reinsurance governance framework
August 9, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has issued its proposed revision of Guideline B-3, formerly known as the Guideline on Unregistered Reinsurance, for consultation. The new draft of Guideline B-3 would change the reinsurance governance framework from…
Zurich in Canada to launch new Web-based system for builders risk policies
August 9, 2010 by Canadian UnderwriterZurich in Canada is poised to launch www.ZurichBuildersRisk.ca, a new Web-based system designed to rate, quote and issue builders risk policies in less than nine minutes.The new service provides course of construction coverage for new residential and commercial structures, renovation…
Repairs for hybrid vehicles cost more than repairs for non-hybrids
August 9, 2010 by Canadian UnderwriterClaims costs are higher for hybrid cars and SUVs than for non-hybrids, according to Mitchell International. In its Quarterly Feature of the Mitchell Industry Trends Report, Mitchell International says hybrids have higher collision claims frequencies and severity than non-hybrids.Overall, hybrids…
RSA creates new product for sellers of renewable energy
August 9, 2010 by Canadian UnderwriterRSA has launched a new product designed to protect homeowners and small businesses that sell renewable energy to the Ontario government in the event of lost income. The product covers the actual equipment against all risks of direct physical damage…
AMF investigates ex-insurance broker’s role in $1.4-million Ponzi scheme
August 6, 2010 by Canadian UnderwriterQuebec’s securities regulator, the Autorité des marchés financiers (AMF), has blocked the accounts and companies of a former insurance broker as part of its investigation into an alleged $1.4-million Ponzi scheme.Acting on the authority of an administrative tribunal, the Bureau…
Swiss Re reports surge in Q2 profits, despite large claims
August 6, 2010 by Canadian UnderwriterSwiss Re reported a surge in net income, going from a net loss of $342 million in 2009 Q2 to a net income of $812 million in 2010 Q2.Its property and casualty business suffered, however, as a result of higher-than-expected…
The NOAA lowers upper limits of its hurricane forecast
August 6, 2010 by Canadian UnderwriterThe National Oceanic and Atmosphere Administration (NOAA) has lowered the upper bounds of its 2010 hurricane season forecast.The NOAA’s updated forecast includes: •14 to 20 named storms (the initial forecast called for 14 to 23);•8 to 12 hurricanes (the initial…
Arbitrator calls on insurers to do “more careful” review of their medical reports
August 6, 2010 by Canadian UnderwriterAn Ontario arbitrator says insurers need to do a “more careful” review of their medical reports, in light of a case in which an insurer relied on medical assessments that the arbitrator ultimately found to be wrong or inconsistent.“It is…