Topic
Insurance
Ontario regulations call for fair pricing among insurer affiliates and distribution channels
June 25, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has amended its Unfair or Deceptive Acts or Practices (UDAP) regulation to ensure fair pricing among insurance company affiliates and their distribution channels. The UADP now requires “affiliated insurers and their agents/brokers to…
Lloyd’s launches innovative auto insurance product
June 25, 2010 by Canadian UnderwriterLloyd’s of London has launched an insurance product that temporarily replaces a car owner’s auto policy, should they decide to rent out their private vehicle. WhipCar provides an online booking service that allows London car owners to rent out their…
Tornado leaves swath of damage in Midland, Ontario
June 24, 2010 by Canadian UnderwriterA tornado tore through Midland, Ontario on June 23, the third tornado of the season in Ontario. A severe thunderstorm and funnel cloud ripped through the southern part of Midland on Wednesday evening, damaging property and forcing the community to…
U.S. property and casualty insurers report huge rebound in Q1 net income
June 24, 2010 by Canadian UnderwriterPrivate U.S. property and casualty insurers’ saw net income rebound to $8.9 billion in 2010 Q1, a marked improvement from the net loss of $1.3 billion in the same period of 2009, according to the Insurance Services Office.This return to…
Loyalist Insurance Group announces name change
June 24, 2010 by Canadian UnderwriterThe Loyalist Insurance Group Limited has dropped the ‘Insurance’ from its moniker.Moving forward, the corporation will be known as The Loyalist Group.The change was approved at the company’s annual shareholder meeting and by the NEX trading forum.As of June 24,…
U.S. experiences increase in terrorism insurance uptake in 2009
June 24, 2010 by Canadian UnderwriterTerrorism insurance uptake in the United States increased last year, from 57% in 2008 to 61%, despite a challenged economy, reports Marsh.Marsh surveyed 1,382 of its clients, and found the number of firms purchasing this type of insurance has steadily…
Ontario Court of Appeal reinstates statute-barred auto injury claim
June 24, 2010 by Canadian UnderwriterThe Ontario Court of Appeal has breathed new life into an auto injury claim that was defeated in a summary judgment because it was filed 14 months after the limitations period had expired.The Appeal Court reinstated the action on the…
Feds to phase out coal-fired electrical plants as part of climate change strategy
June 23, 2010 by Canadian UnderwriterThe federal Minister of the Environment announced proposed regulations to phase out traditional coal-fired electrical plants and place stringent performance standards on new coal-fired electricity generation units. Thirty-three of Canada’s 51 coal-burning electricity plans will come to the end of…
Damage caused by oil mixed with U.S. floodwaters is covered: FEMA
June 23, 2010 by Canadian UnderwriterThe Federal Emergency Management Agency (FEMA) confirmed that National Flood Insurance Program policies will cover property damage caused by oil in floodwaters, reports the US’s Insurance Information Institute (III).“FEMA’s clarification comes after rising concerns over whether flood insurance policies would…
Manitoba man pays steep price for attempted $240 insurance fraud
June 23, 2010 by Canadian UnderwriterA Winnipeg man was sentenced to 15 months’ probation, perform 120 community service hours within one year, pay full restitution and write a letter of apology to Manitoba Public Insurance (MPI)’s CEO for attempting to commit a $240 insurance fraud.Brent…
FSCO updates Professional Services Guideline to reflect HST
June 23, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario has approved marginal increases for the maximum hourly rates payable by auto insurers for the services of health care providers listed in the Professional Services Guideline.The updated guidelines come into effect on July 1,…
Magnitude 5.0 earthquake rumbles Quebec-Ontario border
June 23, 2010 by Canadian UnderwriterA magnitude-5.0 earthquake struck the Ontario-Quebec border area – 60 kilometers north of Ottawa – at 1:42 p.m. on June 23, according to the United States Geological Survey (USGS). Natural Resources Canada confirmed the earthquake on its Web site: “June…