Canadian Underwriter

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What’s New: In brief (July 25, 2005)

July 25, 2005 by Canadian Underwriter

The 9th U.S. Circuit Court of Appeals in San Francisco recently ruled that an employer who refused to refer to a staff member by his actual Arabic name is liable for employment discrimination. The three-judge panel unanimously affirmed a district

News Insurance

Royal’s Insurance Company financial strength affirmed

July 21, 2005 by Canadian Underwriter

Royal Bank of Canada Insurance Company Ltd.’s financial strength rating of A (Excellent) and its issuer credit rating of “a+” has recently been affirmed by A.M. Best. Both ratings have a stable outlook. According to A.M. Best, these ratings reflect

News Insurance

Ontario consumers set to see more rights

July 21, 2005 by Canadian Underwriter

In nine days, changes to the Consumer Protection Act will introduce some extremely tough and comprehensive changes to Ontario consumer protection laws, according to Government Services Minister Gerry Phillips.The Act effective July 30 is replacing the original laws passed in

News Insurance

P&C industry softens in second quarter (July 21, 2005)

July 21, 2005 by Canadian Underwriter

The second quarter of 2005 continues to see a softening of the commercial p&c industry, according to the Commercial Property/Casualty Market Index sponsored by the Council of Insurance Agents and Brokers this is evidenced by an increase in competition for

News Insurance

Sexual favoritism demeaning, deemed harassment

July 20, 2005 by Canadian Underwriter

A recent court ruling by the California Supreme Court indicates that a supervisor can be sued for sexual harassment if they show favoritism toward employees whom they have a sexual relationship with. In Edna Miller vs. Department of Corrections, the

News Insurance

Royal submits recommendations regarding Banking Act reforms

July 20, 2005 by Canadian Underwriter

In lieu of its recent push to convince the federal government to pass a reform allowing banks increased rights to sell insurance directly through branches, the Royal Bank of Canada recently used its 11-page submission to reiterate what it sees

News Insurance

New regulations increase building and demolition cost and time

July 20, 2005 by Canadian Underwriter

The cost and duration of construction and demolition projects in Ontario may be set to increase significantly as a result of new provincial asbestos regulations. These increases will tap into the pockets and schedules of building owners and operators but

News Insurance

2005 Audi A6 and 2006 Infiniti M35 earn good crash results

July 19, 2005 by Canadian Underwriter

Two large luxury cars recently earned top ratings in both front and side impact crash tests conducted by the Insurance Institute for Highway Safety. The 2005 Audi A6 earned good ratings and “best pick” designations for its performance in both

News Insurance

Temple Insurance’s rating placed under review

July 19, 2005 by Canadian Underwriter

Temple Insurance Company financial strength rating of A (Excellent) has been placed under review with negative implications, by A.M. Best. This degraded review was initiated in line with the recent announcement that Munich Re is reviewing the reserve position of

News Insurance

Ontario auto premiums show decrease

July 19, 2005 by Canadian Underwriter

Auto insurance premiums in Ontario have fallen 15% since Nov. 2003, leaving the average auto premium in the province at a rate of $1,279 a figure reached by dividing total premiums paid by the number of insured vehicles according to

News Insurance

Strong p&c industry results anticipated

July 19, 2005 by Canadian Underwriter

Results for the property and casualty insurance industry are expected to be stronger than anticipated for 2004 despite the fact that the industry’s performance will degrade over the next three years, according to Clint Harris, analyst at Conning Research and

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Terrorism backstop likely reality

July 15, 2005 by Canadian Underwriter

A federal terrorism insurance backstop is likely to be implemented but observers say it may not be as thorough as the 2002-implemented Terrorism Risk Insurance Act, ending Dec. 31.Under testimony the Treasury Secretary John W. Snow says the Bush administration