Topic
Insurance
What’s New: In Brief (December 17, 2009)
December 17, 2009 by Canadian UnderwriterAll passenger vehicles registered in Quebec, including taxis and rentals, must be equipped with winter tires between Dec. 15 to Mar. 15, said the Société de l’assurance automobile. Drivers can obtain a winter tire exemption certificate that will allow them…
The CIP Society Ontario Council Announces the 2009 Fellow of Distinction Award Recipient for the GTA
December 17, 2009 The CIP SocietyThe CIP Society Ontario Council, a division of the Insurance Institute of Ontario, announced today that Carla Blackmore, FCIP, CRM, retired director, commercial programs with Zurich Canada, has been selected by the nomination review committee as the 2009 recipient of…
Nova Scotia Appeal Court upholds province’s $2,500 cap on minor auto injuries
December 16, 2009 by Canadian UnderwriterThe Nova Scotia Court of Appeal has upheld the province’s Cdn$2,500 cap on minor injuries, finding on Dec. 15 that the cap is not discriminatory.In Hartling v. Nova Scotia (Attorney General), the Court of Appeal determined that “while the cap…
Insurers must be clear about denying benefits: Ontario court
December 16, 2009 by Canadian UnderwriterAn insurer must be absolutely “clear and unequivocal” in its denial of benefits, and the word “refusal” in documents to the policyholder would probably help, a recent Ontario court decision suggests.In Sukhdev Gill v. Economical Insurance Company, the Ontario Superior…
OSFI requires insurers to state policies issued in the course of their “insurance business in Canada”
December 16, 2009 by Canadian UnderwriterCanada’s solvency regulator has issued an update notice for Part XIII amendments, requiring insurers to include in all of their premium notices and policies a statement that the document was issued or made in the course of its insurance business…
What’s New: In Brief (December 16, 2009)
December 16, 2009 by Canadian UnderwriterAlberta’s minor injury amount will increase 0.3% on Jan. 1, 2010, in relation to the annual change in the Alberta Consumer Price Index.The minor injury amount of $4,504 will be adjusted to $4,518. The new amount relates to minor injuries…
What’s New: In Brief (December 15, 2009)
December 15, 2009 by Canadian UnderwriterCNA Canada has appointed Gary Owcar president and chief operating officer. Owcar will be responsible for executing profitable growth strategies in the global insurer’s Canadian operations.He entered the insurance industry straight from university and began his career in the claims…
Ontario broker working under son’s name has license revoked
December 15, 2009 by Canadian UnderwriterOntario’s broker regulator has revoked the license of Brampton insurance broker Mustapha Kassab, who had been representing himself for close to six years under the assumed name of his son, “Hadi.”The Registered Insurance Brokers of Ontario (RIBO) made its decision…
What’s New: In Brief (December 15, 2009)
December 15, 2009 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of Swiss Reinsurance Company Ltd (Swiss Re) (Switzerland) and its subsidiaries. “The ratings reflect Swiss Re’s strong risk-adjusted capitalization, very strong core operating results and resilient business…
Provincially regulated insurers in Alberta report claim ratio increase in 2008
December 15, 2009 by Canadian UnderwriterProvincially regulated property and casualty insurers in Alberta wrote Cdn$8.04 billion in premium in 2008, marking an increase from 2007’s Cdn$7.5 billion, according to the Superintendent of Insurance’s Annual Report.The direct claims ratio in 2008 rose to 61.3% from 56.9%…
Insurers under-reporting fraud to police: StatsCan
December 14, 2009 by Canadian UnderwriterInsurance companies beset by fraudulent claims are under-reporting the fraud to police, according to a Statistics Canada report, Survey of Fraud Against Businesses. The StatsCan report is based on a survey covering about 7,500 business establishments and head offices from…
Current hard market in financial institutions (FI) insurance not likely to last beyond 2010: Willis
December 14, 2009 by Canadian UnderwriterThe current hard market for financial institutions (FI) insurance is unlikely to last until the end of 2010, according to the latest Willis FI Index from Willis Group Holdings (NYSE: WSH), a global insurance broker.Willis’ 2009 Q4 FI market update,…