Topic
Insurance
Rule change allows expert evidence to be preserved
December 12, 2008 by Canadian UnderwriterA modification to a court’s rules of civil procedure, which previously prohibited the collection of evidence for a case prior to commencement of a proceeding, now allows the preservation of evidence of a potential witness in advance of a trial.The…
U.S. securities regulator, Zurich, Converium reach settlement over finite reinsurance contracts
December 12, 2008 by Canadian UnderwriterThe U.S. Securities and Exchange Commission (SEC) has settled civil securities fraud charges against Zurich Financial Services and Converium Holding AG, now known as SCOR Holding (Switzerland) AG, relating to finite reinsurance transactions.Without admitting or denying the SEC’s findings, Zurich…
2009 hurricane season predicted to have above average activity
December 12, 2008 by Canadian UnderwriterThe 2009 hurricane season will likely be above average in activity, according to Colorado State University forecasters. It is estimated the season will have roughly seven hurricanes, three of which will be intense (Category 3-5), and 14 named storms. The…
Independent brokers provide socio-economic support to communities, study finds
December 12, 2008 by Canadian UnderwriterIndependent research released by the Insurance Brokers Association of Ontario (IBAO) shows that independent brokers continue to have strong socio-economic impacts on the communities in which they operate, the association says.The bi-annual study was conducted in the winter of 2008.…
New rules for certifying annual filings to take effect on Dec. 15
December 11, 2008 by Canadian UnderwriterCompany chief executives and chief financial executives will not only have to certify their own company’s financial statements as of Dec. 15, 2008, but they will have to vouch for their internal and disclosure controls over reporting as well.New rules…
XL Capital responds to market rumours it is putting itself on auction block
December 11, 2008 by Canadian UnderwriterXL Capital Ltd. (NYSE: XL) has responded to — but did not confirm or deny — rumours that the insurer is exploring the option of putting itself up for sale amid reports of large Q4 investment losses.“The company remains focused…
Challenging times may delay sale of AIG’s assets
December 11, 2008 by Canadian UnderwriterAIG may have to delay selling off some of its assets due to the tough markets, AIG chairman and CEO Edward Liddy suggested on Dec. 11 in a speech to The American Chamber of Commerce & Hong Kong General Chamber…
Many retailers and manufacturers lacking recall strategy
December 11, 2008 by Canadian UnderwriterApproximately two-thirds of manufacturers and retailers have no crisis or recall strategy in place, according to a survey conducted at a Marsh product risk seminar.Most of the other one-third had not tested or reviewed their procedures in more than six…
Ontario Superior Court considers Indirect use of an auto, post-Herbison
December 10, 2008 by Canadian UnderwriterThe Supreme Court of Canada’s 2007 decision in Lumbermens Mutual Casualty v. Herbison isn’t among the authorities cited in the Dec. 3, 2008 Ontario Superior Court of Justice case Lafond v. Roksa, but its influence was certainly manifest.Lafond once again…
What’s New: In Brief (December 10, 2008)
December 10, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has signed contracts with car rental companies to provide rentals at reduced prices to ICBC customers. Savings with Hertz Canada and Ron Ridley Rentals are estimated at between Cdn$5.4 million and Cdn$5.9 million…
OSFI issues draft revisions of guideline for outsourcing business functions
December 10, 2008 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions Canada (OSFI) is requesting comment from industry stakeholders on its draft revision of Guideline B-10, Outsourcing of Business Functions.On April 20, 2007, as a result of Bill C-37 coming into force, the…
What’s New: In Brief (December 10, 2008)
December 10, 2008 by Canadian UnderwriterThe William H. McGannon Foundation has awarded Jean-Francois Haeck with the John Faulds Memorial Award. The John Faulds Memorial Award includes a Cdn$5,000 scholarship. It is not given on an annual basis, but only to worthy students studying risk management…