Topic
Insurance
International Accounting Standards Board seeks comment on proposed accounting standards
May 29, 2008 by Canadian UnderwriterThe International Accounting Standards Board (IASB) and U.S. Financial Accounting Standards Board (FASB) have published consultative documents seeking public comment on a joint project to improve future accounting standards.Each document is more than 40 pages and is available at www.iasb.org.The…
What’s New: In Brief (May 29, 2008)
May 29, 2008 by Canadian UnderwriterBrokers can now download quotations from ING Insurance Company of Canada’s Web quoting tool directly into Policy Works. With the release of integrated download functionality, ING and Policy Works have announced the launch of what they call the next phase…
Reinsurers would shoulder more of the load in an active 2008 hurricane season: Fitch
May 28, 2008 by Canadian UnderwriterIf the 2008 hurricane season features only small to moderate storms (as experienced in 2004), primary insurers will disproportionately incur catastrophe losses relative to reinsurers. However, the opposite rings true if the season includes one or more large or very…
What’s New: In Brief (May 28, 2008)
May 28, 2008 by Canadian UnderwriterAlberta’s Superintendent of Insurance has raised the maximum fee and disbursements for physical therapy services related to the automobile accident insurance benefits regulation.The new rate for the amount payable for completion of an assessment of an insured is Cdn$109.The amount…
Swiss Re calls for better reserving practices based on market cycles
May 28, 2008 by Canadian UnderwriterImprovements in reserving would be beneficial for the insurance industry, according to Swiss Re’s sigma study, “Non-life claims reserving: improving on a strategic challenge.”Claims reserves (or provisions) are funds set aside for claims that have not yet been paid. Since…
What’s New: In Brief (May 28, 2008)
May 28, 2008 by Canadian UnderwriterGuy Carpenter & Company LLC has appointment Andrew Marcell to lead its Americas broking operations.As CEO of the Americas broking operations, Marcell will assume responsibility for all of Guy Carpenter’s treaty and facultative broking operations in the United States, Canada,…
Injured worker precluded from SABS benefits after opting out of workers’ comp
May 27, 2008 by Canadian UnderwriterFSCO has dismissed the appeal of a ruling that a man opted out of workers compensation benefits to launch an action against an insurer for the sole purpose of seeking accident benefits under the SABS-1996.In the arbitration Patrick Lawrence and…
What’s New: In Brief (May 27, 2008)
May 27, 2008 by Canadian UnderwriterThe newly redesigned 2008 Dodge Grand Caravan has received an overall evaluation of “good” from the Insurance Institute for Highway Safety (IIHS). The vehicle received a “good” rating for its structure/safety cage and restraints during front crash tests, says the…
Does criminal act exclusion apply to a person found not criminally responsible for a house fire?
May 27, 2008 by Canadian UnderwriterDoes a criminal act exclusion contained in a homeowner’s insurance policy apply to a man alleged to be not criminally responsible for burning down his house by reason of suffering a mental disorder?The question is certainly important enough that the…
What’s New: In Brief (May 27, 2008)
May 27, 2008 by Canadian UnderwriterFifteen lives were saved and 271 injuries were prevented during 62,370 roadside inspections performed in 2007, according to the Commercial Vehicle Safety Association (CVSA).The CVSA sponsors Roadcheck, a program which dispatches federal, state, provincial and local inspectors to more than…
B.C. Court of Appeal allows exclusion
May 26, 2008 by Canadian UnderwriterBritish Columbia’s Court of Appeal has agreed with B.C.’s public auto insurer, ICBC, that a trial judge erred by failing to apply an exclusion under the Insurance (Motor Vehicle) Act for mechanical failure or breakdown of any part of a…
Chartered accountants encourage directors to be aware of D&O policy conditions at all times
May 26, 2008 by Canadian UnderwriterCanadian corporate directors should be well aware of the terms and conditions of their directors’ and officers’ (D&O) insurance policies long before the policies are triggered, the Canadian Institute of Chartered Accountants (CICA) says.“Board members are well advised to take…