Topic
Insurance
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…
What’s New: In Brief (May 26, 2008)
May 26, 2008 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) is preparing to release reports on its ‘Privilege Model’ and on managing potential conflicts of interest, both to be released later this year.The CCIR’s privilege working group has completed its final report outlining…
Low property losses leading to false sense of complacency
May 26, 2008 by Canadian UnderwriterLeading up to the 2008 Atlantic hurricane season, Aon Corp is cautioning that although predictions of hurricane activity are important to consider, any storm can cause massive destruction regardless of whether it happens in a period of below-normal or above-normal…
What’s New: In Brief (May 23, 2008)
May 23, 2008 by Canadian UnderwriterPembridge Insurance Company has issued a warning to Alberta consumers “that there is the potential that some Pembridge Insurance Company automobile policies may have been fraudulently sold to consumers in Alberta.”The Pembridge notice requests Alberta policyholders that have “purchased an…
OSFI superintendent warns capital management strategies must change
May 23, 2008 by Canadian UnderwriterAlberta’s court ruling that eliminated the province’s Cdn$4,000 cap on minor auto injury claims has led some experts to estimate that mandatory coverages in that province are under-priced by 25%, said Julie Dickson, superintendent of OSFI.Dickson made the remark during…
Business interruption coverage for avian flu soon to be made available
May 23, 2008 by Canadian UnderwriterInsurance for business interruption related to avian flu will be made available to Ontario’s poultry producers in July 2008, BetterFarming.com reports.The online professional farming publication reports that the reinsurance company involved in the Cdn$1.5-million pilot project is Endurance Reinsurance of…
What’s New: In Brief (May 23, 2008)
May 23, 2008 by Canadian UnderwriterTo recognize and encourage students pursuing careers in commercial brokerages, the Toronto Insurance Conference (TIC) has created the Commercial Brokers Award in association with Fanshawe College. An award of Cdn$1,500 will be presented annually for the next five years to…
Supreme Court of Canada rejects Cdn$341,000 damage award in fly-in-bottle case
May 22, 2008 by Canadian UnderwriterThe Supreme Court of Canada has upheld the Ontario Court of Appeal’s rejection of a Cdn$341,000 damage award to Waddah (Martin) Mustapha, who suffered a major depressive disorder, phobia and anxiety after finding dead flies in his unopened bottle of…
BC Court of Appeal orders new hit-and-run trial
May 22, 2008 by Canadian UnderwriterThe Court of Appeal for British Columbia has ordered a new trial in a hit-and-run case on the basis the reasons for judgement given by the B.C. Supreme Court were not adequate to allow appellate review. In Gibson v. Insurance…
Up to 16 named storms, NOAA predicts
May 22, 2008 by Canadian UnderwriterThere is a 90% chance of a near-normal or above-normal hurricane season in the Atlantic Basin in 2008, according to the National Oceanic and Atmospheric Administration (NOAA) climate prediction centre. An average season has 11 named storms including six hurricanes,…
FSCO posts new regulations for prudent portfolio investment
May 22, 2008 by Canadian UnderwriterFinancial Services Commission of Ontario (FSCO) has posted online new regulations for changes to the Corporations Act and Insurance Act, which implement a prudent portfolio investment approach for Ontario-incorporated insurers, reciprocals and fraternal societies.The changes provide insurers with expanded investment…
Lloyd’s approves proposals for amended auditing and disclosure rules
May 21, 2008 by Canadian UnderwriterLloyd’s of London has nearly unanimously approved a resolution to amend the Lloyd’s Act 1982 in a way that clarifies regulations around the appointment and dismissal of auditors, as well as the requirements for financial disclosure.The proposals are as described…