Topic
Insurance
Bankers urging government to ease insurer restrictions on branches
June 22, 2005 by Canadian UnderwriterCurrent insurer restrictions state that Canadian Banks cannot solicit insurance customers in bank branches but, in a recent position statement , Canadian Bankers Association (CBA) CEO Raymond Protti says Canada should ease restrictions on banks selling insurance so they can…
Quebec to see increases in auto insurance premiums
June 22, 2005 by Canadian UnderwriterThe government of Quebec will not approve any major hikes in public auto insurance premiums, like those recently proposed by the Socit de l’assurance automobile du Qubec (SAAQ), according to the province’s junior Transport Minister Julie Boulet. The SAAQ recommended…
What’s New: In brief (June 22, 2005)
June 22, 2005 by Canadian UnderwriterMarkel Insurance Co. of Canada recently introduced a new program to provide legal aid to Canadian truckers violating U.S. hours of service rules and other transport laws.The program Market LEGALink consists of a database of trucking-savvy U.S. attorneys who are…
TRIA does not provide sufficient economic protection
June 21, 2005 by Canadian UnderwriterInsurers are failing to provide U.S. businesses with adequate terrorist attack protection and, according to a new study, this means a major terrorist attack would result in nationwide economic disruption.The report, “Trends in Terrorism: Threats to the United States and…
ING Canada Group’s issuer credit ratings and financial outlook
June 21, 2005 by Canadian UnderwriterING Canada Group (ING Canada) has recently been assigned issuer credit ratings (ICR) of “aa-” while ING Canada Inc. (TSX: IIC.LV) has been assigned an ICR of “a-” from A.M. Best. These ratings, according to A.M. Best, reflect ING Canada’s…
Royal & SunAlliance Canada deny call for bids
June 21, 2005 by Canadian UnderwriterRumors surrounding Royal & SunAlliance plan to call for bids on the Company are completely false, according to Royal & SunAlliance Canada’s president and CEO Rowan Saunders. In response to recent media exposure of the Company’s consistently “plummeting shares” and…
What’s New: In brief (June 21, 2005)
June 21, 2005 by Canadian UnderwriterOn June 16, 2005, the newly formed company Assured Automotive representing the recent merger between Imperial Collision Centres and Oaktown Collision Centres held a charity boat cruise to raise money for Erinoak a charitable organization that aids children with physical…
ACE, London insurers in arbitration dispute
June 20, 2005 by Canadian UnderwriterLloyd’s of London and other London-market reinsurers recently moved to block units of ACE Ltd. from consolidating arbitration proceedings on dozens of asbestos claim-exposed reinsurance contracts. According to court filings, ACE units which filed 17 separate arbitration demands charged London…
U.S. reinsurers affected by IRS revenue ruling
June 20, 2005 by Canadian UnderwriterThe Internal Revenue Service (IRS) recently ruled that an organization that is the sole purchaser of coverage from an insurer cannot take a tax deduction for the premiums.In the Revenue Ruling 2005-40, the IRS states that insurance must involve risk…
Marijuana grow operations may lead to higher insurance rates
June 20, 2005 by Canadian UnderwriterA recent fire in Richmond, BC is likely a result of a marijuana grow-op. The incident sets precedence for the new pot grow-op bylaw, set to take effect July 1, requiring landlords to check their premises for grow-ops every three…
Update, Alberta floods
June 20, 2005 by Canadian UnderwriterIn a recent statement, Deputy Prime Minister Anne McLellan recently offered Rob Renner, Minister of Municipal Affairs, any assistance required to aid against the damage caused by relentless floods in Alberta. McLellan, Canada’s Minister of Public Safety and Emergency Preparedness,…
What’s New: In brief (June 20, 2005)
June 20, 2005 by Canadian UnderwriterCORRECTION NOTICE: Royal & Sun Alliance Insurance Group Plc. is not calling for bids as was stated in the news release published on June 20, 2005. A Royal & Sun representative says the Company has no plans to call for…