Topic
Legal
Ontario regulator issues warning of unlicensed insurance company
July 29, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers that Sentel Insurance is not licensed to do insurance business in the province. FSCO said Monday it had been informed that a company or individual identifying themselves as “Sentel Insurance”…
XL Group upgrades professional and pollution insurance package
July 18, 2013 by Canadian UnderwriterXL Group’s North America Environmental business has supplemented its professional and pollution insurance protection for contractors and environmental consultants. The new package includes enhancements that offer mediation credits, disaster response coverage, green building restoration costs, as well as legal expenses…
2013 on track for lowest number of D&O-related actions in years
July 17, 2013 by Canadian UnderwriterThe number of new securities and business litigation and enforcement actions so far this year put 2013 on track to have the lowest annual total since before the credit crisis, according to a new report from Advisen Insurance Intelligence. The…
Ontario appeal court rules against insurer in disputed attendant care auto claim
July 17, 2013 Greg Meckbach, Associate EditorA ruling released Tuesday by the Ontario Court of Appeal against Gore Mutual Insurance Company is significant because it does not define “economic loss” in the province’s auto insurance regulations governing attendant care benefits, when the person caring for the…
Insurer offers liability coverage for Internet bloggers
July 11, 2013 Greg Meckbach, Associate EditorArch Insurance Group Inc. of New York City announced Tuesday it is offering claims-made liability coverage for bloggers. “BloggerShield provides affordable, customized claims-made coverage for libel, slander, defamation, copyright infringement and privacy violation in the course of the insured’s blogging…
Ontario regulator launches auto insurance fraud hotline
July 8, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario has launched a tip line for consumers to report suspected fraud related to auto insurance in the province. Consumers can call 1-855-5TIP-NOW or report through a website, www.fsco.gov.on.ca/TIPNOW. In both cases, they have the…
Auto theft rate edges up in U.S., preliminary FBI data suggests
July 4, 2013 by Canadian UnderwriterAn American P&C insurers’ organization recently suggested vehicle thefts last year may be 1.3% higher per capita than in 2011, ending an eight-year downward trend. The National Insurance Crime Bureau released its Hot Spots vehicle theft report last week, which…
Ontario regulator releases final statement of priorities for 2013
July 3, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario has released its Statement of Priorities for 2013, outlining its intention to clear the dispute resolution backlog around auto insurance in the province and implement a new Minor Injury Guideline. In early April, FSCO…
Beware of flood-damaged vehicles from Alberta: Economical Insurance
July 2, 2013 by Canadian UnderwriterConsumers looking to buy a used automobile are advised to be aware that vehicles deemed a total loss from the flooding in Alberta will find their way to market for unsuspecting buyers elsewhere, Economical Insurance reports. “History has shown that…
Tax on Demand
July 1, 2013 J. Brian ReeveWhen it comes to HST and related party reinsurance, it may seem like chasing a moving target. But the target is substantial, with the tax exposure of Canadian insurers for HST/GST retroactive to 2005 estimated as being as high as $800 million.
Limitation periods may differ
July 1, 2013 Michael S. Teitelbaum and Alexander B. WilkinsonThe Court of Appeal for Ontario finds that where the policy is for a “business,” a clear one-year limitation period may be included in a multi-peril policy. However, it appears that for homeowner policies, the longer two-year limit period will apply.
HST on IMEs: Case Closed?
July 1, 2013 Sean AylwardThe federal government’s 2013 budget removes the HST-exempt status on supplies by providers of independent medical evaluations or independent assessments. However, language contained in amendments could provide a basis to challenge removal of exempt status.