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Guy Carpenter report predicts EU regulators will work out kinks related to assessing counterparty risk in Solvency II

September 13, 2011 by Canadian Underwriter

Global risk and reinsurance specialist Guy Carpenter said it is expecting additional changes in Solvency II that will simplify the calculation of counterparty default risk, which has been criticized for its “overly complex approach.”A key component of Solvency II is

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B.C. court awards $50,000 in punitive damages after finding that insurer took too long to advise insureds of denial of coverage in fire claim

September 8, 2011 by Canadian Underwriter

A recent B.C. Supreme Court decision, Sidhu v. The Wawanesa Mutual Insurance, highlights the need for insurers to undertake effective and fair investigations before denying a claim for coverage — and then promptly communicating their negative coverage decisions to the

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Alberta police Long Weekend crackdown results in 3,743 charges, including hundreds of violations for driving without insurance

September 7, 2011 by Canadian Underwriter

Alberta sheriffs and RCMP laid 3,743 charges across the province during the September long weekend, with the second-most frequent violation being driving without insurance or while suspended.Police laid 2,834 speeding violations, as well as 55 hazardous driving violations such as

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International Reach

September 1, 2011 David Gambrill, Editor

Insurance law is globalizing, and international networks of independent law firms present an attractive alternative to a merger between individual firms.

Michael Baxter
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Moves & Views

September 1, 2011 by Canadian Underwriter

Credit scoring should be banned throughout Canada, according to more than half (58%) of respondents to www.canadianunderwriter.ca‘s latest online poll. Of the 163 respondents, 42% said “no” to an all-out ban on the use of credit scoring in Canada. Greg

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WICC Ontario Golf Tournament

September 1, 2011 by Canadian Underwriter

More than 220 golfers attended the 12th annual WICC Ontario Golf Tournament on July 11 at Angus Glen Golf Club in Markham, Ontario. Attendees enjoyed a barbeque lunch, silent auction, raffle and dinner.  A WICC cheque for $250,000 was presented

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Winmar Toronto/Brampton and Gilbertson Davis Emerson LLP tour of the harbour

September 1, 2011 by Canadian Underwriter

More than 150 guests boarded the Yankee Lady III for a four-hour tour of the Toronto harbour. The third annual event, co-sponsored by Winmar Toronto/Brampton and Gilbertson Davis Emerson LLP, raised $5,000 for Kerry’s Place Autism Services. The cruise, held

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Alberta ushers in tough distracted driving legislation

August 31, 2011 by Canadian Underwriter

Alberta’s distracted driving law comes into effect on Sept. 1, making it the next province to ban the use of hand-held devices. But the province took it one step further, applying the law to low-tech distractions such as reading printed

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Ontario court rules gas station attack constitutes an accident under SABS

August 29, 2011 by Canadian Underwriter

The Ontario Superior Court of Justice has found that a man attacked and beaten in his car while parked at a gas station was involved in an “accident” under the Statutory Accident Benefits Schedule (SABS). In Downer v. Personal Insurance,

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IBAC asks feds to take a cautious approach to demutualization

August 26, 2011 by Canadian Underwriter

Canadian brokers have asked the federal government to take a cautious approach to demutualization.In a submission to the federal government, the Insurance Brokers Association of Canada (IBAC) has asked the Department of Finance to keep in mind the important role

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Hamilton cops execute warrants against two collision centres, charge three in connection with insurance fraud investigation

August 26, 2011 by Canadian Underwriter

Hamilton police have executed search warrants against two collision centres in the city for allegedly perpetrating insurance fraud. So far, three local men aged 39, 48 and 67 have been arrested. Police believe local collision repair shops were hiring “chasers”

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FSCO issues warning of unlicensed auto insurer

August 24, 2011 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) is warning consumers that Lima Automobile Insurance Company is not licensed to do business in Ontario.In a statement, FSCO said it found that Lima Automobile Insurance Company is collecting premiums from clients without