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Legal


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U.S. launches civil lawsuit against BP, QBE Underwriting and seven other parties for Gulf Coast oil spill

December 16, 2010 by Canadian Underwriter

The U.S. government has launched a civil lawsuit against BP, QBE Underwriting Ltd. and seven other parties it deems responsible for the Deepwater Horizon oil spill on Apr. 20, 2010.U.S. Attorney General Eric Holder did not say in his Dec.

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OSC alleges former Kingsway senior accountant and her son engaged in insider trading

December 14, 2010 by Canadian Underwriter

The Ontario Securities Exchange Commission (OSC) is examining accusations of insider trading against a former senior accountant of Kingsway Financial Services and her son.The securities regulator is holding a Jan. 27, 2011 hearing to examine allegations that Helen and Paul

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Extension of limitation period based on knowledge of existence – not the identity – of a possible party

December 13, 2010 by Canadian Underwriter

The Ontario Court of Appeal has confirmed in a slip-and-fall case that the knowledge of the existence – rather than the specific identity – of a potential party invokes the discoverability principle and postpones the expiry of applicable limitation periods.Roseanna

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Alberta Privacy Commissioner wonders why encryption not used in recent data breaches

December 13, 2010 by Canadian Underwriter

The Office of the Privacy Commissioner in Alberta says it’s “incomprehensible” why data encryption was not used in seven self-reported breaches of personal information over the past three months, each involving a stolen or lost laptop or digital device. “Encryption

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Ontario Police, IBC launch ‘Lock It or Lose It’ theft prevention program

December 3, 2010 by Canadian Underwriter

The Ontario Association of Chiefs of Police (OACP) and Insurance Bureau of Canada (IBC) are launching ‘Lock It or Lose It,’ a crime prevention program encouraging citizens to take a few simple precautions to prevent vehicle theft.  In partnership with

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Alberta extends $1-million liability cap on rental companies to vehicle sellers, financers

December 3, 2010 by Canadian Underwriter

Alberta’s Superintendent of Insurance announced a series of legislative changes extending the liability cap of $1 million that exists for rental and leasing companies to people selling or financing vehicles through formal arrangements. The legislative changes come into force on

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William Olson named Winnipeg Insurance Lawyer of the Year

November 30, 2010 by Canadian Underwriter

E. William Olson has been named the Winnipeg Insurance Lawyer of the Year for 2011. A partner at Thompson Dorfman Sweatman LLP (TDS), Olson was bestowed the honour by Best Lawyers, a peer-review publication in the legal profession. “We continue

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Police charge Toronto man in connection with insurance fraud scheme

November 25, 2010 by Canadian Underwriter

A Toronto man has been charged in connection with an insurance fraud investigation. According to Toronto police, the fraud scheme involved a paralegal who said he was operating under Royal Sun and Alliance Company, using ‘Executive Brokers’ as the name

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Canada Revenue Agency confirms business income from Barbados “exempt insurance companies” can be repatriated to Canada free of Canadian tax

November 25, 2010 by Canadian Underwriter

The Canada Revenue Agency (CRA) has confirmed that business income earned by a Barbados “exempt insurance company” (EIC) may generally be repatriated to Canada free of Canadian tax, despite the EIC being subject to a very low amount of tax

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New Brunswick introduces distracted driving legislation

November 24, 2010 by Canadian Underwriter

New Brunswick is the latest province to introduce legislation combating distracted driving, prompting the praise of Insurance Bureau of Canada (IBC).New Brunswick’s proposed law would prohibit, while driving, the use of any electronic device with a display screen, communication device

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Insurer accounting standard draft contains “fundamental” changes for Canadian insurers: PwC

November 23, 2010 by Canadian Underwriter

The most recent International Accounting Standards Board draft contains fundamental changes that would alter existing Canadian P&C valuation methods and the way that insurers’ income is presented, PricewaterhouseCooper’s said in its Fall 2010 Insurance Review.The proposals are the result of

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Canadian securities regulators look for improved disclosure of executive compensation

November 22, 2010 by Canadian Underwriter

Canadian securities regulators are seeking public comment on proposed rule changes that would enhance the quality of disclosure of executive compensation.“The proposals clarify existing requirements and introduce new substantive requirements to enhance the quality of information disclosed by public companies