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OSFI calls on insurers’ actuaries to account for changes in estimated claims liabilities

October 26, 2010 by Canadian Underwriter

Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), is requiring the actuaries of property and casualty insurance companies to account for changes in the insurers’ estimated claims liabilities.This change will affect the standard annual filing of

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Just a few steps separate slip-and-fall liability from accident benefits

October 26, 2010 by Canadian Underwriter

Just a few steps can mean the difference between a slip-and-fall case and auto insurance accident benefits payments, as illustrated in an arbitration decision issued by the Financial Services Commission of Ontario (FSCO).In Fee Nung Wong and St. Paul Fire

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AMF launches proceedings against unlicensed firms distributing policies on behalf of “non-existent” insurer

October 26, 2010 by Canadian Underwriter

The Autorité des marchés financiers (AMF) launched penal proceedings against Water Safety Services (WSS), International Water Safety Foundation (IWSF) and Alexandre Beaudoin Bonotto, president of WSS, for allegedly issuing insurance certificates without being licensed.An AMF investigation found that IWSF, a

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Ontario’s insurance regulator needs to get tougher on market misconduct issues: CEOs

October 22, 2010 by Canadian Underwriter

Ontario’s insurance regulator needs to get tougher on market misconduct, insurance company CEOs told brokers at the Insurance Brokers Association of Ontario (IBAO)’s 90th Annual Convention in Niagara Falls.Suggestions at the IBAO’s CEO panel discussion included:• a more transparent method

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B.C. insurance broker association to act as intervenor in privacy complaint about credit scoring and insurance

October 21, 2010 by Canadian Underwriter

The Insurance Brokers Association of B.C. (IBABC) is acting as an intervenor in the province’s first complaint to the B.C. Privacy Commissioner about the use of credit scoring in an insurance transaction. Currently, it is legal for insurers in B.C.

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Ontario PC Party Leader Tim Hudak vows to get tough on auto insurance fraud

October 21, 2010 by Canadian Underwriter

Tim Hudak, leader of the Ontario Progressive Conservative Party, has vowed to crack down on fraudsters working in the auto insurance system should he become premier. Hudak addressed the Insurance Brokers Association of Ontario’s 90th Annual Convention in Niagara Falls

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Waivers more likely to reduce exposures in B.C. than in Ontario: B.C. defence counsel

October 21, 2010 by Canadian Underwriter

The efficacy of waivers in reducing a company’s risk exposure is uneven in Canada, and is more likely to be effective in B.C. than in Ontario, according to Lorne Folick, senior partner at Dolden Wallace Folick LLP.Folick was discussing liquor

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Demand for professional indemnity coverage surges in Oct. 1 renewal season: Aon

October 20, 2010 by Canadian Underwriter

Demand for professional indemnity (PI) coverage by the legal profession surged nearly 400% over 2009 leading up to Oct. 1 renewals, reports Aon.By August 2010, Aon reported receiving nearly four times the number of proposals than the same time last

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Selling a home is not proof of intention to buy new one, arbitrator rules

October 19, 2010 by Canadian Underwriter

On an “expenses incurred” issue, an Ontario arbitrator has found a claimant catastrophically injured in a car accident is not obligated to purchase a new home before an insurer is liable to pay home modification benefits.Nevertheless, the arbitrator added, in

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Securities lawsuits ramp up even as credit crisis winds down

October 14, 2010 by Canadian Underwriter

The credit crisis may have abated, but the pace of securities lawsuit filings in the United States has quickened, according to an Advisen report.The report, sponsored by Ace, notes 284 securities lawsuits have been filed so far in 2010 Q3.

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Ontario court delves into the timing of threshold motions during jury trials

October 13, 2010 by Canadian Underwriter

Ontario’s courts seem to be in a quandary about the timing of hearing a threshold motion in a jury trial. A threshold motion under s. 276.5(15) of the Insurance Act determines whether an auto injury is “serious or permanent.”The quandary

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Company director’s risk profile in D&O program is tied to company’s overall risk profile

October 13, 2010 by Canadian Underwriter

The risk profile of a company director is increasingly becoming synonymous with the risk profile of the entire company, according to Jordon Solway, general counsel and vice president at Munich Canada.Solway spoke at a D&O seminar sponsored by the Ontario