Canadian Underwriter


News InsuranceLegal

Extended warranty is not “insurance:” Alberta court

January 21, 2010 by Canadian Underwriter

An extended warranty is not an insurance contract, the Court of Queen’s Bench of Alberta has decided.“In my view, the distinction between a warranty and insurance is that a warranty covers the risk that the covered product will fail due

News InsuranceLegal

Gen Re pays $12.2 million to settle SEC charges related to 2000-02 finite reinsurance deals

January 20, 2010 by Canadian Underwriter

General Re Corporation has agreed to pay $12.2 million to settle charges by the Securities Exchange Commission (SEC) related to separate schemes by American International Group (AIG) and Prudential Financial, Inc. to manipulate and falsify reported financial results in 2000-02.According

News InsuranceLegalMergers and Aqcuisitions

Ontario auto reforms need to clarify an ‘incurred cost’: defence lawyer

January 15, 2010 by Canadian Underwriter

There is a need to provide a clear definition for the word “incurred” under Ontario’s Statutory Accident Benefits Scheme (SABS), said Philippa Samworth, a partner at Dutton Brock LLP.Typically, “incurred” is interpreted to mean that a person has paid for

News InsuranceLegalMergers and Aqcuisitions

Proposed changes to Ontario medical and rehab benefits potentially “problematic” for brokers

January 15, 2010 by Canadian Underwriter

The proposal to decrease Ontario’s medical and rehab benefit from $100,000 to $50,000, including an option to purchase higher limits, will place a huge onus on brokers and expose them to an increased risk of litigation, said Philippa Samworth, a

News InsuranceLegal

Third time not a charm when disclosing limitation periods in Alberta: Insurance industry

January 11, 2010 by Canadian Underwriter

Insurers generally agree with the Alberta insurance regulator that disclosure of limitation periods to litigate a claim should be “transparent” and “fair,” but a general industry consensus has evolved that requiring an insurance company to notify a claimant about the

News InsuranceLegal

Part XIII amendments not likely to change the amount of “unlicensed” insurance in Ontario: RIBO

January 7, 2010 by Canadian Underwriter

Contrary to its initial expectations, Registered Insurance Brokers of Ontario (RIBO), the self-regulating body of Ontario’s insurance brokers, says the Part XIII amendments to the federal Insurance Companies Act (ICA) will not likely change the amount of “unlicensed” insurance written

News InsuranceLegal

Ontario’s new Rules of Civil Procedure apply to motions filed before Jan. 1, 2010

January 6, 2010 by Canadian Underwriter

A motion for summary judgement filed in 2009, but that will not be heard until 2010, is subject to the new Rules of Civil Procedure that came into effect as of Jan. 1, 2010, Ontario’s Superior Court of Justice has

News InsuranceLegalMergers and Aqcuisitions

New Brunswick mulls a ban on hand-held cell phones while driving

January 5, 2010 by Canadian Underwriter

New Brunswick, one of only two provinces (in addition to Alberta) to allow the use of handheld devices while driving, is considering a ban on such use, reports.New Brunswick Public Safety Minister John Foran told that while the

News InsuranceLegalMergers and Aqcuisitions

Top 5 Frauds for 2009: MPI

January 4, 2010 by Canadian Underwriter

Manitoba Public Insurance (MPI)’s special investigations unit (SIU) has recovered nearly $30 million over the last three years in undeserved benefits and denied fraudulent claims. Roughly 3,000 suspicious claims were reviewed in 2009. Five of those made MPI’s 2009 list

News InsuranceLegal

Supreme Court creates new defence for defamation: will it change a company’s exposure to reputational risk?

December 23, 2009 by Canadian Underwriter

Corporate risk managers may wish to review their reputational risk in light of a new defence that protects publishers from defamation so long as their communications are found to be responsible and relate to matters of public interest.“Freewheeling debate on

News InsuranceLegal

IMAX decision in Ontario lowers threshold for proceeding with a civil action for secondary market liability

December 21, 2009 by Canadian Underwriter

Ontario’s Superior Court in IMAX has established a “relatively low” threshold to be met by plaintiffs seeking leave to proceed with a civil action for secondary market liability, according to Ogilvy Renault.The decision provides the first judicial interpretation of leave

News InsuranceLegal

Proposed U.S. bipartisan bill would prohibit banks from engaging in insurance activities

December 18, 2009 by Canadian Underwriter

U.S. Senators Maria Cantwell (D-WA) and John McCain (R-AZ) have introduced a bipartisan bill that would prohibit U.S. commercial banks from engaging in all insurance activities, as well as prevent them from affiliating with investment banks. Essentially, the proposed bill