Topic
Legal
Vast majority of Canadian drivers admit to risky driving behaviours: Kanetix survey
November 23, 2011 by Canadian UnderwriterTalking on a mobile phone or texting behind the wheel may be the most recent targets of legislative action in Canada, but plenty of other distractions exist for drivers – including eating and drinking behind the wheel, speeding and following…
B.C. insurance agent banned from accessing ICBC database on privacy breach allegation
November 21, 2011 by Canadian UnderwriterThe Insurance Council of B.C. has banned a general insurance agent’s access to the database of B.C.’s public insurer, the Insurance Corporation of B.C. (ICBC), after the council reviewed allegations that the agent had accessed a third-party’s confidential information without…
York police arrest 14 suspects in passport fraud ring linked to staged auto collisions
November 18, 2011 by Canadian UnderwriterYork Region police have arrested 14 suspects and laid 145 charges following a three-year investigation into a multi-million dollar fraud ring that allegedly staged auto collisions in the Greater Toronto Area (GTA).Insurance Bureau of Canada (IBC)’s vice president of investigative…
U.S. subprime settlements averaging $116 million
November 18, 2011 by Canadian UnderwriterRecent settlements in the United States as a result of subprime and credit crisis litigation are averaging $116 million, although only a small number of cases have been settled over the past five years, according to Kevin LaCroix, writing for…
Proposed changes to anti-money laundering legislation may prove onerous for smaller reporting entities: Fasken Martineau
November 18, 2011 by Canadian UnderwriterProposed changes to Canada’s anti-money laundering and anti-terrorist financing legislation may prove to be very onerous for smaller reporting entities, according to a Nov. 17 Financial Institutions Bulletin issued by law firm Fasken Martineau.The Department of Finance (Canada) released its…
Injured claimant’s adaptive ability should be based on more than just an inability to return to work: Ontario arbitrator
November 17, 2011 by Canadian UnderwriterAn injured person’s ability to adapt to stressful circumstances is broader than just whether or not a person can return to work, an Ontario arbitrator has found.Adaptability is one of four factors used to determine whether a person’s mental or…
State Farm Canada seeks $21 million in damages from Ontario health clinics and individuals
November 17, 2011 by Canadian UnderwriterState Farm Canada has filed a statement of claim seeking a total of $21 million in damages from several Ontario health service providers and individuals. State Farm’s statement of claim contains allegations not proven in court. It alleges that six…
Insurers face unexpected increase in business interruption claims after Japanese companies relocate operations to Thailand: law firm
November 16, 2011 by Canadian UnderwriterInsurers of Japanese earthquake losses are facing unexpected increases in claims from manufacturers who moved production and/or sourcing of supplies to Thailand, according to law firm RPC (Reynolds Porter Chamberlain LLP).“Many Japanese companies, particularly in the automotive and electronics sectors,…
Quebec brokers say proposed regulation to ensure transparent disclosure of billing for fees is redundant
November 16, 2011 by Canadian UnderwriterThe Regroupment des cabinets de courtage d’assurance du Québec (RCCAQ), a Quebec insurance broker association, says an amendment to regulations recently proposed by the province’s insurance regulator will simply duplicate existing standards governing transparent disclosure of billing for fees.The Autorité…
Real estate brokers should not be allowed to act simultaneously as insurance representatives: Quebec brokers
November 16, 2011 by Canadian UnderwriterQuebec insurance brokers have expressed concern to the province’s insurance regulator, the Autorité des marchés financiers (AMF), about a proposed amendment to regulations that would allow real estate brokers to act simultaneously as insurance representatives. Specifically, the Regroupment des cabinets…
SGI reports 8,500 collisions and 60 deaths in 2010 related to distracted driving
November 15, 2011 by Canadian UnderwriterSaskatchewan saw almost 8,500 motor vehicle collisions due to distracted driving in 2010, resulting in more than 2,300 injuries and 60 deaths, according to Saskatchewan Government Insurance (SGI). SGI says its traffic safety research shows the vast majority (92%) of…
Insurers more vulnerable to financial crisis as they branch out into non-insurance financial activities: IAIS
November 15, 2011 by Canadian UnderwriterThe traditional insurance model has allowed property and casualty insurers to withstand the recent financial crisis, but as insurers branch out from this model and offer more non-insurance related products, they are more vulnerable to financial risks associated with the…