Topic
Legislation / Regulation
Quebec electric vehicle law sparks concern within automotive industry
January 24, 2017 Ross Marowits - THE CANADIAN PRESSMONTREAL – Automakers are expressing concern that it will be difficult to comply with a new law in Quebec that requires them to sell a minimum number of electric, plug-in hybrid and hydrogen fuel-cell vehicles. Starting with the 2018 model…
Munich Re, Insurance Europe welcome U.S.-EU covered agreement
January 20, 2017 by Canadian UnderwriterMunich Re and Insurance Europe are welcoming the successful conclusion of “covered agreement” negotiations between the United States and the European Union. Munich Re said in a press release on Thursday that “finalizing the agreement is an important step to…
AIG, National Indemnity ink reinsurance agreement covering long-tail prior-year commercial casualty
January 20, 2017 by Canadian UnderwriterAmerican International Group Inc. said Friday it “expects a material prior year adverse development charge” during the three months ending Dec. 31, 2016 and that National Indemnity Company (NICO) has agreed to reinsure 80% of losses on certain reserves for…
Brexit uncertainties weigh on U.K. insurers but rated entities able to withstand pressure: A.M. Best
January 20, 2017 by Canadian UnderwriterRatings firm A.M. Best Company said on Friday that it does not anticipate taking any rating actions as a direct result of plans for the United Kingdom to exit the European Union (EU), “although the cost implications of continuing to…
Rule-making authority essential for Ontario’s new FSRA: Cooke
January 20, 2017 by Angela StelmakowichEquipping Ontario’s new Financial Services Regulatory Authority (FSRA) with rule-making authority is critically important to ensuring its effectiveness as an independent, flexible and consumer-focused regulator of financial services and pensions, argues George Cooke, chair of the Board of Directors of…
Wider mandate for Ontario’s auto insurance regulator would be welcomed
January 19, 2017 by Angela StelmakowichA wide mandate for the body regulating Ontario’s auto insurance sector – one that promotes competition, innovation and responsiveness – would be welcomed, Karin Ots, senior vice president of regulatory and government relations for Aviva Canada, suggested Thursday during a…
Damages claim against provincial energy board a ‘dramatic jurisprudential development:’ Judge
January 18, 2017 by Canadian UnderwriterA recent Supreme Court of Canada decision leaves “open the possibility that members of a quasi-judicial regulatory board could be sued for damages” by someone accusing that board of violating their constitutional rights, a constitutional law professor told Canadian Underwriter…
TT Club offers advice on packaging, securing coiled materials in containers
January 17, 2017 by Canadian UnderwriterSpecialist freight transport insurer TT Club has issued specific guidance on packing and securing coiled materials in containers in a bid to prevent the costly and potentially injurious consequences of improperly secured coils. Investigations into incidents along the international supply…
Alberta Energy Resources Conservation Board immune from $50,000 lawsuit alleging Charter rights violations: Supreme Court
January 16, 2017 by Canadian UnderwriterLaws that shield quasi-judicial decision makers and public inquiry officials from personal damages claims are meant to protect their impartiality, a Supreme Court of Canada judge suggested in a ruling released Friday. Jessica Ernst sought a remedy of $50,000 from…
Fiat Chrysler Automobiles receives notice of violation for alleged failure to disclose software that increases air pollution from vehicles
January 13, 2017 by Canadian UnderwriterThe U.S. Environmental Protection Agency (EPA) announced on Thursday that it has issued a notice of violation to Fiat Chrysler Automobiles N.V. and FCA US LLC (collectively FCA) for allegedly failing to disclose software that increases air pollution from vehicles.…
Complexity, speed of change of emerging risk exposures placing greater attention on effectiveness of ERM strategies, new report says
January 9, 2017 by Canadian UnderwriterThe complexity and speed of change of emerging risk exposures are placing greater attention on the effectiveness of enterprise risk management (ERM) strategies across all industry sectors, according to a newly released report. The report, titled Communicating the Value of…
Lawsuit against employers by federal worker, arising from head injury, may reach Supreme Court of Canada
January 9, 2017 by Canadian UnderwriterThe Supreme Court of Canada is scheduled to announce Thursday whether it will hear an appeal over the question of whether the restriction, in a provincial workers’ compensation plan against suing employers, also applies to federal workers subject to the…