Topic
Legislation / Regulation
Growing trend toward seeking punitive, personal legal action against corporate leaders: AGCS
November 28, 2016 by Canadian UnderwriterNew and emerging risks are putting corporate leaders under more pressure of falling foul of investigations, fines or prosecution over alleged wrongdoing, notes a new global report issued Monday by Allianz Global Corporate & Specialty (AGCS). “There is a growing…
Supreme Court of Canada to consider scope of corporate directors’ personal liability under oppression remedy claims
November 22, 2016 by Canadian UnderwriterCanada’s highest court will hear Tuesday arguments in favour of and against a two-part test – for imposing personal liability on a corporate director for “oppressive” corporate conduct – proposed by a director who was sued for nearly $4.7 million.…
Federal government should consider emergency back-stop mechanism for catastrophic earthquake: conference board
November 22, 2016 by Canadian UnderwriterThe Conference Board of Canada is echoing a recent recommendation by a former federal superintendent of financial institutions for Ottawa to consider adopting a last-resort, emergency back-stop mechanism for a catastrophic earthquake given the long-reaching, adverse effects that the event…
‘Sloppy paperwork’ alone does not trigger oppression remedy: Supreme Court of Canada
November 21, 2016 by Canadian UnderwriterThe failure of a company to follow the Canada Business Corporations Act does not necessarily trigger an oppression remedy, the Supreme Court of Canada ruled in a divided decision released Friday. Section 241 of the Canada Business Corporations Act essentially…
Supreme Court of Canada rules banks not prohibited by PIPEDA from disclosing mortgage statements to creditors trying to seize property
November 17, 2016 by Canadian UnderwriterA bank holding a mortgage on property that a creditor is attempting to seize from the property owner is not precluded, by the Personal Information Protection and Electronic Documents Act, from disclosing the mortgage discharge statement to the creditor, the…
Ontario, Quebec and California hold “linked carbon market” meeting at COP22
November 16, 2016 by Canadian UnderwriterThe governments of Ontario, Quebec and California held a tri-lateral meeting on Wednesday to further efforts to reduce greenhouse gas (GHG) emissions while boosting economic growth by linking cap-and-trade programs and expanding carbon markets. Ontario’s Minister of the Environment and…
IBC applauds Ontario government’s decision to move forward with creation of new financial services regulator
November 15, 2016 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is applauding the Ontario government’s decision to move forward with the creation of a new financial services regulator. On Monday, the government of Ontario announced in its 2016 Ontario Economic Outlook and Fiscal Review…
Ontario to introduce legislation to establish new Financial Services Regulatory Authority
November 14, 2016 by Canadian UnderwriterThe Ontario government has announced that it will introduce legislation to establish the initial parameters for the Financial Services Regulatory Authority (FSRA), “a new independent and flexible regulator of financial services and pensions that, once established, would be more consumer-focused…
Impact of June Ontario auto changes ‘will be something to see going forward:’ A.M. Best
November 13, 2016 Greg Meckbach, Associate EditorIt is too early to gauge the exact financial impact, on insurers, of Ontario auto changes that took effect this past June, and in the meantime, the mandated 15% rate reduction announced three years ago is still affecting loss ratios,…
‘Work performed’ exclusion in builder’s liability policy does not apply in allegations of consequential damage: Court of Appeal for Ontario
November 9, 2016 by Canadian UnderwriterA “work performed” exclusion in a commercial general liability policy for a building contractor does not apply if a lawsuit against a contractor alleges consequential damage, the Court of Appeal for Ontario suggested in a ruling released Tuesday. Parkhill Excavating…
Regulators: Close more disposal wells after Oklahoma quake
November 9, 2016 The Associated PressOKLAHOMA CITY – Oklahoma regulators are ordering the shutdown of more disposal wells and restricting the volume of others near where a magnitude 5.0 earthquake struck. The plan released Tuesday by the Oklahoma Corporation Commission’s Oil and Gas Division requires…
Chubb releases new suite of liability coverages for family offices in Canada
November 8, 2016 by Canadian UnderwriterChubb announced on Tuesday that it has released a new suite of insurance coverages to help family offices face liability exposures. “Family Office Amplifier is a flexible package of coverages that includes specialized terms and conditions that reflect today’s evolving…