Topic
Legislation / Regulation
OSFI staff ‘very actively engaged’ in international capital standard for insurers: Zelmer
April 20, 2016 Greg Meckbach, Associate EditorAn international capital standard for global systemically important insurers is “probably not going to have much of an impact on the Canadian p&c industry,” an official with the Office of the Superintendent of Financial Institutions suggested recently, but Canadian insurers…
Quebec financial services regulator urges caution over peer-to-peer risk sharing platforms
April 20, 2016 by Canadian UnderwriterQuebec’s financial services regulator is urging caution following the “recent emergence of peer-to-peer risk sharing platforms.” The Autorité des marchés financiers (AMF) said in a press release on Tuesday that it has noticed that companies are offering consumers platforms where…
White Mountains completes $2.6B sale of Sirius International Insurance
April 19, 2016 by Canadian UnderwriterThe US$2.6-billion sale of Sirius International Insurance Group Ltd., which has a Toronto office, is now complete, White Mountains Insurance Group Ltd. announced Monday. Sirius International is now owned by Singapore-based CM International Holding Pte. Ltd., which is the investment…
OSFI working on new capital guideline for mortgage insurers, amendments to guidelines for corporate boards
April 18, 2016 Greg Meckbach, Associate EditorOfficials with Canada’s Office of the Superintendent of Financial Institutions are working on a “wide range of amendments” to its guidelines for corporate boards of directors, as well as a new capital guideline for private mortgage insurers, OSFI’s deputy superintendent…
B.C. has seen 59 wildfires since April 1, forestry ministry says
April 18, 2016 by Canadian UnderwriterBC Wildfire Service crews have responded to 59 wildfires since April 1, including 12 in the Prince George Fire Centre, the British Columbia Ministry of Forests, Lands and Natural Resource Operations said on Friday. Almost all of the wildfires were…
Supreme Court of Canada will not hear ICBC appeal over $863K award arising from fatal collision
April 15, 2016 by Greg MeckbachCanada’s highest court will not hear an appeal from Insurance Corporation of British Columbia, which was ordered to indemnify the estate of a passenger who caused an accident by grabbing the steering wheel of a vehicle. The Supreme Court of…
‘Fair amount of uncertainty’ of financial impact of Canadian earthquakes: OSFI deputy superintendent
April 14, 2016 Greg Meckbach, Associate EditorThe financial risk from an earthquake in Quebec is “a lot bigger than maybe people think,” a Munich Re Canada executive suggested Wednesday, while the head of Aon Benfield Canada suggested Canadians on the west coast “may be” underinsured for…
Ottawa city council approves new vehicle-for-hire regulations
April 13, 2016 by Canadian UnderwriterOttawa city council announced on Wednesday that it has approved new vehicle-for-hire regulations, making it one of the first Canadian jurisdictions to adopt regulations for private transportation companies (PTCs). In January, Edmonton became the first jurisdiction in Canada to legalize…
Experts caution self-driving cars aren’t ready for roads
April 11, 2016 Joan Lowy - THE ASSOCIATED PRESSWASHINGTON – Self-driving cars are more likely to hurt than help public safety because of unsolved technical issues, engineers and safety advocates told the government Friday, countering a push by innovators to speed government approval. Even a trade association for…
Forecasting emerging risks expected to get tougher: Marsh/RIMS report
April 11, 2016 Angela Stelmakowich, EditorSAN DIEGO – Cyber attacks – once again identified as a top critical business risk – are expected to be a source of emerging risks, but forecasting for all emerging risks could prove more challenging over the next three years,…
Private transportation companies would need $7 million of insurance under Toronto City Council recommendations
April 7, 2016 by Canadian UnderwriterPrivate transportation companies (PTCs) in Toronto would be required to carry a minimum of $2 million of collision and passenger hazard insurance, in addition to $5 million of commercial general liability insurance under proposed recommendations from Toronto City Council. Currently,…
No ‘plague’ of data breaches and solvency issues, fintech industry CEOs say
April 6, 2016 Alexandra Posadzki - THE CANADIAN PRESSTORONTO – There is no “plague” of data breaches and solvency issues affecting financial technology upstarts, contrary to what TD Bank’s CEO says, the heads of several companies in the so-called fintech sector said Monday. The industry insiders were responding…