Topic Legal
Economical would prefer to demutualize through an IPO, if forthcoming regulations allow it
June 4, 2012 by Canadian UnderwriterEconomical has voiced its preference for an initial public offering (IPO) as part of its intention to demutualize, but no final decision will be made absent clear regulations. Currently, Canada does not have regulations allowing property and casualty mutual insurers…
Companies using social media for business purposes need to be insured: ACE Canada
June 1, 2012 by Canadian UnderwriterThe business benefits of using social media are getting impossible to ignore, but a new paper and podcast from ACE Canada suggests lack of understanding around this new way of communicating can also put organizations at risk. “Be sure that…
Ontario Appeal Court orders new trial in vehicle accident case because trial judge’s comments show bias
May 31, 2012 by Canadian UnderwriterThe Ontario Court of Appeal has ordered a new trial between a plaintiff injured in a winter road accident and the defendant municipalities because the judge’s comments during the trial raised a reasonable expectation of bias. In Lloyd v. Bush,…
Coroner’s jury recommends mandatory automatic sprinklers in care facilities
May 28, 2012 by Canadian UnderwriterA coroner’s jury exploring a deadly fire at an Orillia, Ontario retirement home three years ago is recommending that the province make automatic sprinklers mandatory in care occupancies. The recommendation to install the sprinklers retroactively in so-called B3 facilities is…
Mid-sized insurers seeking scale should consider merger opportunities: PwC report
May 25, 2012 by Canadian UnderwriterMid-sized Canadian insurance companies seeking greater scale would do well to contemplate mergers and acquisitions (M&A) opportunities, states a PricewaterhouseCoopers (PwC) client newsletter. The battle for channels and scale to leverage efficiencies is such that “the only way to aggressively…
How to park your RV in Calgary
May 24, 2012 by Canadian UnderwriterQuestionable manoeuvring of recreational vehicles (RVs) has prompted the Calgary Parking Authority (CPA) to remind everyone that there is a right way to put things in park. Spring and summer traditionally brings with it a number of complaints about how…
Recruiter in staged collision ring sentenced to three-and-a-half years in jail, ordered to pay $375,000 in restitution
May 24, 2012 by Canadian UnderwriterA man personally involved in more than 12 staged auto collisions received a three-and-a-half-year prison term and a freestanding restitution order for $375,000 for his participation in a staged collision ring. Uthayakanthan Thirunavukkarasu, also known as Max or Mano, entered…
NDP bill would ban territory as auto insurance rating factor
May 23, 2012 by Canadian UnderwriterInsurance Bureau of Canada (IBC) is urging Ontario MPPs to vote down an NDP private member’s bill that would ban the use of territory as a rating factor in auto insurance. Any reduction in premiums for constituents in some areas…
Employers increasingly held liable for crashes involving employees’ use of cellphones while driving: U.S. report
May 22, 2012 by Canadian UnderwriterU.S. corporations are increasingly being held liable for crashes involving employees using their cellphones while driving, signalling the need for companies to ban cellphone use while behind the wheel, a recent National Safety Council (NSC) study says. Appendix B of…
Using your captive to release escrow funds
May 18, 2012 by Canadian UnderwriterFrequently formed to ensure sufficient capital during hard insurance markets, captive insurance companies can also be used creatively to facilitate business opportunities, noted Paula Gentile of MGM Resorts International. Gentile, senior vice president of risk management and general counsel for…
Establishing a multi-year government captive program in the context of an annual budget appropriation cycle
May 18, 2012 by Canadian UnderwriterHow do you establish and operate a multi-year government captive insurance program within the context of a government’s annual budget appropriation cycle? This was the biggest challenge in establishing the British Columbia government’s risk-pooling programs through a captive, said Phil…
Dog bite claims in 2011 cost about $1 million: State Farm Canada
May 18, 2012 by Canadian UnderwriterDog bites in the three Canadian provinces in which State Farm operates chewed up slightly more than $1 million in claims costs last year. In 2011, State Farm paid out $917,670 for 25 claims in Ontario, $99,800 for the two…