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Medicine Hat, Alberta insurance agent agrees to pay $70,000 for his role in insider trading scheme

April 4, 2012 by Canadian Underwriter

A Medicine Hat, Alberta insurance agent has reached a settlement agreement with the Alberta Securities Commission, in which he agreed to pay $70,000 for his role in a 2009 insider trading scheme. According to the settlement agreement and undertaking, James

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Manitoba Appeal Court grants narrow scope to appeal a decision that found MPI doesn’t have to pay for auto injury victim’s surgery in Germany

March 30, 2012 by Canadian Underwriter

Manitoba’s Court of Appeal has granted a very narrow scope to appeal a decision that found the Manitoba Public Insurance Corporation (MPIC) is not obligated to pay for an auto accident victim’s out-of-province surgical procedure in Germany. Erdman Harder was

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OSFI reminds P&C insurers to document their B.C. and Quebec earthquake exposures

March 30, 2012 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI) is reminding federally regulated property and casualty insurers that companies with earthquake exposure in British Columbia and Quebec are must file the Earthquake Exposure Data form with OSFI by Apr. 15,

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Ontario budget seeks to modernize insurance regulation

March 29, 2012 by Canadian Underwriter

Ontario plans to update how the Financial Services Commission of Ontario (FSCO) regulates the insurance industry as part of an effort to “transform public services.” In the provincial budget tabled Mar. 27, Finance Minister Dwight Duncan said the government will

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Competition Tribunal denies IBC application that would prevent Ontario used car dealers’ association from accessing vehicle claims history database

March 29, 2012 by Canadian Underwriter

CORRECTION: An earlier version of this story incorrectly stated the decision came from the Competition Bureau. The decision was in fact from the Competition Tribunal. Canadian Underwriter apologizes for the error. Also, the version below contains updated content, including a

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Cross-border shopping slip-and-fall claim against U.S. Home Depot store allowed to proceed in Ontario

March 28, 2012 by Canadian Underwriter

A cross-border shopper living in Ontario has been allowed to proceed with her slip-and-fall claim in the Ontario Superior Court, even though her injury occurred in a Home Depot outlet located in the United States. The defendant, Home Depot, moved

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IBC, IBAO applaud fraud measures in Ontario budget; province proposes to establish administrative monetary penalties

March 28, 2012 by Canadian Underwriter

Ontario announced new initiatives to crack down on insurance fraud in yesterday’s budget, which were welcomed by industry groups. The budget also indicates the province intends to propose administrative monetary penalties, for which the industry has advocated over the past

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B.C. smoke alarm campaign proposes required fire alarm tests to renew insurance

March 23, 2012 by Canadian Underwriter

B.C. Minister of Justice and Attorney General Shirley Bond and the president of the Fire Chiefs’ Association of B.C., Surrey Fire Chief Len Garis, have launched a smoke alarm campaign that includes a proposal linking annual insurance renewals to fire

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New York Senate passes three bills aimed to stamp out auto fraud

March 23, 2012 by Canadian Underwriter

The New York Senate has passed three bills intended to help combat auto fraud. One bill creates the crimes of staging a motor vehicle accident in the first, second and third degrees. Specifically it prohibits acting as a passenger or

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Insurance Council of B.C. concerned about “secondary” products

March 23, 2012 by Canadian Underwriter

Automobile dealerships in British Columbia may face more stringent educational and licensing requirements in selling “secondary automobile insurance products,” according to the Insurance Council of British Columbia. Dealerships in the province have been allowed to market secondary products, such as

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Personal lines insurers encouraged to consider policy exclusions related to cyber-bullying and “electronic aggression”

March 22, 2012 by Canadian Underwriter

In an age of “electronic aggression” on the Internet — cyber-bullying, for example — insurers may wish to consider excluding personal injury, bodily injury or property damage from personal lines (homeowner) policies. Swiss Re held an online discussion about the

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Ontarians lack knowledge to report fraud: IBC

March 22, 2012 by Canadian Underwriter

Ontario residents understand the frequency of insurance fraud, but don’t necessarily know how to blow the whistle on perpetrators, a consumer poll by the Insurance Bureau of Canada (IBC) shows. Conducted by Pollara, the survey found 83% of Ontarians believe