Topic Legal
Auto theft being used to fund terrorist activity: IBC
September 26, 2011 by Canadian UnderwriterEvidence suggests auto theft in Canada is being used to fund international terrorist activities, Rick Dubin, vice president of investigative services at the Insurance Bureau of Canada (IBC), told delegates of the National Insurance Conference of Canada (NICC). Although auto…
IBAO pushes for administrative monetary penalties in Ontario
September 22, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) is urging the Financial Services Commission of Ontario (FSCO) to include administrative monetary penalties (AMPs) in the Insurance Act.Currently, FSCO can issue a cease and desist order, often in conjunction with an undertaking…
Proof of mental anguish enough to sustain third party actions in privacy breach
September 21, 2011 by Canadian UnderwriterVictims of a privacy breach may no longer have to rely on proving economic loss as a result of the privacy breach to sustain a third party action. They can also show the breach caused mental anguish.Aaron Konarsky, director of…
Model proposed for regulating insurance securitizations in Canada
September 21, 2011 by Canadian UnderwriterAssuming insurance-linked securities (ILS) ever take off in Canada, the country will need to develop a regulatory regime to accommodate them, according to an article in the Q2-2011 MSA/Baron Outlook Report.The article, written by Robert McDowell and Koker Christensen of…
Causal link for SEC to go after Canadian companies is “minute”
September 20, 2011 by Canadian UnderwriterRegulators around the world are cracking down on corrupt practices, putting companies at increased risk of “crippling” prosecution and, in some situations, the causal link between a company and the claim need only be minute for a foreign regulator to…
Ontario court criticizes insurer for not inspecting fine art collection prior to binding coverage in fire case
September 14, 2011 by Canadian UnderwriterThe Ontario Superior Court of Justice ruled against awarding punitive damages against Chubb Insurance Company of Canada in a case involving the destruction of a high-end art collection in a 1997 fire. In doing so, however, the court ruling took…
Guy Carpenter report predicts EU regulators will work out kinks related to assessing counterparty risk in Solvency II
September 13, 2011 by Canadian UnderwriterGlobal risk and reinsurance specialist Guy Carpenter said it is expecting additional changes in Solvency II that will simplify the calculation of counterparty default risk, which has been criticized for its “overly complex approach.”A key component of Solvency II is…
B.C. court awards $50,000 in punitive damages after finding that insurer took too long to advise insureds of denial of coverage in fire claim
September 8, 2011 by Canadian UnderwriterA recent B.C. Supreme Court decision, Sidhu v. The Wawanesa Mutual Insurance, highlights the need for insurers to undertake effective and fair investigations before denying a claim for coverage — and then promptly communicating their negative coverage decisions to the…
Alberta police Long Weekend crackdown results in 3,743 charges, including hundreds of violations for driving without insurance
September 7, 2011 by Canadian UnderwriterAlberta sheriffs and RCMP laid 3,743 charges across the province during the September long weekend, with the second-most frequent violation being driving without insurance or while suspended.Police laid 2,834 speeding violations, as well as 55 hazardous driving violations such as…
Alberta ushers in tough distracted driving legislation
August 31, 2011 by Canadian UnderwriterAlberta’s distracted driving law comes into effect on Sept. 1, making it the next province to ban the use of hand-held devices. But the province took it one step further, applying the law to low-tech distractions such as reading printed…
Ontario court rules gas station attack constitutes an accident under SABS
August 29, 2011 by Canadian UnderwriterThe Ontario Superior Court of Justice has found that a man attacked and beaten in his car while parked at a gas station was involved in an “accident” under the Statutory Accident Benefits Schedule (SABS). In Downer v. Personal Insurance,…
IBAC asks feds to take a cautious approach to demutualization
August 26, 2011 by Canadian UnderwriterCanadian brokers have asked the federal government to take a cautious approach to demutualization.In a submission to the federal government, the Insurance Brokers Association of Canada (IBAC) has asked the Department of Finance to keep in mind the important role…