Canadian Underwriter

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The Economical says “no turning back” from demutualization now

May 27, 2011 by Canadian Underwriter

The Economical is continuing its dual-track approach to demutualization, which could either take the form of an initial public offering (IPO) or a “sponsored demutualization,” through a sale of some or all of the company to strategic partners.“I want to

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Supreme Court of Canada agrees to hear case of a rotten tree killing a young man seated in a parked car

May 24, 2011 by Canadian Underwriter

The Supreme Court of Canada has granted leave to appeal the decision of the Quebec Court of Appeal in Ville de Westmount c. Richard Rossy et autres.Gabriel Rossy was killed in 2006 when a rotten tree fell on top of

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MPI seeks public comment on discussion paper outlining road safety options

May 20, 2011 by Canadian Underwriter

Manitoba Public Insurance (MPI) is seeking public comment on options for promoting road safety.MPI notes 100,000 drivers in Manitoba are involved in collisions each year. The direct cost of claims is in excess of $650 million annually, with injuries accounting

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OSFI moves to consolidate MCT and BAAT into one guideline

May 19, 2011 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI) is proposing the consolidation of the Branch Asset Adequacy Test (BAAT) and the Minimum Capital Test (MCT) into one guideline. OSFI released proposed changes to both the MCT and BAAT guideline

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Aviva and OPP team up to offer creature comforts to traumatized kids

May 19, 2011 by Canadian Underwriter

The Ontario Provincial Police (OPP) and Aviva Canada have jointly launched the Community Bear Program, a program allowing OPP officers to comfort distressed children they encounter in their respective communities.With Aviva’s sponsorship, the program will equip OPP cruisers with black

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CCIR seeks a more engaged dialogue between policymakers, insurers and the public

May 18, 2011 by Canadian Underwriter

In an effort to boost the Canadian public’s relationship with the insurance industry, the Canadian Council of Insurance Regulators (CCIR) has tweaked its strategic plan to focus on ways insurance regulators “can more profitably engage the policymakers in insurance issues.”CCIR

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B.C. Insurance Council fines Roadways Insurance Agencies $20,000

May 13, 2011 by Canadian Underwriter

The Insurance Council of British Columbia has issued an order fining an insurance agency $20,000 for findings of misconduct occurring under two different owners over the course of three years.An investigative review committee (IRC) found that over the course of

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Rehab clinic in Ontario convicted for submitting false invoices and treatment plans, fined $50,000

May 13, 2011 by Canadian Underwriter

Pioneer Rehabilitation Clinic Inc. has pleaded guilty to knowingly making false or misleading statements to an insurer in order to obtain payment for goods and services provided to an insured in the Ontario Court of Justice in Toronto on May

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IBC issues bulletin to insurers about notification requirements, AB payments in anticipation of possible postal strike

May 13, 2011 by Canadian Underwriter

IBC has issued a legal bulletin providing information to insurers about handling notification of policy terminations, as well as payment of accident benefits claims, in the event of a possible postal strike.Canada Post and the Canadian Union of Postal Workers

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Quebec regulator offers $1.6 million in compensation to victims of investment scheme in connection with former insurance broker

May 11, 2011 by Canadian Underwriter

Quebec’s financial services regulator, the Autorité des marchés financiers (AMF), is paying out $1.6 million in compensation to 28 investors defrauded in an investment scam in connection with former insurance broker and financial advisor Carole Morinville.In August 2010, the AMF

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Manitoba court green-lights election of appraisal and arbitration process seven years after loss date

May 11, 2011 by Canadian Underwriter

Over the objections of Temple Insurance Company, the Court of Queen’s Bench of Manitoba has allowed a dispute around a builders’ risk property insurance policy to proceed to the appraisal process seven years after the initial loss date. The Winnipeg

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B.C. privacy commissioner rules insurers must give consumers explicit notice that credit scores will be used for underwriting

May 10, 2011 by Canadian Underwriter

B.C.’s Office of the Information and Privacy Commissioner has ruled that Economical Mutual Insurance Company must stop collecting and using credit scores until it provides customers with appropriate notification as required by the Personal Information Protection Act (PIPA).The order notes