Topic Legal
OSFI requires insurers to state policies issued in the course of their “insurance business in Canada”
December 16, 2009 by Canadian UnderwriterCanada’s solvency regulator has issued an update notice for Part XIII amendments, requiring insurers to include in all of their premium notices and policies a statement that the document was issued or made in the course of its insurance business…
Ontario broker working under son’s name has license revoked
December 15, 2009 by Canadian UnderwriterOntario’s broker regulator has revoked the license of Brampton insurance broker Mustapha Kassab, who had been representing himself for close to six years under the assumed name of his son, “Hadi.”The Registered Insurance Brokers of Ontario (RIBO) made its decision…
Insurers under-reporting fraud to police: StatsCan
December 14, 2009 by Canadian UnderwriterInsurance companies beset by fraudulent claims are under-reporting the fraud to police, according to a Statistics Canada report, Survey of Fraud Against Businesses. The StatsCan report is based on a survey covering about 7,500 business establishments and head offices from…
CBA voices opposition to proposed legislation targeting white-collar crime
December 14, 2009 by Canadian UnderwriterThe Canadian Bar Association says proposed new amendments to the Criminal Code, which call for mandatory minimum sentencing for fraud, are unnecessary and already covered in existing legislation.Bill C-52 received its second reading in the House of Commons on Oct.…
Citing feds’ proposal to ban insurance sales on bank Web sites, bankers’ association calls for improved dialogue with legislators
December 8, 2009 by Canadian UnderwriterThe Canadian Bankers Association (CBA) is cautioning Canadian legislators not to “get caught up in a wave of ‘regulation-mania’” in the wake of the financial crisis, later telling the media that one example would be Finance Minister Jim Flaherty’s efforts…
Ont court rules banks promoting or selling insurance not immune to provincial legislation
December 7, 2009 by Canadian UnderwriterOntario banks that promote or accept applications for insurance products are subject to the provincial Insurance Act, Ontario’s Superior Court of Justice has ruled.In Royal Bank of Canada v. Salih and Mirsada Mujagic, Salih and Mirsada Mujagic alleged that RBC…
Provincial regulators ask foreign insurers to sign common undertaking on how they will do business post-Part XIII
December 3, 2009 by Canadian UnderwriterCanada’s provincial regulators are asking foreign insurers to voluntarily sign a common undertaking on how they will conduct their business in the provinces in light of the implementation of the Office of the Superintendent of Financial Institutions (OSFI)’s Part XIII…
What’s New: In Brief (December 02, 2009)
December 2, 2009 by Canadian UnderwriterMore than 1,800 ideas designed to improve Canadian communities were submitted to Aviva Canada Inc.’s ‘Aviva Community Fund’ competition.The Top 62 now move into the semi-final round.In the semi-final round, the ideas will continue to vie for votes until Dec.…
More provincial regulators might break with OSFI over “insuring in Canada a risk”: ILO paper
December 1, 2009 by Canadian UnderwriterAn apparent split between the federal and provincial jurisdictions over the question of “insuring in Canada a risk” may cause more provincial regulators to state divergent views from those of the Office of the Superintendent of Financial Institutions (OSFI), says…
What’s New: In Brief (November 27, 2009)
November 27, 2009 by Canadian UnderwriterWadena has won SGI’s 2009 Seatbelt Challenge in the Saskatoon Health Region and will receive up to $50,000 for traffic safety improvements in its community.The 2009 edition of the Seatbelt Challenge pitted the communities of Wadena, Lanigan, Watrous and Wynyard…
Insurer’s subrogation right under Standard Mortgage Clause must establish no liability to the insured: Ontario court
November 26, 2009 by Canadian UnderwriterThe subrogation right of an insurer under the Standard Mortgage Clause in an insurance policy cannot be exercised simply upon the insurer paying the loss award to a mortgagee without the insurer also establishing — as opposed to merely asserting…
Ontario insurer not obliged to pay for assessments that it did not pre-approve: FSCO
November 25, 2009 by Canadian UnderwriterAn Ontario woman who unilaterally sought Cdn$18,073 worth of medical assessments is not entitled to recoup the money from her insurer, since she did not obtain her insurer’s approval in advance of the assessments, the Financial Services Commission of Ontario…