Topic Legal
Pennsylvania court dismisses claims against Kingsway
April 1, 2010 by Canadian UnderwriterThe Commonwealth Court of Pennsylvania has dismissed all claims against Kingsway and Kingsway America Inc. associated with the company’s donation of its Lincoln General shares to charities. Kingsway Financial Services Inc. announced the court has dismissed all claims in the…
CRTC reconsiders whether telephone insurance sales constitute telemarketing
March 31, 2010 by Canadian UnderwriterThe Canadian Radio-television and Telecommunications Commission (CRTC) is re-considering whether or not the unsolicited sale of insurance products by agents or brokers to existing clients by telephone constitutes telemarketing.The commission has requested comments on the matter (the deadline to register…
A.M. Best affirms LAWPRO’s ‘A’ rating, changes outlook to negative
March 26, 2010 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength rating of A (Excellent) of Lawyers’ Professional Indemnity Company (LAWPRO), but changed its outlook from stable to negative on the basis of an increased loss ratio and a one-time re-evaluation of reserves…
Onus is not on an insurer to prove the lack of a settlement agreement: FSCO
March 25, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has reversed an arbitration decision that placed the onus on an insurer to prove that a disputed settlement offer of $17,000 had not been agreed upon.In Allstate Insurance Company of Canada and Edna…
Quebec regulator cancels registration of two firms; fines two more
March 24, 2010 by Canadian UnderwriterThe Autorité des marches financiers (AMF) has cancelled the registration of two insurance firms and fined two others.The Quebec regulator cancelled Hampstead Cameron inc., a damage insurance firm’s registration, when Pierre Fecteau, the firm’s responsible officer, allegedly “made misrepresentations or…
B.C. Appeal Court orders ICBC to pay damages for injury sustained when vehicle is used to commit a crime
March 24, 2010 by Canadian UnderwriterB.C.’s Appeal Court has ordered the province’s public insurer to pay damages to a claimant who was injured by a van used to snatch her purse.Shirley Jane Hannah made a claim against the Insurance Corporation of British Columbia (ICBC) for…
Group disability benefits can be deducted from income replacement benefits: FSCO
March 12, 2010 by Canadian UnderwriterAn Ontario arbitration decision has once again raised a question about the deductibility of collateral benefits. This time a decision determined that long-term benefits received from a group disability insurance plan underwritten by Sun Life can be deducted from income…
What’s New: In Brief (March 11, 2010)
March 11, 2010 by Canadian UnderwriterA 48-year-old Sault Ste Marie resident has been charged with five courts of fraud and five counts of theft after allegedly misappropriating client’s funds as an insurance agent. As of press time the allegations have not been proven in a…
Fulfilling legal obligation to advise of policy cancellation does not prove insured knew his policy had been cancelled: FSCO
March 10, 2010 by Canadian UnderwriterAn insurer that has satisfied its legal requirement for policy cancellation has not automatically proven that the insured knew his policy had been cancelled, an Ontario arbitrator has ruled.In Ersin Aksoy and Markel Insurance Company of Canada, the Financial Services…
Advocis calls on CCIR for improved implementation of harmonized rules
March 8, 2010 by Canadian UnderwriterAdvocis, The Financial Advisors Association of Canada, is calling on the Canadian Council of Insurance Regulators (CCIR) to find some way to better harmonize the nation-wide implementation of its regulatory solutions.“There has been much progress on developing, through national organizations,…
What’s New: In Brief (February 26, 2010)
February 26, 2010 by Canadian UnderwriterCanadian Imperial Bank of Commerce (CIBC) does not plan to establish standalone, insurance facilities of the type that Royal Bank of Canada is opening.In an interview with Bloomberg Business Week, CIBC CEO Gerald McCaughey is cited as saying CIBC won’t…
New Brunswick changes law to ban credit scoring in all classes of insurance
February 25, 2010 by Canadian UnderwriterNew Brunswick is amending its Insurance Act to prohibit the use of credit scoring for underwriting and rating practices in all classes of insurance.“Regulations will prohibit using credit scoring for underwriting and rating of property and casualty insurance, including automobile…