Topic Legal
Proposed U.S. bipartisan bill would prohibit banks from engaging in insurance activities
December 18, 2009 by Canadian UnderwriterU.S. Senators Maria Cantwell (D-WA) and John McCain (R-AZ) have introduced a bipartisan bill that would prohibit U.S. commercial banks from engaging in all insurance activities, as well as prevent them from affiliating with investment banks. Essentially, the proposed bill…
IBC to work with Alberta on improving auto product, now that minor injury cap is upheld
December 17, 2009 by Canadian UnderwriterThe Insurance Bureau of Canada says the Supreme Court of Canada’s refusal to hear an appeal against the province’s Cdn$4,000 minor auto injury cap is “good news for Alberta motorists,” and will open the door for a future review of…
Supreme Court’s refusal to hear appeal efectively upholds Alberta’s Cdn$4,000 cap on minor auto injuries
December 17, 2009 by Canadian UnderwriterThe Supreme Court of Canada has upheld Alberta’s Cdn$4,000 cap on minor auto injuries.By refusing to hear any further appeal of the Alberta Court of Appeal’s decision, which found the province’s cap on minor auto injuries was constitutional, Canada’s top…
Insurers must be clear about denying benefits: Ontario court
December 16, 2009 by Canadian UnderwriterAn insurer must be absolutely “clear and unequivocal” in its denial of benefits, and the word “refusal” in documents to the policyholder would probably help, a recent Ontario court decision suggests.In Sukhdev Gill v. Economical Insurance Company, the Ontario Superior…
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.…