Topic Mergers and Aqcuisitions
Survey shows significant number admit to drinking and driving
December 8, 2004 by Canadian UnderwriterWhile many people believe stopping impaired driving to be an important social issue, there is evidence that a significant number of drivers are getting behind the wheel after drinking.A new survey by the Traffic Injury Research Foundation (TIRF) and Toyota…
What’s new: In brief (December 08, 2004)
December 8, 2004 by Canadian UnderwriterThe Association of Designated Assessment Centres (ADAC) has come out against proposed changes which would eliminate DACs in Ontario. In a statement Wednesday, ADAC says, “Premier Dalton McGuinty’s government is quietly trying to take away the independent “referee” who decides…
Liberals offer up new DAC replacement scheme in Ontario
December 6, 2004 by Canadian UnderwriterAccording to documents from the Financial Services Commission of Ontario (FSCO) obtained by Canadian Underwriter, a new system to replace Ontario’s “designated assessment centers” (DACs) has been established.The new “post-DAC” system would allow claimants to receive assessments within the statutory…
MPI told to lower rates by PUB
December 6, 2004 by Canadian UnderwriterManitoba Public Insurance, the province’s government-run auto insurance plan, has been told to lower basic auto insurance rates by 1% for 2005 by the provincial Public Utilities Board (PUB), which regulates auto rates.As a result of the PUB decision, the…
What’s new: In brief (December 05, 2004)
December 5, 2004 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has order two Toronto paralegals operating as “Castro and Associates” to cease and desist holding themselves out as paralegals. The interim order requires Carlos Castro, Manuel Castro and any of their representatives to…
Gore Mutual ratings lowered on performance concerns: S&P
December 5, 2004 by Canadian UnderwriterCambridge, Ontario-based Gore Mutual Insurance Co. has seen its counterparty credit and financial strength ratings lowered to “BB” from “BBB” by rating agency Standard & Poor’s. The ratings are based on public data, rather than an interactive rating process, S&P…
Industry putting $2 million towards winning public confidence
December 1, 2004 by Canadian UnderwriterCanadian p&c insurers have earmarked $2 million to invest in strategies to win back public confidence following recent years of consumer backlash against the industry, says the outgoing chair of the Insurance Bureau of Canada (IBC).State Farm Insurance Cos. senior…
IBC urges driver mitigation efforts in response to headrest study
November 30, 2004 by Canadian UnderwriterResponding to the release of a multi-national study of vehicle headrest designs, the Insurance Bureau of Canada (IBC) says consumers must also play a role in their own safety.The study, which included tests by the U.S. Insurance Institute for Highway…
California tops all states for auto theft rates
November 25, 2004 by Canadian UnderwriterIn what is surely a dubious distinction, California ranks as the top state for auto theft in 2003. According to the U.S. National Insurance Crime Bureau (NICB), six of the top ten worst metropolitan areas in terms of theft rates…
Nova Scotia’s NDP attacks broker contingent commissions
November 23, 2004 by Canadian UnderwriterNova Scotia’s opposition party, the NDP, has once again taken charge at insurers by adding their voice to the furor surrounding the payment of broker contingency commissions. Citing research carried out by federal regulator, the Office of the Superintendent of…
What’s new: In brief (November 21, 2004)
November 21, 2004 by Canadian UnderwriterHuman deaths due to vehicles colliding with animals on U.S. roads are on the rise, according to the Insurance Institute for Highway Safety (IIHS). The IIHS says in 2003, such fatalities rose 27%, to 201. This is almost double the…
ICBC investigations lead to three fraud pleas
November 21, 2004 by Canadian UnderwriterTwo recent investigations by the Insurance Corp. of B.C. (ICBC) have led to three separate people pleading guilty to filing fraudulent claims.In the first case, Cameron Louis Simpson of Surrey pled guilty and was ordered to pay $2,875 in fines…