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What’s new: In brief (May 30, 2004)


May 30, 2004   by Canadian Underwriter


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A.M. Best has placed the “B++” (very good) rating of Federated Life under review with developing implications as a result of its sale to Western Financial Group by parent Northbridge Financial. The rater says it will meet with Western management to discuss issues of financing, capitalization and operating plans.

The provinces of B.C. and Alberta have signed five agreements, including one to provide mutual assistance during public health emergencies and natural disasters. The “memorandum of understanding on health surge capacity and resource sharing”, deals with emergency services which could become overwhelmed as the result of a disaster to permit more efficient use of resources, including health care.

With the passage of House Bill 2141, Oklahoma has now become a captive domicile. Gov. Brad Henry signed the bill into law, setting up capital requirements and other rules for establishing a captive in the state.


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