What’s new: In brief (June 10, 2004)

The Canadian Insurance Congress kicks off Monday in Quebec City, with the annual “economic outlook” by CIBC World Markets chief economist Jeff Rubin and PACICC CEO Paul Kovacs. Converium CEO Dirk Lohmann will discuss reinsurance trends, while on Tuesday perennial guest speaker Lee Samis of Samis & Co. will tell insurers to “let the customer drive”. The event wraps up with the highlighted CEO panel, moderated by IBC CEO Stan Griffin and featuring Dominion of Canada CEO George Cooke, State Farm senior vp Robert Cooke, ING Canada CEO Claude Dussault, Desjardins General CEO Jude Martineau and Aviva Canada CEO Igal Mayer.

Vector Intermediaries has sold the last of its two operations Vector Insurance Network (Ontario) and Vector Life & Health for about $1.5 million, leaving the company still $14 million short of the amount it owes to lenders. The subsidiaries have been bought by members of their management, Vector says.

New public accounting legislation has passed in Ontario to allow CGAs and CMAs to apply for licenses to practice public accounting. The legislation was welcomed by industry groups, which will also have the role of self-regulation under the newly-formed Public Accountants Council (PAC). The bill was passed less than 24 hours after introduction in the legislature by a unanimous vote.