What’s New: In Brief (June 19, 2008)

SCOR has established a “hub” structure for the Americas in New York, encompassing SCOR Canada, SCOR US, and SCOR Global Life Re US.
Henry Klecan Jr. is the managing director of the hub. He will remain CEO of SCOR Canada and SCOR Re and will be SCOR’s representative in the Americas for all corporate matters relating to the SCOR Group as a whole, a company release says.
Jean-Paul Conoscente is the treaty property and casualty chief underwriting officer for the Americas. Reporting to him will be Patrick McGuiness for Canada, the release says.
“SCOR writes 20% of its business in the Americas,” said Francois de Varenne. “The hub structure lends itself particularly well to this region, in view of its sheer size and diversity.”

New amendments to the federal anti-money laundering legislation will come into force on June 23, 2008, obligating financial institutions such as insurers to report attempted suspicious transactions to FINTRAC (Financial Transactions Reports Analysis Centre of Canada).
According to a McCarthy Tetrault release, other implications of the amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act include the:
requirement to keep records of clients’ personal information for five years;
use of a mandatory compliance regime, employee training and education; and
revision of agreements with business partners (e.g. between retailers and credit card companies) to ensure compliance.