News
Ontario’s broker regulator urges caution when outsourcing brokerage records to insurers and third parties
March 16, 2012 by Canadian UnderwriterOutsourcing brokerage records to third parties and insurers is on the radar screen of the Ontario brokers’ self-regulating body, the Registered Insurance Brokers of Ontario (RIBO). RIBO president Jim Hawryluk raised the practice in his president’s address published in the…
Most B.C. homeowners paying for insurance they don’t need or want: survey
March 16, 2012 by Canadian UnderwriterNearly 90% of B.C. home insurance policyholders are paying for insurance protection they don’t need or want, according to Square One Insurance. The Vancouver-based home insurer found that out of 1,000 policyholders, 87% are paying for irrelevant protection with traditional…
Intact Insurance extends relationship with Speed Skating Canada
March 16, 2012 by Canadian UnderwriterIntact Insurance and Speed Skating Canada will continue their longstanding relationship, which began in 2006, by extending their partnership through the 2013-14 season. Under the agreement, Intact Insurance will continue to serve as a premier sponsor of Canada’s national speed…
New Brunswick insurers must fill out new form when terminating sponsorship of agents/brokers
March 16, 2012 by Canadian UnderwriterNew Brunswick insurers terminating sponsorship of an agent or broker must fill out a new reporting form and return it to the Office of the Superintendent of Insurance. The Insurance Act requires all agents and brokers in the province to…
Canadian aftermarket auto parts use increases modestly in 2010 Q4
March 16, 2012 by Canadian UnderwriterThe use of aftermarket auto parts in Canada in 2010 Q4 has increased modestly from previous quarters, according to the 2012 Q1 Mitchell Industry Trends Report. The report shows Canadian aftermarket parts use has exceeded 13% of the parts dollars…
Three tornadoes destroy more than 100 homes in southeastern Michigan
March 16, 2012 by Canadian UnderwriterA storm system resulting in severe weather watches for southwestern Ontario spawned three tornadoes that damaged more than 100 homes in southeast Michigan on Mar. 16. The U.S. National Oceanic and Atmospheric Administration (NOAA) posted reports of three separate tornadoes…
Texas lawyers file class action suit against Facebook, Twitter, Apple and 15 other companies, alleging privacy rights violations associated with mobile apps
March 15, 2012 by Canadian UnderwriterA consortium of Texas attorneys have filed a federal class action lawsuit in Austin, Texas against Facebook, Apple, Twitter, Foursquare, Electronic Arts, Yelp and 11 other companies, asserting privacy rights violations associated with the use of mobile apps. “The lawsuit…
The Co-Operators provides $250,000 in funding for 14 community organizations across the country
March 15, 2012 by Canadian UnderwriterThe Co-operators announced on Mar. 15 more than $250,000 in funding for 14 community-based organizations across the country. The funding is provided through The Co-operators Foundation—Community Economic Development (CED) Fund, which supports community enterprises and initiatives that help disadvantaged Canadians…
Severe thunderstorm watch in effect for Ontario is unusual for winter
March 15, 2012 by Canadian UnderwriterEnvironment Canada has issued a severe thunderstorm warning throughout southwestern Ontario and the Capital region of Ontario, calling for “damaging winds” and “toonie-sized” hail. “Conditions are favourable for severe thunderstorms to redevelop over the areas after 2:00 PM this afternoon,”…
Corporate board directors need to be aware of risk of data breaches in light of regulatory guidance on disclosing cyber threats
March 15, 2012 by Canadian UnderwriterU.S. board directors need to be acutely aware of the risk of data breaches at their companies in light of recent regulatory guidance on disclosing cyber threats, according to speakers at a Willis-hosted cyber liability conference in London. The U.S.…
B.C. Supreme Court dismisses house fire insurance claim after 10-year delay
March 15, 2012 by Canadian UnderwriterThe B.C. Supreme Court has dismissed a fire insurance case against Lloyd’s Underwriters after a 10-year delay in bringing the claim forward to trial. In Rangi v. Lloyd’s Underwriters, the court on Mar. 9, 2012 upheld Lloyd’s motion to dismiss…
RIMS Canada Council approves new mission statement promoting inclusion, diverse knowledge and talent
March 14, 2012 by Canadian UnderwriterThe RIMS Canada Council (RCC), the standing committee representing the Canadian chapters of The Risk and Insurance Management Society (RIMS) Inc., has approved a new mission and strategic goals. The new mission statement and goals were developed by the RCC…