News
Ont court rules banks promoting or selling insurance not immune to provincial legislation
December 7, 2009 by Canadian UnderwriterOntario banks that promote or accept applications for insurance products are subject to the provincial Insurance Act, Ontario’s Superior Court of Justice has ruled.In Royal Bank of Canada v. Salih and Mirsada Mujagic, Salih and Mirsada Mujagic alleged that RBC…
25% of students report being a passenger in a car driven by a drunk driver
December 7, 2009 by Canadian UnderwriterTwenty-five per cent of students surveyed by the Centre for Addiction and Mental Health reported being a passenger in a car driven by a drunk driver, and 17% said they drive after smoking cannabis. These survey statistics are part of…
What’s New: In Brief (December 07, 2009)
December 7, 2009 by Canadian UnderwriterThe Autorité des marchés financiers (AMF) has launched a program to audit compliance with the use of the Fichier central des sinistres automobiles (FCSA), an automobile claims database. The new program will come into effect on Jan. 1, 2010. Established…
MPI holding the line on auto insurance rates
December 7, 2009 by Canadian UnderwriterMost vehicle owners in Manitoba will pay the same or less for auto insurance in 2010-11, Manitoba Public Insurance has announced. For 11 out of the last 12 years, MPI has held the line on basic Autopac rates, as approved…
Canadian P&C insurers “continued to suffer in 2009 H1,” says Swiss Re
December 4, 2009 by Canadian UnderwriterCanadian property and casualty insurers reported a 24.7% drop in net income in the first half of 2009, to Cdn$1.1 billion, reported Swiss Re in its Canadian Property and Casualty Quarterly.Direct premiums written growth slowed to 1.4% in 2009 H1,…
Toronto urged to create global institute for risk management
December 4, 2009 by Canadian UnderwriterThe Toronto Financial Services Working Group (TFSWG) has recommended the establishment of a global institute for integrative risk management as part of a four-pillar strategy for turning the Toronto region into one of North America’s top five to seven financial…
What’s New: In Brief (December 04, 2009)
December 4, 2009 by Canadian UnderwriterB.C. public insurer ICBC has teamed up with Vancouver police and B.C.’s solicitor general to launch the annual holiday Drinking and Driving CounterAttack campaign.The campaign will use automated licence plate recognition technology, alcohol screening devices and road checks to catch…
What’s New: In Brief (December 04, 2009)
December 4, 2009 by Canadian UnderwriterEtienne Dubé has returned to lead Aon Consulting Canada’s financial risk consulting (FRC) practice. He has been working out of the Montreal office since Nov. 23.The FRC practice offers customized strategic risk management and investment advice solutions, by identifying, quantifying…
Provincial regulators ask foreign insurers to sign common undertaking on how they will do business post-Part XIII
December 3, 2009 by Canadian UnderwriterCanada’s provincial regulators are asking foreign insurers to voluntarily sign a common undertaking on how they will conduct their business in the provinces in light of the implementation of the Office of the Superintendent of Financial Institutions (OSFI)’s Part XIII…
Victims of catastrophic auto injuries in Manitoba see Cdn$ 14-million worth of increased benefits after Bill 36
December 3, 2009 by Canadian UnderwriterAbout 120 Manitobans catastrophically injured in vehicle crashes have received a share of Cdn$14 million in additional benefits arising from Bill 36, enacted in October 2009.Bill 36 was first introduced in the spring to strengthen Manitoba’s Personal Injury Protection Plan…
What’s New: In Brief (December 03, 2009)
December 3, 2009 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) strongly supports legislation that would form the first federal office of insurance in the United States.The proposed office would be the first centralized authority on insurance matters. It would enable the federal government…
Regulatory and reputational risk converging: Lloyd’s
December 3, 2009 by Canadian UnderwriterRegulatory risk may be converging with reputation risk, with new regulatory penalties requiring a company to effectively advertise its own conviction through the sanction of a publicity order, a Lloyd’s specialist said.Anthony Fitzsimmons, chairman of London-based reputation risk specialists Reputability,…