News
Saskatchewan regulator warns against use of unlicensed brokers or agents by insurers
November 19, 2009 by Canadian UnderwriterSaskatchewan’s Superintendent of Insurance has warned insurers marketing insurance and administering insurance contracts in the province with the assistance of unlicensed third-party entities that it intends to “follow-up” with them.In a letter, the regulator requests that non-compliant insurers remedy this…
Expect “sustained negative press” as auto reform churns through the system, auto insurers cautioned
November 19, 2009 by Canadian UnderwriterOntario’s auto reforms probably won’t make their mark until the third quarter of 2010, insurance company executives said at a luncheon sponsored by the Conestoga Chapter of the Insurance Institute of Ontario.Due to the delay, the industry must now be…
Insurers urged to re-think business models related to technology changes
November 19, 2009 by Canadian UnderwriterInsurers need to fundamentally re-think business models rather than simply change technologies to expedite service the way it has always been done, insurance company executives told people attending a luncheon sponsored by the Conestoga chapter of the Insurance Institute of…
What’s New: In Brief (November 19, 2009)
November 19, 2009 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) intends to issue Cdn$150 million principal amount of unsecured notes pursuant to its medium term note program. Net proceeds will be used by Intact for general corporate and investment purposes.The notes, to be offered on…
Trillium Management Services acquires Indiana auto insurer
November 18, 2009 by Canadian UnderwriterTrillium Management Services Inc., founded by former Kingsway Financial Services Inc. president Bill Star, has reached a definitive agreement to acquire Geneva Insurance Company Inc. of Indianapolis, Indiana. Geneva provides personal automobile insurance with a concentration on non-standard auto insurance…
Lloyd’s Canada’s reinsurance market deemed Part XIII compliant
November 18, 2009 by Canadian UnderwriterLloyd’s Canada’s reinsurance market is compliant with the amendments to Part XIII of the Insurance Companies Act of Canada, including the business that it has written over the past 10 years.Deborah Moor, president of Lloyd’s Canada served as the keynote…
What’s New: In Brief (November 18, 2009)
November 18, 2009 by Canadian UnderwriterInsurance Bureau of Canada (IBC) is cautioning that current conditions in British Columbia’s Fraser Valley are similar to those that led to floods of the Fraser Valley in 2003 and 2007.The provincial, federal and municipal governments have made significant investments…
What’s New: In Brief (November 18, 2009)
November 18, 2009 by Canadian UnderwriterResidents in Queen Charlotte/ Haidi Gwaii and the North Coast of British Columbia awoke to a 6.5 magnitude earthquake on Nov. 17, 2009 morning. As of press time there were no reports of major damage. The quake occurred near the…
Pennsylvania insurance regulator seeks legal action against Kingsway
November 17, 2009 by Canadian UnderwriterThe Pennsylvania Department of Insurance (DOI) is taking legal action against Kingsway Financial Services, Inc. (TSX, NYE: KFS) to unwind the company’s donation of its shares of Lincoln General Insurance Company to charities.Kingsway announced in October 2009 that it had…
Landlords can delegate snow removal to tenants, but not in tenancy agreement: Ontario Court of Appeal
November 17, 2009 by Canadian UnderwriterA landlord can delegate snow removal tasks to tenants, but this must be done in a contractual agreement separate from the tenancy agreement, the Ontario Court of Appeal has ruled in a slip-and-fall case.“In order to be effective, a clause…
What’s New: In Brief (November 17, 2009)
November 17, 2009 by Canadian UnderwriterQuebec’s Joint Report — a report used by drivers to report collisions in which no one was hurt — has been in existence for 30 years, but only 28% of the province’s drivers have used it. A poll commissioned by…
Claims increase almost 40% in winter weather: Aviva Canada
November 17, 2009 by Canadian UnderwriterAviva Canada sees an average increase of more than 38% in claims during the winter months compared to the rest of the year. A result of weather-related incidents, slippery roadways and white-out conditions accounted for more than Cdn$38.5 million in…