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What’s New: In Brief (June 30, 2009)

June 30, 2009 by Canadian Underwriter

Immunization for the H1N1 virus is expected to begin late October, according to Canada’s chief public health officer, as quoted by Reuters. Dr. David Butler-Jones, chief public health officer at the Public Health Agency of Canada, was quoted by the…

News InsuranceMergers and Aqcuisitions

First insurer must pay AB claim, even if only connection with claimant is fraudulent insurance slip

June 30, 2009 by Canadian Underwriter

A first insurer in Ontario has a legal obligation to start paying accident benefits to an auto injury claimant, even though the only “sufficient nexus” between the claimant and the insurance company is information contained in an apparently fraudulent pink…

News InsuranceMergers and Aqcuisitions

OSFI rules a bank’s Web site is not a branch

June 30, 2009 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI) has ruled that a bank’s Web site is not a branch, and it can therefore promote and sell insurance products or services on its Web site. The Insurance Brokers Association of…

News InsuranceMergers and Aqcuisitions

Tough economic times inspire loyalty in U.S. auto insurance consumers

June 29, 2009 by Canadian Underwriter

Ninety per cent of auto insurance shoppers are retained by their current provider, according to J.D. Power and Associates’ 2009 Insurance Shopping Study.The survey examined the purchase behaviours and overall satisfaction of U.S. buyers shopping for a new auto insurance…

News Insurance

OSFI releases discussion paper on new capital-testing framework

June 29, 2009 by Canadian Underwriter

Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has just released a discussion paper on developing a new capital-testing framework. The paper, Key Principles for the Future Direction of the Canadian Regulatory Capital Framework for Property…

News Insurance

Royal Canadian Mint to file claim related to unreconciled gold

June 29, 2009 by Canadian Underwriter

The Royal Canadian Mint intends to file a claim under its all risks insurance policy to offset approximately Cdn$15.3 million worth of unreconciled gold. The Mint commissioned Deloitte and Touche to conduct an audit to determine if the unreconciled difference…

News Insurance

Towers Perrin and Watson join to create Towers Watson

June 29, 2009 by Canadian Underwriter

Towers Perrin, Forster & Crosby Inc. and Watson Wyatt Worldwide Inc. have merged to form a new publicly-listed company, Towers Watson & Co. The implied equity value of the transaction is approximately US$3.5 billion, according to a release. The CEO…

News Insurance

Canadian Underwriter launches online industry professional network

June 26, 2009 by Canadian Underwriter

Canadian Underwriter has launched instouch, an online network for insurance industry professionals. instouch (www.instouch.com) is a way for professionals to connect with industry contacts, groups and associations. “Membership at instouch is open to individuals working within all segments of the…

News Insurance

SEC plans no enforcement action against Fairfax related to finite reinsurance

June 26, 2009 by Canadian Underwriter

The U.S. Securities and Exchange Commission (SEC) does not intend to take any enforcement action after investigating Fairfax Financial Holdings Limited (TSX and NYSE: FFH) in connection with finite reinsurance contracts. Fairfax and its chairman and CEO, Prem Watsa, received…

News Insurance

What’s New: In Brief (June 26, 2009)

June 26, 2009 by Canadian Underwriter

The Hartford Financial Services Group Inc. (NYSE: HIG) is receiving US$3.4 billion from the United States Department of Treasury’s Capital Purchase Program (CPP), which is investing in perpetual preferred stock of the company.“This investment further enhances our financial flexibility and…

News Insurance

Canadian companies lagging in IFRS conversion process

June 26, 2009 by Canadian Underwriter

Despite the fast-approaching Jan. 1, 2011 deadline for the implementation of international financial reporting standards (IFRS), more than 12% of public companies and 20% of the private companies surveyed by PricewaterhouseCoopers have not yet taken the first step in the…

News Climate ChangeInsurance

No connection between one storm and global warming

June 26, 2009 by Canadian Underwriter

Hurricane Katrina was the big poster storm for the global warming debate, but the link between the hurricane and global warming may be weaker than commonly thought, said Peter Bowyer, program manager at the Canadian Hurricane Centre. There is no…