News
What’s New: In Brief (July 03, 2008)
July 3, 2008 by Canadian UnderwriterKathleen Davies has been appointed national account executive with Crawford & Company (Canada). She brings more than 10 years of sales experience to Crawford. Reporting to Gary Gardner, vice president, sales and marketing, Davies will specialize in enhancing Crawford’s sales…
FSCO vows to get HCAI back on the rails
July 2, 2008 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) intends to get the Health Claims for Auto Insurance (HCAI) electronic data-exchange system back on the rails in 2008.FSCO posted its 2008 priorities on its Web site recently, and the resumption of the…
Quebec storms cost more than Cdn$56 million
July 2, 2008 by Canadian UnderwriterInsurers expect to pay more than Cdn$56 million to customers after storms swept through parts of Quebec on June 10, according to a survey by the Insurance Bureau of Canada. To date, more than 6,000 claims for damages to residence…
ING loans Anthony Clark Cdn$4.5 million to fund purchases of brokerages
July 1, 2008 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. (ACLTSX Venture) has closed secured debt financing arrangements with ING Insurance Company of Canada, in which ING has agreed to provide a Cdn$4.5-million loan facility to Anthony Clark Insurance Brokers Ltd.“The facility will be…
Any proposed international accounting standard should be tested first: Insurers
July 1, 2008 by Canadian UnderwriterAny proposed international accounting standard should be field-tested before it is applied to help make sure the standard appropriately reflects the way affected companies manage and run their businesses, The Group of North American Insurance Enterprises (GNAIE) recently told the…
Competition review panel calls on government to remove ban on cross-pillar mergers
June 27, 2008 by Canadian UnderwriterThe Competition Policy Review Panel is calling on the federal minister of finance to “remove the de facto prohibition on bank, insurance and cross-pillar mergers of large financial institutions, subject to regulatory safeguards, enforced and administered by the Office of…
Insurer not exempt from paying medical benefits that may be available through social assistance
June 27, 2008 by Canadian UnderwriterAn insurer cannot be exempted from paying supplemental medical benefits for long-term care under s.75.13 of the Statutory Accident Benefits Schedule (SABS) if those same benefits are “reasonably available” through an application for social assistance under Regulation 832 of the…
Fitch Ratings calls for improved “fair value” disclosure
June 27, 2008 by Canadian UnderwriterFitch Ratings is looking for improved “fair value” disclosure for assets whose measurement is relatively subjective so-called ‘Level 2’ assets the ratings agency said recently in a special report.“The need for better fair value disclosures is an important part of…
What’s New: In Brief (June 27, 2008)
June 27, 2008 by Canadian UnderwriterGore Mutual Insurance Company’s foundation has donated Cdn$500,000 to the Cambridge Memorial Hospital, one of the largest donations the hospital’s foundation has ever received.Gore Mutual requested its donation be used to improve treatment at Cambridge Memorial Hospital’s endoscopy unit.The donation…
Direct writers predicted to erode market share of independent channel in Canada (June 26, 2008)
June 26, 2008 by Canadian UnderwriterCanada’s independent broker channel can expect to see continued erosion into their market share by direct writers over the next few years, Joel Baker, president and CEO of MSA Research, told a Standard & Poor’s industry overview panel.Baker observed direct-linked…
Direct writers predicted to erode market share of independent channel in Canada (June 26, 2008)
June 26, 2008 by Canadian UnderwriterCanada’s independent broker channel can expect to see continued erosion into their market share by direct writers over the next few years, Joel Baker, president and CEO of MSA Research, told a Standard & Poor’s industry overview panel.Baker observed direct-linked…
What’s New: In Brief (June 26, 2008)
June 26, 2008 by Canadian UnderwriterThe Windsor-Essex Regional Chamber of Commerce has named Windsor CARSTAR Collision the 2008 Service Company of the Year. The Chamber’s annual business excellence awards honour those who go above and beyond establishing successful businesses; they also recognize people who contribute…