News
U.S. broker group proposes principles for regulating broker commissions
November 10, 2004 by Canadian UnderwriterIn a letter to the National Association of Insurance Commissioners (NAIC), U.S. commercial brokers say a new system of regulating commission practices should include transparency, but also recognize the legitimacy of contingent commissions.The letter, sent to NAIC president Diane Koken…
What’s new: In brief (November 10, 2004)
November 10, 2004 by Canadian UnderwriterLloyd’s plan to issue 500 million of subordinated debt has been oversubscribed several times over, and the 300-year-old market announced terms of the offering Wednesday. An application to the London Stock Exchange is for a sterling tranche of 300 million…
FA calls on Nova Scotia government for rate filing action (November 09, 2004)
November 9, 2004 by Canadian UnderwriterThe Canadian insurance industry’s pool for high-risk auto business, the Facility Association (FA), is calling on Nova Scotia’s insurance rate filing board to act more promptly in approving more appropriate rates as the "market of last resort". Due to regulatory…
A.M. Best places rating of L’Unique on review
November 9, 2004 by Canadian UnderwriterRating agency A.M. Best has placed Quebec-based L’Uique Compagnie D’Assurances Generales’ financial strength rating of "B++ under review with "developing implications following the announcement that the company will be acquired by La capitale, Compagnie D’Assurance Generale. The rating agency says…
Marsh retrenches 3,000 in response to Spitzer
November 9, 2004 by Canadian UnderwriterGlobal brokers Marsh and McLennan Cos. Inc. plans on slashing 3,000 employees, equal to about 5% of its total workforce, in response to an investigation into the company by New York’s attorney general Elliot Spitzer regarding alleged business "bid rigging".…
What’s new: In brief (November 09, 2004)
November 9, 2004 by Canadian UnderwriterNext week CGI will host its annual “Client Conference” in Niagara Falls, Ontario. The event, set for November 17 to 19, is built around the theme “Ideas into Action”, and will encourage discussion of how the industry can improve its…
Court awards $280,500 to ICBC in auto theft case
November 8, 2004 by Canadian UnderwriterA civil action lawsuit brought by the Insurance Corp. of British Columbia (ICBC) against several parties involved in an auto theft ring has resulted in a jury awarding the crown insurer a total of $280,500 in damages. ICBC says it…
What’s new: In brief (November 08, 2004)
November 8, 2004 by Canadian UnderwriterSovereign General Insurance Co. has named The Children’s Wish Foundation of Canada as its “charity of choice” for the next three years. With the commitment, the insurer will provide at least $600,000 in funding to the Foundation. The local offices…
What’s new: In brief (November 07, 2004)
November 7, 2004 by Canadian UnderwriterU.S. insurers are reacting positively to news of the re-election of George W. Bush. Despite the Bush administration’s failure to pass tort reform measures to lighten the burden of class action, asbestos or medical malpractice litigation, the Property-Casualty Insurers Association…
Winterthur, Hub both sell Quebec personal lines operations
November 7, 2004 by Canadian UnderwriterInsurer Winterthur and broker Hub International have both decided to refocus their business in Quebec away from personal lines.Winterthur says it will sell is L’Unique Compagnie d’Assurances Generales to La Capitale Assurances Generales Inc. for $48 million, and focus on…
RIBO AGM: U.S. broker allegations “ripple down” to Ontario
November 7, 2004 by Canadian UnderwriterWhile the past year had seen the situation improve on many fronts for brokers, the events of the past few weeks in the U.S. are now taking their toll on Ontario’s brokers, noted Rod Finlayson, outgoing president of the Registered…
Co-operators warning consumers about bogus policies
November 7, 2004 by Canadian UnderwriterThe Co-operators is warning that individuals may be selling fake auto insurance policies in New Brunswick and falsely claiming to represent the insurer.The policies are not valid and the individuals selling them do not hold licenses or represent the company,…