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News Insurance

Ontario insurers, brokers to beef up disclosure rules but keep contingent commissions

November 14, 2004 by Canadian Underwriter

In a press conference today, Ontario’s p&c insurers and brokers announced a new system to ensure better communication and disclosure to consumers about commissions and other practices, while maintaining the practice of contingent commissions.In response to the investigation of broker

News Insurance

Spitzer files suit against U.S. benefits insurer

November 14, 2004 by Canadian Underwriter

New York Attorney General Eliot Spitzer, in his continuing probe of broker commissions, has filed a civil suit against San Diego-based benefits broker Universal Life Resources Inc. and its CEO Douglas Cox.The suit alleges the firm, which specializes in life

News Insurance

What’s new: In brief (November 14, 2004)

November 14, 2004 by Canadian Underwriter

On the heels of the broker compensation probe by New York Attorney General Eliot Spitzer and the civil charges filed against Marsh, Zurich Financial Services says it has suspended two employees at its Zurich North America Commercial specialty business. In

News Insurance

Industry to respond to disclosure issues

November 11, 2004 by Canadian Underwriter

In a press conference set for Friday, the Canadian p&c insurance industry is set to announce its plans for improving disclosure and transparency with consumers.In a joint event, representatives of the Insurance Bureau of Canada (IBC), Insurance Brokers Association of

News Insurance

What’s new: In brief (November 11, 2004)

November 11, 2004 by Canadian Underwriter

The U.S. Federal Reserve Board’s decision to raise the federal fund rate 25 basis points to 2.0% sets up the prospect for similar action by The Bank of Canada. While the Fed is expected to raise rates by 25 points

News Insurance

Ontario NDP, CAC say Sorbara in conflict over broker commissions

November 10, 2004 by Canadian Underwriter

The Consumers Association of Canada (CAC) wants to see Ontario Finance Minister Greg Sorbara to “step aside as regulator of the insurance industry”, saying he is in conflict over the issue of broker commissions.The call comes after New Democrat MPP

News Insurance

U.K. risk managers come out against contingent commissions

November 10, 2004 by Canadian Underwriter

Risk managers in the U.K. are adamant that the current system of contingent commissions to broker needs to be abolished. In a survey by the Association of Insurance and Risk Managers (AIRMIC), 93% of corporate insurance buyers say contingent commissions

News Insurance

U.S. broker group proposes principles for regulating broker commissions

November 10, 2004 by Canadian Underwriter

In 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

News Insurance

What’s new: In brief (November 10, 2004)

November 10, 2004 by Canadian Underwriter

Lloyd’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

News Insurance

Marsh retrenches 3,000 in response to Spitzer

November 9, 2004 by Canadian Underwriter

Global 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".

News Insurance

What’s new: In brief (November 09, 2004)

November 9, 2004 by Canadian Underwriter

Next 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

News InsuranceMergers and Aqcuisitions

Winterthur, Hub both sell Quebec personal lines operations

November 7, 2004 by Canadian Underwriter

Insurer 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