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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 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

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RIBO warns of ‘market blocking’

June 25, 2009 by Canadian Underwriter

Ontario’s broker regulator, the Registered Insurance Brokers of Ontario (RIBO), is cautioning brokers about a practice commonly referred to as “market blocking.”“In short, this involves the practice where a broker, in advance of an upcoming commercial renewal, sends out a

News InsuranceMergers and Aqcuisitions

B.C. brokers call for legislative ban on credit scoring

June 23, 2009 by Canadian Underwriter

The Insurance Brokers Association of B.C. (IBABC) has asked the B.C. government for legislative changes that would prohibit insurers’ ability to collect information for the purpose of credit scoring.“Our position is that we don’t want credit scoring to be an

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What’s New: In Brief (June 22, 2009)

June 22, 2009 by Canadian Underwriter

A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb” and the unsecured debt ratings of Fairfax Financial Holdings Limited of Toronto (TSE, NYSE: FFH). “The ratings of Fairfax recognize the quality of its ongoing operations, which are

News InsuranceMergers and Aqcuisitions

Most Albertans don’t seek competitive quotes for auto insurance: AIRB survey

June 18, 2009 by Canadian Underwriter

Sixty-five per cent of survey respondents living in Alberta indicated they had not sought competitive auto insurance quotes in the past two years, according to a 2009 public perception survey commissioned by the Alberta Automobile Insurance Rate Board (AIRB).The survey

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What’s New: In Brief (June 09, 2009)

June 9, 2009 by Canadian Underwriter

Some U.S. property and casualty insurers could be under-reserving, despite the potential onset of a hard market, according to a panel of actuaries and analysts at a Standard & Poor (S&P)’s Ratings Services insurance conference on June 1-2 in New

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Brokers debate whether or not a Web site constitutes a branch

June 8, 2009 by Canadian Underwriter

***CORRECTION***  This item has been amended to reflect the fact that IBAO’s efforts were undertaken in conjunction with similar lobby efforts by the Insurance Brokers Association of Canada (IBAC). IBAC raised the Web issue with OSFI and not the IBAO,

News InsuranceMergers and Aqcuisitions

Auto insurance reform should be sequential, brokers told

June 8, 2009 by Canadian Underwriter

Ontario’s auto insurance product needs to be fixed sequentially, not in one big swoop of a reform, said Jean Francois Blais, president and CEO of AXA Canada.Blais spoke to delegates of Ontario’s Young Broker Council’s conference in Niagara Falls on

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Brokerages should be “separate and distinct” from other business: RIBO

June 4, 2009 by Canadian Underwriter

In order to ensure confidentiality of client information, a brokerage office must be separate and distinct from other business, according to the Registered Insurance Brokers of Ontario (RIBO). Also, the premises of the brokerage must be clearly identified to avoid

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What’s New: In Brief (May 29, 2009)

May 29, 2009 by Canadian Underwriter

Cathy S. Ramsundar was appointed president of the Toronto Insurance Women’s Association (TIWA). TIWA is the Toronto chapter of the Canadian Association of Insurance Women (CAIW).She received the appointment at the association’s annual general meeting on May 19.Ramsundar is an

News InsuranceMergers and Aqcuisitions

Brokers much like wealth managers when it comes to protecting high-end art collectors’ assets

May 28, 2009 by Canadian Underwriter

Brokers looking to sell insurance to reluctant, high-end art aficionados might benefit from acting much like wealth managers in the business of protecting their customers’ assets. Katja Zigerlig, vice president of fine arts, wine and jewelry insurance for AIU Holdings’