Segment
Brokers
RIBO issues statement on premium financing
June 20, 2008 by Canadian UnderwriterRegistered Insurance Brokers of Ontario (RIBO), the province’s broker regulator, has issued a statement about how brokers might properly arrange premium financing for clients.RIBO cautions that if brokerages opt to finance premiums themselves, the funds they place in trust for…
What’s New: In Brief (June 18, 2008)
June 18, 2008 by Canadian UnderwriterAfter fires in Nova Scotia forced the evacuation of 5,000 residents, the Insurance Bureau of Canada is reminding those affected to check their policies. A brush fire, which started in Porters Lake just east of Halifax on Friday, forced 5,000…
What’s New: In Brief (June 18, 2008)
June 18, 2008 by Canadian UnderwriterA.M. Best Co. has affirmed the A+ (Superior) financial strength rating of ING Canada Group.The ratings agency cites ING’s “superior capitalization, above-average profitability and leading market position within the Canadian property/casualty industry,” as reasoning for the rating.At the same time,…
Brokers raise concern over use of credit scoring
June 17, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has asked the Financial Services Commission of Ontario (FSCO) to look into whether insurers are using credit scoring and, if so, whether they are using credit scoring for the purpose of determining auto…
What’s New: In Brief (June 11, 2008)
June 11, 2008 by Canadian UnderwriterVale National Training Centers Inc. has launched an online extension to its classroom-based proficiency development curriculum for claim professionals.The training center has added roughly 500 distance-learning modules to its course offerings. These are available immediately through a standard Web browser,…
What’s New: In Brief (June 11, 2008)
June 11, 2008 by Canadian UnderwriterThe Insurance Bureau of Canada is advising Montreal residents to check their policies after torrential rain and winds more than 100 km-h barreled across southern Quebec on Tuesday afternoon.The winds knocked over tractor-trailers on the Champlain Bridge in Montreal and…
What’s New: In Brief (June 10, 2008)
June 10, 2008 by Canadian UnderwriterRoyal & Sun Alliance Insurance Company of Canada will now be known as RSA.The company, created after a merger between Sun Alliance and Royal Insurance 10 years ago, has been through some fundamental changes since that time, a release notes.…
U.S. regulators amend agreement with Aon over contingency fees
June 4, 2008 by Canadian UnderwriterU.S. insurance industry regulators have reached an agreement with Aon Corporation (NYSE: AOC), permitting companies acquired by Aon to continue to accept contingent commissions for three years following their acquisition. Such use of contingent commissions would be phased out after…
Brokers urged to leverage brand power of insurers they represent
May 29, 2008 by Canadian UnderwriterIn addition to aggressively developing and marketing their own brands, brokers should also be leveraging the brands of the insurers they sell instead of hiding them, said Alister Campbell, CEO of Zurich in Canada.Speaking at the Insurance Institute’s “At the…
What’s New: In Brief (May 29, 2008)
May 29, 2008 by Canadian UnderwriterBrokers can now download quotations from ING Insurance Company of Canada’s Web quoting tool directly into Policy Works. With the release of integrated download functionality, ING and Policy Works have announced the launch of what they call the next phase…
Lloyd’s approves proposals for amended auditing and disclosure rules
May 21, 2008 by Canadian UnderwriterLloyd’s of London has nearly unanimously approved a resolution to amend the Lloyd’s Act 1982 in a way that clarifies regulations around the appointment and dismissal of auditors, as well as the requirements for financial disclosure.The proposals are as described…
What’s New: In Brief (May 21, 2008)
May 21, 2008 by Canadian UnderwriterThe Autorit des marches financiers (AMF) ordered Courtage d’assurance Claude Htu inc. to pay a Cdn$3,000 penalty for failure to file financial statements. The brokerage firm was ordered to pay the penalty after it belatedly filed financial statements for fiscal…