Segment
Brokers
RIBO fines insurer for using out-of-province call centre employees unlicensed in Ontario
April 3, 2008 by Canadian UnderwriterOntario’s broker regulator, Registered Insurance Brokers of Ontario (RIBO), has fined Johnson Inc. Cdn$5,000 because Johnson’s out-of-province call centre employees were not licensed by RIBO to deal directly with members of the public in Ontario.Johnson pleaded guilty during misconduct hearings…
What’s New: In Brief (April 03, 2008)
April 3, 2008 by Canadian UnderwriterIndependent Financial Brokers of Canada (IFB) is providing corporate errors and omissions coverage for life insurance agencies. The coverage, underwritten by Echelon General Insurance Company, is being offered as a solution for those caught in the gap between regulatory requirement…
Benfield describes 2007 reinsurance renewal season as “hard market softening”
March 27, 2008 by Canadian UnderwriterGlobal reinsurance broker Benfield Ltd. has characterized the January 2008 renewal season as one of a “hard market softening,” in which reinsurance premiums declined, but they did so from lofty heights to begin with.“Premiums fell broadly due to client retentions…
What’s New: In Brief (March 24, 2008)
March 24, 2008 by Canadian UnderwriterIntegro Insurance Brokers, an international insurance broker and risk management firm, has appointed managing principals Mark Rankin and John Haas to the firm’s partnership group in Canada.Rankin is client development sales leader for the Toronto and Vancouver offices. He has…
Desjardins launches direct arm in Ontario
March 20, 2008 by Canadian UnderwriterDesjardins General Insurance (DGI) is now offering direct home and auto insurance in Ontario. “We’ve been planning and researching our launch into the Ontario mass market for some time,” Jean-Francois Chalifoux, general manager and senior executive vice-president at DGI said…
BMO and Farm Mutual team up to provide financing to assist in broker perpetuation
March 20, 2008 by Canadian UnderwriterBMO Bank of Montreal and Farm Mutual Reinsurance Plan Inc. (FMRP) have launched a joint financing program designed to assist with the perpetuation of independent insurance brokerages. The Insurance Brokers Association of Ontario (IBAO), which initiated the partnership, issued a…
Quebec brokers lobby to disallow car dealers from selling replacement warranties
March 19, 2008 by Canadian UnderwriterThe Regroupement des cabinets de courtage d’assurances du Qubec (RCCAQ), Quebec’s broker association, is lobbying the province’s financial services regulator, L’Autorite des marches financiers (AMF), to disallow the province’s car dealers from distributing “replacement warranties.”Brokers have identified the replacement warranty…
What’s New: In Brief (March 18, 2008)
March 18, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) will be taking a phased-in approach to rate design changes targeting high-risk drivers, and delay the introduction of a second initiative targeting vehicles with multiple drivers (some of whom are high-risk).ICBC in Spring…
What’s New: In Brief (March 13, 2008)
March 13, 2008 by Canadian UnderwriterING Insurance Company of Canada has announced the continuation of its full partnership in the Insurance Brokers Association of Canada’s (IBAC) Broker Identity Program.“We continue to recognize the invaluable branding the Broker Identity Program brings the insurance broker profession,” said…
Saskatchewan brokers, credit unions debate ownership regulations
March 12, 2008 by Canadian UnderwriterSaskatchewan’s insurance brokers are at odds with the province’s credit unions over regulations that allow credit unions to operate insurance brokerages only if the brokerages are “separate and distinct” from credit union premises.The province’s Credit Union Insurance Business Regulations state:…
World Federation of Insurance Intermediaries asked to examine placement of global commercial risks
March 6, 2008 by Canadian UnderwriterThe U.S. Council of Insurance Agents and Brokers has asked the World Federation of Insurance Intermediaries (WFII) to review trade barriers and regulations that might impede the placement of global commercial risks.WFII is composed of 100 agent/broker associations representing insurance…
What’s New: In Brief (March 05, 2008)
March 5, 2008 by Canadian UnderwriterRoyal & SunAlliance (R&SA) has continued its investment as a full partner of the Broker Identity Program for 2008, the Insurance Brokers Association of Canada (IBAC) announced in a release. “For many years, R&SA has sponsored IBAC’s broker education campaign…