Segment
Brokers
IBAO asks RIBO for a ‘control-in-fact’ ownership test
October 24, 2007 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) is asking the provincial brokers regulator, the Registered Insurance Brokers of Ontario (RIBO), to adopt a control-in-fact test to assess the independence of insurance brokers in Ontario.Brokers that do not meet the control-in-fact…
IBAO bars affinity members from using BIP logo
October 23, 2007 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) will be prohibiting its non-voting affinity members from using the Broker Identity Program (BIP) logo in any manner whatsoever, starting Apr. 1, 2008.The brokers association passed this bylaw during its annual general meeting…
What’s New: In Brief (October 23, 2007)
October 23, 2007 by Canadian UnderwriterA vehicle-tracking device manufactured by Boomerang Tracking Inc. has helped locate and recover more than 6,000 missing or stolen vehicles, representing a total value of approximately Cdn$300 million, according to a company release. Members of the insurance industry have endorsed…
Sutton Sportscover Ltd. launched in Canada
October 22, 2007 by Canadian UnderwriterW.J. Sutton & Company Limited, a special risk managing general underwriter, and Sportscover, a global sports insurer, have joined forces to launch Sutton Sportscover Limited, a new company focusing on sports insurance in Canada. The new venture will provide comprehensive,…
Brokers warned: Change or be changed
October 19, 2007 by Canadian UnderwriterBrokers need to be pro-active on the technology front and create a sense of value and prestige in their service if they are to survive, Michael Vickers, author of Becoming Preferred: How to Outsell your Competition, told delegates at the…
Insurers may be on the hook for not following broker agreements
October 19, 2007 by Canadian UnderwriterInsurance companies that are lax about following the letter of their agreements with brokers may find themselves sharing responsibility and liability with brokers in E&O claims, the audience attending an Insurance Brokers Association of Ontario (IBAO) education panel heard.This may…
Aviva and ING examining premium price discrepancy between direct and broker channels
October 18, 2007 by Canadian UnderwriterING and Aviva assured Ontario brokers on Oct. 18 that they are looking into why premium prices on personal lines risks offered by their direct writing channels are between 15-24% lower than those offered by subsidiary companies distributing through the…
Keal Technology, Applied Systems merge products
October 18, 2007 by Canadian UnderwriterApplied Systems and Keal Technology jointly announced a partnership that will see two major integrations between the companies products. Keals commercial management system, comXP, will integrate with Applieds broker system, The Agency Manager (TAM).Keals broker management system, sigXP and comXP…
IBAO survey shows Ontarians favour broker channel
October 17, 2007 by Canadian UnderwriterAbout 51% of Ontario insurance consumers buy their insurance products through the independent broker channel, while 38% buy from agents or direct markets, according to a 2007 independent consumer survey commissioned by the Insurance Brokers Association of Ontario (IBAO).The survey…
Ontario brokers to approach regulators on ownership issue
October 17, 2007 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) is planning to ask the Registered Insurance Brokers of Ontario (RIBO) and the Financial Services Commission of Ontario (FSCO) to restrict the ability of non-brokers to buy and control insurance brokerages.The IBAO changed…
Commercial brokers in discussions with CRA over excise tax rules
October 16, 2007 by Canadian UnderwriterThe Toronto Insurance Conference [TIC] and the Insurance Brokers Association of Ontario [IBAO] are in discussions with the Canada Revenue Agency [CRA] about recent changes to the CRAs rules regarding the payment of excise taxes when dealing with foreign, unlicensed…
What’s New: In Brief (October 10, 2007)
October 10, 2007 by Canadian UnderwriterInsurance brokers have launched a new keeping you covered brand and advertising campaign in response to what the Insurance Brokers Association of New Brunswick (IBANB) refers to as the clutter created by telemarketers and Internet sales of home and auto…