Segment
Brokers
CCIR/CISRO announce reciprocal licensing model
June 14, 2006 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) have adopted a reciprocal licensing model for the insurance agent/broker licensing system in Canada effective July 4, 2006.The reliance model incorporates greater harmonization for agent…
IBAO launches new Web site (June 12, 2006)
June 12, 2006 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has launched a new Web site, http://www.ibao.org, providing an extensive range of information on insurance topics. Technically developed by AKA New Media Inc. (AKA Broker), the site is designed to be fresh, innovative…
RIBO cautions against negative option billing
June 6, 2006 by Canadian UnderwriterRegistered Insurance Brokers of Ontario (RIBO) has issued a warning in its Spring 2006 bulletin about insurers’ use of negative option billing or marketing.Reprinting an excerpt of a similar warning issued in 2000, RIBO noted the “Financial Services Commission of…
ING Savers integrated with Compu-Quote software
June 2, 2006 by Canadian UnderwriterCompu-Quote Inc. recently integrated its AutoRater and PropertyRater services with ING Insurance’s point-of-sale tool, Savers. The amalgamation of these products will allow brokers to submit new business to ING Insurance through Savers from within Compu-Quote’s rating services without double entry.…
What’s New: In Brief (May 30, 2006)
May 30, 2006 by Canadian UnderwriterAfter 34 years in the insurance industry, Peter Parkin, the chief operating officer of Sovereign General Insurance Company’s Calgary operations, has announced his intention to retire as of February 28, 2007.Parkin has served at Sovereign for the past 13 years…
ING Canada introduces Aeroplan Miles for insurance products
May 29, 2006 by Canadian UnderwriterAeroplan (TSX:AER.UN) and ING Canada Inc. (TSX:IIC.LV) have agreed to offer Aeroplan members the opportunity to earn Aeroplan Miles on certain insurance products offered by ING Canada’s insurance subsidiaries. Aeroplan members will be able to take advantage of this new…
ING Canada promotes car seat safety through compensation
May 26, 2006 by Canadian UnderwriterING Canada and belairdirect are promoting car seat safety by offering to compensate auto policyholders for any child safety restraint system installed in a vehicle that is involved in an accident, even if the car seat was not damaged on…
Business must adapt to seasons of change
May 24, 2006 by Canadian UnderwriterThe energy insurance market has proven its resilience despite the large losses of 2005, according to the Energy Market Review published by Willis Group Holdings (NYSE:WSH). However, the report notes that with numerous changes and challenges affecting the industry, it…
New York seeks extradition of Canadian charged with insurance fraud
May 24, 2006 by Canadian UnderwriterThe United States Attorney for the Southern District of New York has announced the arrest on May 5, 2006, in Canada of Ian Stuart, following the investigation of a massive, $7-million insurance fraud scheme.Stuart, also known as “John Harris” and…
Flaherty personally supports status quo re: Bank Act
May 16, 2006 by Canadian UnderwriterCanadian Finance Minister Jim Flaherty has reaffirmed his personal commitment to the Conservative Party’s platform to “maintain the current regulations governing insurance marketing by the chartered banks.”Currently the Bank Act does not allow banks to retail insurance products or distribute…
Hub International offers common shares in US
May 12, 2006 by Canadian UnderwriterHub International Limited (TSX:HBG) will offer 4,000,000 common shares in a public offering in the United States. Hub International will also grant the underwriters an over-allotment option to purchase up to 600,000 additional common shares. Stephens Inc. and Wachovia Securities…
Sun Life supports current Bank Act legislation
May 10, 2006 by Canadian UnderwriterThe existing legislation limiting Canada’s banks marketing of insurance products should be upheld by the federal government, according to chief executive of Sun Life Financial Inc. Donald Stewart.During Sun Life Financial’s recent annual meeting, Stewart commended the new Conservative government’s…