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Risk Management


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RIMS would support ban on contingent commissions

November 16, 2004 by Canadian Underwriter

Testifying before a Senate subcommittee on the issue of broker compensation, a representative of the world’s largest risk management organization says her group would support a ban on contingent commissions.The Risk & Insurance Management Society (RIMS), which represents commercial insurance

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Spitzer blasts industry at Senate hearing

November 16, 2004 by Canadian Underwriter

Not unexpectedly, New York Attorney General Eliot Spitzer took several serious shots at the insurance industry in his testimony Tuesday to a Senate subcommittee looking into broker compensation issues.Spitzer told a subcommittee of the Senate Committee on Governmental Affairs that

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Two Zurich employees plead guilty to bid-rigging

November 16, 2004 by Canadian Underwriter

Zurich Financial Services confirmed late Tuesday that two employees who had been suspended earlier have now pled guilty to criminal charges of bid-rigging.Zurich had suspended the two employees, who are underwriters at its Zurich North America Commercial excess casualty business,

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U.S. brokers tout need for strong relationship with insurers to Senate hearing

November 15, 2004 by Canadian Underwriter

With testimony underway in a U.S. Senate subcommittee hearing into broker compensation practices, one broker representative says the notion that insurers and brokers should have an “adversarial” relationship in order to best serve clients is “misguided”.Former Council of Insurance Agents

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What’s new: In brief (November 14, 2004)

November 14, 2004 by Canadian Underwriter

On the heels of the broker compensation probe by New York Attorney General Eliot Spitzer and the civil charges filed against Marsh, Zurich Financial Services says it has suspended two employees at its Zurich North America Commercial specialty business. In

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What’s new: In brief (November 11, 2004)

November 11, 2004 by Canadian Underwriter

The U.S. Federal Reserve Board’s decision to raise the federal fund rate 25 basis points to 2.0% sets up the prospect for similar action by The Bank of Canada. While the Fed is expected to raise rates by 25 points

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U.K. risk managers come out against contingent commissions

November 10, 2004 by Canadian Underwriter

Risk managers in the U.K. are adamant that the current system of contingent commissions to broker needs to be abolished. In a survey by the Association of Insurance and Risk Managers (AIRMIC), 93% of corporate insurance buyers say contingent commissions

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U.S. broker group proposes principles for regulating broker commissions

November 10, 2004 by Canadian Underwriter

In a letter to the National Association of Insurance Commissioners (NAIC), U.S. commercial brokers say a new system of regulating commission practices should include transparency, but also recognize the legitimacy of contingent commissions.The letter, sent to NAIC president Diane Koken

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What’s new: In brief (November 10, 2004)

November 10, 2004 by Canadian Underwriter

Lloyd’s plan to issue 500 million of subordinated debt has been oversubscribed several times over, and the 300-year-old market announced terms of the offering Wednesday. An application to the London Stock Exchange is for a sterling tranche of 300 million

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U.K. asbestos situation could lead to $22.4 billion in claims

November 3, 2004 by Canadian Underwriter

The total cost of asbestos-related disease in the U.K. could be 8-10 billion pounds (CDN$18-45 billion), with insurers shelling out 4-10 billion pounds (CDN$9-22.4 billion) of this loss, according to a new study.The study, released by the U.K. Actuarial Profession,

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Omega created to fill market “gaps”: Cook

November 3, 2004 by Canadian Underwriter

Canada’s newest insurer, Omega General Insurance Co., which received its federal license earlier this month, was established to fill gaps in the market which became apparent to parent company CEO Phil Cook through his work consulting with insurers.Cook heads up

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Liability explosion a global headache: Swiss Re

November 1, 2004 by Canadian Underwriter

While much has been written about the explosion of liability claims in the U.S., the trend has taken on global proportions, according to a new sigma study released by Swiss Re.In “The economic of liability losses”, the U.S. does come