Canada, along with the rest of the world, will be subject to new Own Risk and Solvency Assessment rules in the future. ORSA is intended to provide a more effective means for insurers and insurance regulators to be able to effectively monitor insurance risk and capital requirements on a prospective, rather than retrospective, basis.
The New Brunswick Court of Appeal recently upheld a lower court decision requiring a fire insurance claimant to produce records for State Farm Fire & Casualty Insurance. The appeal court dismissed an appeal from Karen Bennett of an Oct. 2011…
How Ontario Represents a Key Test Ground for Increased Supervision
The Ontario Automobile Insurance Anti-Fraud Task Force has released its final report outlining nearly 40 recommendations, chief among them expanding the power of the province’s industry regulator, greater public disclosure on the part of insurers and licensing certain health clinics.…
Regulators in Canada are examining whether or not electronic commerce practices in insurance meet consumer protection standards. While the internet has exploded in terms of comparison price shopping and research, the ability to “buy and bind” raises key issues about customer access to advice from licensed professionals and appropriate safeguards. It is a discussion that is, in some areas, pitting brokers against direct insurers.
A survey of public company executives in the United States reveals little concern over the possibility of being sued – this despite almost a quarter of responding companies having already been sued.
As the difficult economic conditions over the past few years have continued to expose weaknesses in many international financial institutions, it is clear that a co-ordinated international approach to regulation has never been more important.
Hydraulic fracturing (or “fracking”), a process used in natural gas extraction, is raising a lot of questions about long-term environmental risks. Among these questions is whether or not existing insurance programs are up to the task of covering the risk. Some view the area as full of potential for innovative approaches to covering this type of exposure.
The CIP Society Ethics Series: Brokers with excellent track records may be tempted to branch out into other areas of business, raising a duty to tell the clients when they are travelling in unfamiliar territory.
Key provinces across Canada have fundamentally altered their auto insurance systems with the twin goals of achieving rate stability and predictability in claims costs. The big question, which was addressed at this year’s CIAA/CICMA annual joint conference in February, is – did these reforms meet their purpose? It’s a simple question, with complex answers for independent adjusters and claims professionals
Sound business decisions may not always bode well for client relations, and when they don’t, is the broker duty-bound to tell the client?
Secondary market liability class actions have increased markedly in Canada, resulting in new policy wordings. How the new policy language will fare in the courts is anybody’s guess.