Driving on Display
February 1, 2012 Craig HarrisUsage-based insurance (UBI) is moving steadily into the mainstream in many large insurance markets, particularly the United States. Insurers in Canada have shown interest in UBI, but there are few comparable programs in place. Depending on the perspective, the telematics experience here in Canada points to either a vacuum or an opportunity
Alberta Insurance Act Changes
January 31, 2012 Delores ThorbourneA number of changes to the Insurance Act and related regulations in Alberta coming into effect July 2012, which will impact the handling of claims. Some of these changes are: changes to the limitation periods, notice of retainer by plaintiff’s…
Investigating Social Media
January 1, 2012 Craig Harris, Freelance WriterInsurance companies and adjusters are using social media to investigate claims, even as Canadian case law is evolving on evidence and admissibility. The bigger question may be whether companies have formal policies that govern access to claimant social media information.
The Threat of Punitive Damages Revisited
November 30, 2011 Lauren BloomInsurance fraud is an intentional act on the part of an insured, designed to gain an undeserved benefit. It can be opportunistic or premeditated. Claims professionals walk a proverbial tightrope when navigating suspicious claims. The high risk nature of fraud…
MarketPlace
November 1, 2011 by Canadian UnderwriterCanadian Market Banks banned from promoting unauthorized insurance on Web sites Canada’s new regulations prohibiting banks from promoting unauthorized insurance products and services on their Web sites are now official. The regulations came into force with very few amendments to…
Taking Care of Business
November 1, 2011 Robert Fletcher, President, Intellectual Property Insurance Services Corporation (IPISC)Many businesses are facing life-and-death legal battles over intellectual property disputes without knowing about IP insurance.
Playing Fair
October 1, 2011 Vanessa MarigaBrokers and industry stakeholders across Canada generally support the introduction of Administrative Monetary Penalties (AMPs) in jurisdictions that do not currently have them – particularly in Ontario. AMPs are viewed as a middle ground between a “slap on the wrist” and quasi-criminal proceedings, enabling insurance regulators to issue a penalty proportionate to the infraction.
Revealing Credit Scores
September 1, 2011 James Daw, Freelance WriterOpinions vary widely about how much information insurers should be disclosing to consumers related to the use of credit scoring.
Changes to Alberta Insurance Act to come into effect on July 1, 2012
July 31, 2011 byAlberta’s department of finance and enterprise has outlined changes to the Alberta Insurance Act that will go into effect on July 1, 2012. Legislative amendments to the Act include the following: Legislation will require statutory conditions to be incorporated into…
MarketPlace
July 1, 2011 by Canadian UnderwriterRegulation OSFI calls for global insurance capital standards Global insurance capital standards would prevent the possibility of companies taking advantage of differences between capital charges across regulatory jurisdictions, according to Canada’s solvency regulator. Julie Dickson, superintendent of the Office of…
MarketPlace
June 1, 2011 by Canadian UnderwriterCanadian Market Mutual policyholders of The Economical vote against dissident proposal to replace board Mutual policyholders of The Economical Mutual Insurance Company voted 649-192 on May 26 against a motion that would have removed its current board of directors and…
MarketPlace (March 01, 2011)
March 1, 2011 by Canadian UnderwriterCanadian Market Canada’s new rules prohibit banks from promoting non-authorized insurance on Web sites Canada’s Department of Finance has published its proposed rules for preventing banks from promoting non-authorized insurance products on its Web sites. The regulations are a follow-up…