Willis to pay US$51 million to settle New York, Minnesota investigations
April 10, 2005 by Canadian UnderwriterBroker Willis Group Holdings says it has reached agreements with attorneys general in New York and Minnesota which will see the company create settlement funds valued at US$51 million.In its settlement with New York Attorney General Eliot Spitzer, Willis will…
Orims PD Day: Time for Solutions
April 1, 2005 Vikki SpencerIn the wake of the broker compensation controversy which has rocked the commercial insurance industry in recent months, risk managers met at the recent Ontario Risk & Insurance Management Society “Professional Development Day” filled with questions and seeking solutions to improved relationships with their broker and insurer partners.
National Broker Review: Flying High?
April 1, 2005 Sean van Zyl, Editor2005 would seem to be the “year of the broker” with total premiums in Canada having more than doubled over the past four years, prices now declining, and coverage availability rising in both personal and commercial lines. And, perhaps best of all, brokers countrywide report a significant drop in public hostility with much higher customer retention levels. The exuberance emanating from independent brokers suggests the profession is “flying high” after having been tested by what many in the insurance industry regard as the toughest market cycle yet experienced. However, brokers remain aware of the industry’s vagarious business cycle – which like an unpredictable air current can cause those daring to ride it to soar or crash.
IBC calls for input on financial institution reform
April 1, 2005 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is asking insurers to help it craft a response to a consultation paper on financial institutions produced by the federal government. The request was made during the IBC’s annual Financial Affairs Symposium in Toronto…
IBC wants insurer input on federal review of financial institutions
March 30, 2005 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is asking insurers to help it craft a response to a consultation paper on financial institutions produced by the federal government.As part of its recent federal budget, the government started the process of addressing…
Compensation scandal ups broker workload: Best
March 22, 2005 by Canadian UnderwriterA new survey by A.M. Best finds the current controversy over broker compensation systems is forcing all brokers and agents to do more work, specifically in providing information, answering questions and filling out paperwork.The survey, published by Best’s Review magazine,…
$3 billion class action lawsuit filed against Nortel, auditors
March 10, 2005 by Canadian UnderwriterA class action lawsuit seeking $3 billion has been filed against Nortel Networks and its auditors, Deloitte and Touche LLP.The suit, filed in Ontario Superior Court on behalf of investors who bought the company’s shares between April 24, 2003 and…
Aon to pay US$190 to settle three investigations
March 6, 2005 by Canadian UnderwriterAon Corp. has created a US$190 million fund to compensate clients as a result of investigations in three states into contingent commissions and business practices.The fund applies to policies incepted or renewed between January 1, 2001 and December 31, 2004,…
ORIMS PD DAY: Keynote speaker calls for end to broker commissions
March 2, 2005 by Canadian UnderwriterBroker commissions should be history, and broker compensation should come from the client rather than the insurer, says the keynote speaker to Wednesday’s Ontario Risk & Insurance Management Society (ORIMS) “Professional Development Day”.Felix Kloman, editor of Risk Management Reports told…
RAIN, RAIN, go away
March 1, 2005 Vikki SpencerRisk managers await clear skies
Aon creates fund to settle commission investigations
March 1, 2005 by Canadian UnderwriterAon Corp. has created a US$190 million fund to compensate clients as a result of investigations in three U.S. states into contingent commissions and business practices. The fund applies to policies incepted or renewed from January 2001 through to the…
PORT In the STORM
March 1, 2005 Vikki SpencerThere is little smooth sailing for risk managers today. The rough tides brought on by the Spitzer investigations, coupled with a commercial insurance market in transition, are forcing risk professionals to navigate treacherous waters indeed. Into this fray, incoming Risk & Insurance Management Society (RIMS) president Ellen Vinck treads, ready to take the helm, charting strong fundamentals and a united industry voice as the true course to guide the professional safely to port.