OIAA Claims 2005: Privacy in Review
March 1, 2005 Vikki SpencerThe introduction of federal privacy legislation to the insurance industry one year ago had the potential to clarify boundaries in handling customer information. But in reality, privacy rules have blurred many lines and thrown long-standing industry practices into question, say speakers at the OIAA Claims 2005 conference.
What’s new: In brief (February 09, 2005)
February 9, 2005 by Canadian UnderwriterLife and annuity carriers expect to see modest growth in 2005, along with continued merger & acquisition activity within their sector, according to a survey by U.S. life association LOMA’s “Resource” magazine. A poll of LOMA board members finds universal…
Lloyd’s CEO calls for “change in behavior”
February 8, 2005 by Canadian UnderwriterThe London market needs to bring about a change in behavior if it is to meet the expectations of clients and regulators in a shifting insurance world, Lloyd’s CEO Nick Prettejohhn told the Insurance Institute of London this week.Given the…
CRISIS and REFORM
February 1, 2005 Sean van Zyl, EditorThe role of the Insurance Bureau of Canada (IBC) has evolved along with the events, and perhaps even fate, that have shaped the Canadian property and casualty insurance industry into what it is today. As lobbyist, facilitator, champion of regulative reform and the public voice of insurers, the IBC as an industry body has had to learn to adapt rapidly to the demands of a faster moving, riskier and increasingly complex marketplace. Sometimes lauded, and other times the brunt of industry criticism, those running the IBC often face a thankless job, observes Igal Mayer who took over as the bureau’s board chair at the end of 2004. However, the significant achievements made over the last year regarding auto insurance reform across the provinces, and the subsequent return of adequate market coverage availability, stands testimony to the success of the IBC in handling crises, Mayer notes. Looking ahead, the bureau is shifting from crisis management to focus on long-term market reform in a bid to break from the insurance industry’s destructive pricing cycle, he adds.
High Strung
February 1, 2005 Sean van Zyl, EditorBeing one of the first annual property and casualty insurance events held in the beginning of the year, the 2005 Joint Industry Forum (JIF) – which recently took place in New York City – revealed the considerable uncertainty felt by leaders within the industry toward the startling charges made against U.S. insurer and broker representatives in the commission controversy sparked by New York’s attorney general, Eliot Spitzer. While the ongoing Spitzer investigation took center-stage at this year’s JIF event, insurance CEOs also highlighted a myriad of ominous indicators which, in confluence, could signal a disparaging turning point in the industry’s financial affairs. At the very least, increased public scrutiny and rising cost factors point to a new period of taut strain for management of the insurance industry, the JIF’s analyst and insurer CEO speakers forewarn.
Political Wannabe..?
February 1, 2005 Sean van Zyl, Managing EditorPublic champion or opportunist? Big, bad industry or an “easy target”? The public furor created by New York’s attorney general Eliot Spitzer as a result of his investigation into certain types of remuneration paid by insurers to brokers and alleged…
MMC settles with Spitzer for US$850 million
January 31, 2005 by Canadian UnderwriterMarsh & McLennan Cos. Inc. has settled the civil charges filed by New York Attorney General Eliot Spitzer for US$850 million. The charges were filed in October, 2004, alleging misconduct at MMC’s insurance brokerage unit, Marsh Inc., in the U.S.…
Joint Forum releases intermediary sales practices paper
January 30, 2005 by Canadian UnderwriterThe Joint Forum of Financial Market Regulators (JFFMR) has released its “Principles and Practices for the Sale of Products and Services in the Financial Sector”.The new document suggests principles for the sale of a wide array of products, including p&c…
SOX will reveal corporate weaknesses: Fitch
January 20, 2005 by Canadian UnderwriterThe implementation of section 404 of the Sarbanes-Oxley corporate governance requirements in the U.S. will likely lead to more frequent revelation of internal control problems on the part of corporations, says a new study by Fitch.The rating agency says it…
Spitzer, insurers go head-to-head in front of NY Assembly
January 9, 2005 by Canadian UnderwriterNew York Attorney General Eliot Spitzer and insurer representatives each had their chance to speak on the issue of broker compensation at hearings before the New York Assembly on Friday.In his address, Spitzer outlined his investigation into allegations of bid-rigging…
Number of securities fraud suits rises slightly: study
January 9, 2005 by Canadian UnderwriterThe number of U.S. federal securities fraud class action lawsuits filed in 2004 rose 17%, but the loss in stock market capitalization for defendant firms shot up almost triple 2003 levels, according to a new study by the Stanford Law…
U.S. regulators approve broker disclosure rules
January 3, 2005 by Canadian UnderwriterU.S. regulators adopted model legislation on broker disclosure over the holidays, meeting with a lukewarm reception from brokers.The Independent Insurance Agents & Brokers of America (IIABA) says it credits the National Association of Insurance Commissioners (NAIC) for its work on…