Fast on the heels of the U.S. controversy over broker commissions and practices, the situation is heating up in Canada.Thursday, the Canadian Council of Insurance Regulators (CCIR) confirmed it would be working in tandem with the Canadian Insurance Service Regulatory…
In its analysis of the recent civil charges filed against Marsh by New York Attorney General Eliot Spitzer, rating agency Fitch says the probe into broker commission practices may be an effect of broker consolidation.In a statement, the rater notes,…
The 2004 recipient of the Don Stuart Award, risk management’s highest honor, is Joseph Restoule. Restoule, accompanied by wife Patti, accepted the award Tuesday at the RIMS Canada Conference in Winnipeg. Restoule is director of risk & insurance for NOVA…
Among the many impacts the insurance industry experienced as a result of the 9/11 disaster was a recognition of the abysmal state of service taking place in commercial insurance ranks. So said a panel of speakers representing all segments of…
Who gets paid what? In the wake of investigations of sales practices in the mutual fund, investment banking and security industries, several U.S. state regulators and class action specialists now have compensation agreements between insurance companies and brokers in their crosshairs. The key buzzwords are “conflict of interest” and “disclosure” when it comes to contingent commissions and other “market service” arrangements. Is this an issue destined to move north across the border?
What can brokers and underwriters do to reduce pension plan fiduciary liability risk? Policy wordings and applications play a significant role in this regard, but unfortunately, most company wordings differ widely. It is important to be aware of these differences.
The global credit derivatives market (CDx) was up to US$2.8 billion of gross sold outstanding (US$3 trillion including cash collateralized debt obligations), up 71% over 2002, according to the latest study by Fitch Ratings. The rater notes that single-name credit…
Rating agency Fitch has placed a negative “rating watch” on Fairfax Financial Holdings and its subsidiaries, citing concerns over the insurer’s disclosure practices. Fitch says it will either downgrade or withdraw its ratings if its public disclosures do not give…
The organization representing North American commercial insurance buyers has not come out against broker contingent commissions, but is issuing strong words on the need for full disclosure of such arrangements. In its policy statement on compensation agreements, the Risk and…
The organization representing commercial insurance buyers has not come out against broker contingent commissions, but is issuing strong words on the need for full disclosure of such arrangements. In its policy statement on compensation agreements, the Risk and Insurance Management…
Still reeling from the onslaught of asbestos lawsuits clogging up U.S. courts, insurers worldwide must be shaking their heads to learn of a new threat coming down the pipe – silica liability. While crystalline silica has been a known industrial hazard since the early 1900s, 2003 saw a wave of new lawsuits fueled by the same trial lawyers filing asbestos claims. As the number of silica deaths drops each year, why is the industry just now feeling the tremors of mass silica litigation?
The Insurance Bureau of Canada (IBC) is urging homeowners affected by the Peterborough, Ontario floods to check their insurance coverage with their insurer or representative as soon as possible to see if they are covered for sewer back-up. While flooding…