Canadian investors among plaintiffs suing Volkswagen in Germany
March 15, 2016 David McHugh - THE ASSOCIATED PRESSFRANKFURT – Institutional investors are suing Volkswagen for 3.25 billion euros in damages over the company’s handling of its emissions scandal, which has so far seen the share price fall by about a third. Attorney Andreas Tilp said Tuesday that…
Risk managers must address cyber security as an enterprise risk: FERMA
March 15, 2016 by Canadian UnderwriterBusinesses have difficulties with reaching a basic level of protection around cyber security, often as a result of a lack of risk insights and data driven risk mitigation and risk management must play a central role, the Federation of European…
Hacking, malware breaches nearly doubled from 2014 to 2015, report says
March 11, 2016 by Canadian UnderwriterBreaches caused by either hacking or malware nearly doubled in relative frequency over the past year – from 32% of all incidents in 2015 from 18% in 2014, according to specialist and data breach response insurer Beazley. Earlier this week,…
Ontario home inspector licensing bill passes second reading
March 7, 2016 by Canadian UnderwriterA bill proposing to introduce home inspectors’ licensing in Ontario – and to provide for regulations mandating liability insurance – was recently referred to a committee of the legislature. If Bill 165, the Licensed Home Inspectors Act, is passed into…
Ontario Liberals promise cap and trade proceeds will go to greenhouse gas emission reduction
February 26, 2016 Greg Meckbach, Associate EditorInsurance rates have increased due to climate change, and the money the Ontario government will raise from an emissions allowance auction will be spent on efforts to reduce greenhouse gas emission, Finance Minister Charles Sousa suggested Thursday. In its budget…
Ontario Retirement Pension Plan deductions start for large employers in 2018
February 26, 2016 Greg Meckbach, Associate EditorThe organization administering a new mandatory pension plan for Ontario employees will start collecting contributions in 2018, the ruling Liberals confirmed Thursday in their 2016-17 budget document. Finance Minister Charles Sousa first announced the Ontario Retirement Pension Plan (ORPP) two…
Ontario government to mandate disclosure of insurance claims history on used vehicles
February 25, 2016 Greg Meckbach, Associate EditorOntario’s Licence Appeal Tribunal will being accepting applications to deal with auto insurance claims disputes April 1, and the government will set up an office to focus on auto insurance fraud, the ruling Liberals suggested Thursday in their budget document.…
Debate continues on Ontario health privacy breach law
February 17, 2016 by Canadian UnderwriterA bill proposing to double the fines for violations of Ontario’s Personal Health Information Protection Act was a subject of debate Tuesday at Queen’s Park in Toronto. Bill 119, the Health Information Protection Act, was tabled Sept. 16 by Liberal…
Ottawa working on “options regarding next steps” for Canada-wide mandatory privacy breach notification
January 18, 2016 by Canadian UnderwriterBefore the House of Commons was dissolved last summer to kick off the federal election, the ruling Conservatives passed the Digital Privacy Act, which creates new offences for failing to report data security breaches. However, nation-wide mandatory breach notification would…
Digital wallets require ‘careful review’ of limitations of liability: Borden Ladner Gervais
January 14, 2016 by Canadian UnderwriterContactless payment methods, a common-law duty to “act honestly in the performance of contractual obligations” and the proposed Trans Pacific Partnership international trade agreement are among the top 10 legal risks for businesses this year, law firm Borden Ladner Gervais…
Cyber security must be viewed as a business issue, not a technology-only issue: PwC Canada
January 14, 2016 Angela Stelmakowich, EditorCanadian companies are taking steps towards establishing holistic, integrated safeguards against cyber security attacks, progress that will need to continue as the number of breaches increases, the threat landscape becomes more complicated and attacks grow sophisticated, suggests PwC Canada. Adopting…
Reinsurance pricing floor remains elusive: Willis Re
January 4, 2016 by Canadian UnderwriterReinsurance rates at Jan. 1, 2016 renewals have continued to decline across the majority of markets, with Willis Re reporting Monday that earlier forecasts for a “softening in the softening” in pricing have proved illusory. “Despite the signs of pricing…