Claims
HALIFAX – Nova Scotia is going to increase fines and add four demerit points for people convicted of using cellphones while driving as of Feb. 1. Currently, fines range from just over $176 for a first offence to about $350 for a third or subsequent offence. Under amendments proclaimed by the Liberal government, fines will […]
By The Canadian Press | October 2, 2014
1 min read
The Office of the Superintendent of Financial Institutions (OSFI) has released its annual report for 2013-14, noting that the target in Ontario to reduce auto insurance premiums by 15% could have a negative impact on profitability. “Domestically, personal auto insurance continued to be the major underwriting challenge. Reforms related to accident benefits improved profitability in […]
By Canadian Underwriter | October 1, 2014
No property and casualty catastrophe bond issuance activity occurred in the third quarter this year, but 2014 could still potentially be “record-setting,” according to a new report from Property Claim Services. This year had the quietest third quarter in the past decade, and was a major change from Q3 last year, when sponsors raised $1.5 […]
2 min read
A new ruling by Canada's highest court clarifies contractual interpretation. Trial judges and arbitrators of first instance now have a more enhanced role over contractual interpretation, and one may expect fewer appeals on what a contract says and for commercial arbitration decisions to be less reviewable by courts.
By Albert Wallrap, Associate, Dutton Brock LLP | September 30, 2014
7 min read
While class proceedings are now a well-entrenched part of the legal landscape in Canada, national and multi-jurisdictional class proceedings are becoming the new norm. Absent legislative intervention - or a more co-operative, but less deferential approach - related problems and challenges will unlikely abate.
By Donald J. McGarvey, Partner; and Kate Whittleton, Associate; McLennan Ross LLP | September 30, 2014
Climate change and new severe-weather patterns pose challenges for insurers, reinsurers and society itself. The need to understand and respond to the risks ahead places increasing importance on the evolving discipline of geo-risk research.
September 30, 2014
6 min read
REGULATION Revised minimum capital test takes effect in 2015 The Office of the Superintendent of Financial Institutions (OSFI) has released a revised Minimum Capital Test Guideline for property and casualty insurers that takes effect January 1, 2015. “The new risk-based capital framework results in a slight 2.8 percentage point decline in the capital ratio (MCT/BAAT […]
Traffic delays and being stopped at a red light are common times Canadian drivers use their cell phones while behind the wheel, according to a new survey on distracted driving, conducted by Leger for Allstate Canada. In the nationwide survey, 40% said they check their phones when stopped in traffic because of delays. While at […]
By Canadian Underwriter | September 30, 2014
WASHINGTON – A top oil industry official says the oil and railroad industries are urging federal regulators to allow them as long as seven years to retrofit existing tank cars that transport highly volatile crude oil. The cars have ruptured and spilled oil during collisions, leading to intense fires. Jack Gerard, president of the American […]
HALIFAX – The Nova Scotia government introduced legislation today that would place an indefinite moratorium on high-volume hydraulic fracturing for onshore oil and gas from shale deposits. But the legislation would provide an exemption for fracking used for testing and research purposes. Energy Minister Andrew Younger says the amendments to the Petroleum Resources Act will […]
By The Canadian Press | September 30, 2014
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