Claims
York Region police have arrested 14 suspects and laid 145 charges following a three-year investigation into a multi-million dollar fraud ring that allegedly staged auto collisions in the Greater Toronto Area (GTA).Insurance Bureau of Canada (IBC)’s vice president of investigative services, Rick Dubin, congratulated York Regional Police for slicing off “another major tentacle of fraud.””Organized […]
By Canadian Underwriter | November 18, 2011
2 min read
Recent settlements in the United States as a result of subprime and credit crisis litigation are averaging $116 million, although only a small number of cases have been settled over the past five years, according to Kevin LaCroix, writing for the November 2011 edition of the PLUS Journal. LaCroix’s article lists a number of securities […]
1 min read
Proposed changes to Canada’s anti-money laundering and anti-terrorist financing legislation may prove to be very onerous for smaller reporting entities, according to a Nov. 17 Financial Institutions Bulletin issued by law firm Fasken Martineau.The Department of Finance (Canada) released its Consultation Paper on Proposed Amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing […]
An injured person’s ability to adapt to stressful circumstances is broader than just whether or not a person can return to work, an Ontario arbitrator has found.Adaptability is one of four factors used to determine whether a person’s mental or psychological impairments due to an auto collision qualify as “catastrophic.” A catastrophic injury designation in […]
By Canadian Underwriter | November 17, 2011
State Farm Canada has filed a statement of claim seeking a total of $21 million in damages from several Ontario health service providers and individuals. State Farm’s statement of claim contains allegations not proven in court. It alleges that six health clinics and eight individuals were involved in a conspiracy to submit “false and fraudulent […]
Insurers of Japanese earthquake losses are facing unexpected increases in claims from manufacturers who moved production and/or sourcing of supplies to Thailand, according to law firm RPC (Reynolds Porter Chamberlain LLP).”Many Japanese companies, particularly in the automotive and electronics sectors, moved production to Thailand, and/or found alternative component suppliers in Thailand after the Thoku earthquake […]
By Canadian Underwriter | November 16, 2011
The Regroupment des cabinets de courtage d’assurance du Québec (RCCAQ), a Quebec insurance broker association, says an amendment to regulations recently proposed by the province’s insurance regulator will simply duplicate existing standards governing transparent disclosure of billing for fees.The Autorité des marchés financiers (AMF) is proposing to amend Section 8 of the regulations under the […]
Quebec insurance brokers have expressed concern to the province’s insurance regulator, the Autorité des marchés financiers (AMF), about a proposed amendment to regulations that would allow real estate brokers to act simultaneously as insurance representatives. Specifically, the Regroupment des cabinets de courtage d’assurance du Québec (RCCAQ) “recommends maintaining the rule prohibiting individuals from acting simultaneously […]
Saskatchewan saw almost 8,500 motor vehicle collisions due to distracted driving in 2010, resulting in more than 2,300 injuries and 60 deaths, according to Saskatchewan Government Insurance (SGI). SGI says its traffic safety research shows the vast majority (92%) of the Saskatchewan public views talking or texting while driving as a major problem and believes […]
By Canadian Underwriter | November 15, 2011
The traditional insurance model has allowed property and casualty insurers to withstand the recent financial crisis, but as insurers branch out from this model and offer more non-insurance related products, they are more vulnerable to financial risks associated with the crisis, according to a paper by the International Association of Insurance Supervisors (IAIS).The association of […]
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