Claims
The Alberta government is committing up to $25 million in disaster financial assistance to help residents, small businesses and municipalities that experienced uninsurable loss from flooding in southwestern Alberta at the end of May.The 2011 Southwestern Alberta Disaster Recovery Program addresses uninsurable damages from flooding due to heavy rains between May 25 and May 29. […]
By Canadian Underwriter | June 23, 2011
2 min read
When an Ontario insured is required by law to select one of three statutory accident benefits, the benefits they do not select are not “available” to them. Therefore, they cannot be deducted from a claim for past income loss in a bodily injury action.The Ontario Court of Appeal thus overturned a lower court ruling, which […]
By Canadian Underwriter | June 22, 2011
A Canadian privacy lawyer is questioning the precedent established by the Insurance Corporation of B.C. (ICBC)’s recent offer to give Vancouver police access to the public insurer’s facial recognition technology to help identify people involved in the Stanley Cup riot on June 15.About 50 businesses were damaged after the Vancouver Canucks lost the Stanley Cup […]
By Canadian Underwriter | June 20, 2011
1 min read
Ontario’s broker association is encouraging the province’s consumers to provide input to the Canadian Council of Insurance Regulators (CCIR) on the use of credit scoring in insurance.The Insurance Brokers Association of Ontario (IBAO) was responding to the release of a discussion paper on the topic by the CCIR on June 17. “Regulators should be commended […]
By Canadian Underwriter | June 17, 2011
The Canadian Council of Insurance Regulators (CCIR) is seeking further discussion about seven potential risks to consumers identified in a CCIR paper on the use of credit scores by insurers. “The CCIR would like to engage stakeholders in a discussion on the types of consumer harms or potential risks that may arise as a result […]
The Insurance Council of New Zealand (ICNZ) has expressed concern that the long-term effect of continuing earthquake aftershocks in the Christchurch area may eventually prompt insurers to re-examine whether earthquakes in the area are insurable.The ICNZ made the observation in a statement giving the estimate of the economic impact of the June 2011 quakes on […]
The Office of the Superintendent of Financial Institutions (OSFI) has decided to postpone implementation of the audit requirement for the MCT/BAAT by one year.As first introduced in the 2011 Minimum Capital Test (MCT) and the Branch Adequacy of Assets Test (BAAT) guidelines issued in December 2010, OSFI required an annual audit of the MCT/BAAT for […]
By Canadian Underwriter | June 16, 2011
The Financial Services Commission of Ontario (FSCO) has confirmed that getting out of a motor vehicle “safely” falls within the definition of the ordinary use or operation of a motor vehicle – even when that means the driver has locked the car door and walked around the car without incident to get to a shoveled […]
By Canadian Underwriter | June 13, 2011
A series of earthquakes struck the Christchurch region of New Zealand’s South Island on June 13.According to RMS, a Magnitude 5.2 earthquake struck first, followed by a stronger, Magnitude 6.0 earthquake within an hour and a half. Two smaller, Magnitude 4-level earthquakes followed.The Magnitude 6.0 earthquake occurred at a depth of nine kilometres and at […]
The B.C. Court of Appeal has dismissed an appeal from a February 2010 B.C. Supreme Court case, Beck v. Johnston, Meier Insurance Agencies Ltd., which establishes the onus on brokers to advise clients of gaps in homeowners’ coverage, particularly when the client has changed dwellings.The insurer and the broker essentially asked the Appeal Court to […]
By Canadian Underwriter | June 8, 2011
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