Claims
A 48-year-old Sault Ste Marie resident has been charged with five courts of fraud and five counts of theft after allegedly misappropriating client’s funds as an insurance agent. As of press time the allegations have not been proven in a court of law. Jeffrey McWhinney was arrested and charged on Mar. 9 by Sault Ste. […]
By Canadian Underwriter | March 11, 2010
2 min read
An insurer that has satisfied its legal requirement for policy cancellation has not automatically proven that the insured knew his policy had been cancelled, an Ontario arbitrator has ruled.In Ersin Aksoy and Markel Insurance Company of Canada, the Financial Services Commission of Ontario (FSCO) found Markel had to pay Ersin Aksoy income replacement benefits and […]
By Canadian Underwriter | March 10, 2010
PartnerRe expects the total insured industry losses from the Feb. 27, 2010 earthquake in Chile to be between $6 billion and $10 billion. The company expects its claims relating to the earthquake to be between $220 million and $320 million.The initial loss estimate is net of reinstatement premium and retrocession. It is based on a […]
By Canadian Underwriter | March 9, 2010
1 min read
Advocis, The Financial Advisors Association of Canada, is calling on the Canadian Council of Insurance Regulators (CCIR) to find some way to better harmonize the nation-wide implementation of its regulatory solutions.“There has been much progress on developing, through national organizations, a harmonized approach to regulation and much time and resources are devoted to it,” Advocis […]
By Canadian Underwriter | March 8, 2010
Natural disasters in Canada and damages arising from them have tripled since the 1980s, according to a comprehensive report published by the Institute for Catastrophic Loss Reduction (ICLR).”Canada has had a fair share of natural disasters,” says the 223-page report, Canadians at risk: Our exposure to natural hazards. “Between 1983 and 1987, they cost Canadians […]
By Canadian Underwriter | March 3, 2010
Canadian Imperial Bank of Commerce (CIBC) does not plan to establish standalone, insurance facilities of the type that Royal Bank of Canada is opening.In an interview with Bloomberg Business Week, CIBC CEO Gerald McCaughey is cited as saying CIBC won’t pursue building insurance branches or selling insurance on the Internet as part of its future […]
By Canadian Underwriter | February 26, 2010
New Brunswick is amending its Insurance Act to prohibit the use of credit scoring for underwriting and rating practices in all classes of insurance.“Regulations will prohibit using credit scoring for underwriting and rating of property and casualty insurance, including automobile insurance,” the government announced in a press release. “New Brunswick will become the first province […]
By Canadian Underwriter | February 25, 2010
Greenhouse warming will cause the globally averaged intensity of tropical cyclones to shift towards stronger storms, with intensity increases of between 2% and 11% by 2100, says an article published in Nature Geoscience.“Existing modelling studies also consistently project decreases in the globally averaged frequency of tropical cyclones, by 6–34%,” says an abstract of the study, […]
By Canadian Underwriter | February 23, 2010
The Autorité des marches financiers (AMF) laid a total of 855 charges in 2009 under the Securities Act and under An Act Respecting the Distribution of Financial Products and Services.The regulator obtained $81.6 million in sanctions, including administrative penalties imposed in connection with the settlement reached in the asset-backed commercial paper matter in December 2009, […]
By Canadian Underwriter | February 17, 2010
When a cross-country skier wanders from a marked trail onto “expansive and otherwise untamed property,” a conservation authority has a less onerous duty of care, the Ontario Court of Appeal has ruled. In Schneider v. St. Clair Region Conservation Authority, Joanne Schneider had taken her family cross-country skiing in a public park in January 2005. […]
By Canadian Underwriter | February 16, 2010
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