Industry
U.S. insurance industry regulators have reached an agreement with Aon Corporation (NYSE: AOC), permitting companies acquired by Aon to continue to accept contingent commissions for three years following their acquisition. Such use of contingent commissions would be phased out after three years, according to an Aon press release.”This amendment advances the goals of transparency and […]
By Canadian Underwriter | June 4, 2008
2 min read
Complaints against the insurance industry filed with the federal privacy commissioner increasingly involve the covert collection of personal information by private investigation firms, the commissioner said in her annual report.Of the 350 complaints filed with the Office of the Privacy Commissioner of Canada (OPCC) between Jan. 1 and Dec. 31, 2007, 10% were filed against […]
1 min read
By referring vaguely to “property” damage, an exclusion contained in a marina’s all-risks insurance policy was inoperable because the exclusion didn’t specifically refer to the marina’s “equipment,” the Ontario Court of Appeal has ruled.The Appeal Court thus rejected the appeal of the insurer against the marina in 1599624 Ontario Limited v. Lloyd’s Underwriters.The marina attempted […]
By Canadian Underwriter | June 3, 2008
FM Global, a commercial and industrial property insurer, has decided to release thousands of pages of previously exclusive property loss prevention engineering guidelines at no cost.FM Global has decided to issue these data sheets at no extra cost because doing so ensures that only the most current information is available for architects, consultants and contractors […]
The Financial Services Commission of Ontario (FSCO) has requested submissions from stakeholders to assist with its review of part VI of the Insurance Act dealing with automobile insurance. The deadline for submissions is July 14, 2008.The review is being conducted pursuant to section 289.1 of the Act, which states that the superintendent must review section […]
Aviva plc has opened its North American Region office in Chicago, Ill., one of four regional centres for the company’s global operations.The new office will serve as headquarters for its North American executive team functions, a release says. These functions include providing leadership and support for the company’s overall North American business strategy, business development, […]
U.S. reinsurers are writing more premiums and increasing policyholders’ surplus in 2008 Q1, but their loss ratios are also rising, as are there combined ratios.The Reinsurance Association of America (RAA) posted the quarterly results of about 20 property and casualty reinsurers, reflecting a continuing softening of the U.S. reinsurance market.The group reported a collective policyholders’ […]
By Canadian Underwriter | June 2, 2008
The Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) announced a schedule for the completion of a process agreement that would open the way for discussions of a U.S.-Canada mutual recognition agreement.Mutual recognition could provide Canadian securities exchanges and certain other Canadian financial service providers with greater freedom to operate in […]
With Ontario's mandatory five-year review of the province's auto insurance product coming up later this year, the stakeholders in the debate are already embroiled in a discussion about indemnity over entitlement, as well as the province's Cdn$15,000 deductible and verbal threshold for establishing the nature of bodily injuries
By Donna Ford | May 31, 2008
6 min read
The Supreme Court of Canada has upheld the Ontario Court of Appeal’s rejection of a Cdn$341,000 damage award to Waddah (Martin) Mustapha, who suffered a major depressive disorder, phobia and anxiety after finding dead flies in his unopened bottle of drinking water. A trial judge bestowed the award for the personal injury Mustapha suffered, but […]
May 31, 2008
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