Industry
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 the […]
By Canadian Underwriter | May 22, 2008
1 min read
The Court of Appeal for British Columbia has ordered a new trial in a hit-and-run case on the basis the reasons for judgement given by the B.C. Supreme Court were not adequate to allow appellate review. In Gibson v. Insurance Corporation of British Columbia, Peter Gibson was riding his motorcycle late at night in May […]
2 min read
Financial Services Commission of Ontario (FSCO) has posted online new regulations for changes to the Corporations Act and Insurance Act, which implement a prudent portfolio investment approach for Ontario-incorporated insurers, reciprocals and fraternal societies.The changes provide insurers with expanded investment powers, new related-party rules and corporate governance requirements.Prior to the new rules, insurers could invest […]
Lloyd’s of London has nearly unanimously approved a resolution to amend the Lloyd’s Act 1982 in a way that clarifies regulations around the appointment and dismissal of auditors, as well as the requirements for financial disclosure.The proposals are as described in a consultation document issued by HM Treasury in March 2008 and summarized in a […]
By Canadian Underwriter | May 21, 2008
A.M. Best Co. has assigned a financial strength rating (FSR) of B++ (Good) to Echelon General Insurance Company (Echelon General).Concurrently, A.M. Best assigned an ICR of “bb+” to Echelon General’s publicly traded parent, EGI Financial Holdings Inc. (EGIFHI).The outlook for both entities was stable.The rating agency said its ratings for Echelon General was “reflective of […]
The Autorit des marches financiers (AMF) ordered Courtage d’assurance Claude Htu inc. to pay a Cdn$3,000 penalty for failure to file financial statements. The brokerage firm was ordered to pay the penalty after it belatedly filed financial statements for fiscal year 2004-05, further to a notice served by the AMF dated Nov. 27, 2006.The AMF […]
A Young and New Driver Resource Centre has been launched by the Traffic Injury Research Foundation (TIRF), with funding from Toyota Canada, to serve as a one-stop shop for young and new driver issues. The Web site is designed for parents, young and novice drivers, researchers and policymakers, according to a release from the TIRF. […]
Policy Works has launched the first commercial management system that allows brokers to exchange commercial-lines data electronically with four insurers.With the company’s eMarketing version 6.2, brokers can upload and download commercial policy and quotation information with ING Insurance Company of Canada, Gore Mutual Insurance Company, Aviva Canada Inc. and Royal & SunAlliance Company of Canada, […]
By Canadian Underwriter | May 20, 2008
The Institute for Catastrophic Loss Reduction (ICLR), The Co-operators and the Downtown Guelph Business Association have partnered in the creation of the disaster-planning program called Open for Business.Launched in Guelph, Ont., the pilot program consists of a disaster planning folder, a guide and a planning toolkit to help small businesses prepare for business interruption. During […]
Insurance Bureau of Canada (IBC) is calling for a national action plan to upgrade water and sewage infrastructure across Canada. The country’s critical infrastructure, particularly water and sewage systems, were built according to weather pattern assumptions that have become totally obsolete in the face of climate change, according to an IBC release. During his “Climate […]
By Canadian Underwriter | May 16, 2008
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