Industry
The Canadian Bar Association (CBA) has voiced its disappointment with the Alberta government’s decision to appeal the recent court decision abolishing the $4,000 cap on minor automobile injuries.”This cap denies the right of Albertans to access justice,” said Tom W. Achtymichuk of the CBA. “We strongly believe that it is every Albertan’s right to access […]
By Canadian Underwriter | February 14, 2008
2 min read
The Canadian Securities Administrators (CSA) is requesting comment on its paper discussing issues surrounding proposed amendments to securities rules on acceptable accounting principles for financial reporting.The Accounting Standards Board (AcSB) proposes to move financial reporting for all Canadian publicly accountable enterprises to International Financial Reporting Standards (IFRS) by Jan. 1, 2011, a CSA release says.As […]
1 min read
Driver fatigue kills more than 400 Canadians ever year, a Highway Safety Roundtable reports. One in five drivers surveyed in Drowsy Driving, a 2004 Traffic Injury Research Foundation survey of 1,209 Canadians, reported nodding off at least once in the last 12 months, the report points out. At this time, only collisions where the driver […]
The Insurance Corporation of British Columbia (ICBC) has launched an investigation into the sale of all vehicles repaired at the company’s research facility in Burnaby over the last 10 years.The investigation focuses on whether the previous damage history of vehicles repaired and sold from ICBC’s Material Damage Research and Training (MDR&T) facility were properly documented […]
Ontario needs a dedicated insurance prosecutor, the Insurance Bureau of Canada (IBC) says.This would help to ensure that cases move faster to trial, reducing the number of arguments of delay in the Court system, according to Rick Dubin, the vice president of investigative services for the IBC.Another alternative would be to set up an office […]
By Canadian Underwriter | February 13, 2008
The Financial Services Commission of Ontario (FSCO) is collecting information on behalf of the Canadian Council of Insurance Regulators (CCIR) to determine whether insurers and their brokers or intermediaries are following standards for managing conflicts of interest.FSCO is collecting the information on behalf of regulators in Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, […]
A.M. Best says it expects the financial strength ratings of U.S. property and casualty insurance companies in 2008 to be equally balanced between upgrades and downgrades, “despite the prospect of lower operating margins due to the current phase of the underwriting cycle.”In a Feb. 11 ‘Special Report,’ the ratings agency noted the U.S. P&C sector […]
EW Disaster Kleenup L.P. has changed its name to FirstOnSite Restoration L.P. and has appointed Ian Milne as its new CEO.Ken Zardo has also been appointed vice-president of national sales and marketing, a company release says. Zardo brings nearly 30 years of experience in sales and marketing, e-commerce and corporate and strategic planning; he has […]
The Government of Alberta has appealed an Alberta Court of Queen’s Bench decision that would eliminate a Cdn$4,000 cap on soft tissue injury awards to auto collision claimants.Alberta Premier Ed Stelmach told reporters in a scrum that the government would seek a “stay” of the court ruling, meaning the decision would not take effect pending […]
By Canadian Underwriter | February 12, 2008
Marsh & McLennan Companies, Inc. (MMC) has reported a 2007 Q4 profit of US$85 million, compared to US$226 million over the same period last year.Consolidated revenue in 2007 Q4 was US$2.9 billion, up 8% from 2006 Q4. Income from continuing operations was US$90 million, compared with US$168 million in 2006 Q4.The company noted its 2007 […]
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