Industry
Reading Connecticut attorney general Richard Blumenthal’s 101-page indictment against the reinsurance industry in general — and against a reinsurance broker in particular — one can’t help but wonder how this antitrust lawsuit won’t launch a whole new wave of disclosure regulation, this time related to reinsurance brokers and pools. Theoretically, of course, it will be […]
By David Gambrill, Editor | October 31, 2007
4 min read
Canada’s Supreme Court has sided with insurers in two cases that threatened to expand the definition of an injury “arising directly or indirectly from the use or operation of an automobile.” In both Citadel General Assurance Co. v. Vytlingham and Lumbermens Mutual Casualty Company v. Herbison, the Supreme Court of Canada found that car-related activities […]
October 31, 2007
2 min read
Fairfax Financial Holdings Limited (TSX:FFH)(NYSE:FFH) and Cunningham Lindsey Group Inc. (TSX:LIN) have entered into an agreement with private equity funds managed by Stone Point Capital LLC, in which Stone Point will pay about $80 million for a 51% interest in a newly-formed holding company that will own the operating businesses of Cunningham Lindsey. Fairfax will […]
1 min read
Alberta is planning to scrap its industry-wide adjustment of grid prices in its auto insurance product, according to Dennis Gartner, the province’s assistant deputy minister of pensions, insurance and financial institutions. The industry-wide adjustment applies only to the province’s grid pricing. In place of the industry-wide adjustment, the government is contemplating some kind of file-and-approve […]
About 51% of Ontario insurance consumers buy their insurance products through the independent broker channel, whereas 38% buy from agents or direct markets, according to a 2007 independent consumer survey commissioned by the Insurance Brokers Association of Ontario (IBAO). The survey found a further 11% of Ontario consumers purchased insurance through group plan providers and […]
The Insurance Brokers Association of Ontario (IBAO) is asking the provincial brokers’ regulator, the Registered Insurance Brokers of Ontario (RIBO), to adopt a ‘control-in-fact’ test to assess the independence of insurance brokers in Ontario. “Brokers that do not meet the control-in-fact standard should be regulated as agents,” said IBAO president-elect Rod Hancock in a speech […]
ING and Aviva assured Ontario brokers on Oct. 18 they are both looking into why premium prices on personal lines risks offered by their direct writing channels are between 15-24% lower than those offered by subsidiary companies distributing through the independent broker channel. The question was asked directly of ING Insurance Company of Canada president […]
A passenger who got out of a taxi and fell on her way into a hotel was not injured as a result of an “accident” as defined in subsection 2(1) of the Statutory Accident Benefits Schedule (SABS), the Financial Services Commission of Ontario (FSCO) has found on appeal of Webb v. Lombard General Insurance Company […]
Insurance companies that are lax about following the letter of their agreements with brokers may find themselves sharing responsibility — and liability — with brokers in E&O claims, an audience attending an Insurance Brokers Association of Ontario (IBAO) education panel heard. This may even be true even in seemingly open-and-shut E&O cases illustrating broker negligence. […]
Canada’s insurance industry is not in danger of seeing the same kinds of wild personal injury and product liability lawsuits launched in the United States, based on the differences between the two countries’ legal systems and culture, a panelist told Swiss Re’s 2007 Casualty Seminar in Toronto. “It’s my firm belief that I don’t think […]
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