Industry
Vito Pisano, an agent with Allstate Insurance Company of Canada, spoke recently at Alexander MacKenzie High School as part of MADD Canadas Mind Controla multimedia show for the Youth Assembly Program being presented at high schools across the country.The program is intended to show students the effects of impaired driving. Allstate Insurance Company of Canada […]
By Canadian Underwriter | June 15, 2007
1 min read
The Alberta government on June 12 introduced Bill 42, which contains a number of changes to the provinces Insurance Act including an extension of the limitation period for a policyholder to claim against an insurer from one to two years.The bill proposes to establish a regulation-making authority that would require disclosure of a limitation period […]
Greg Knowles has been appointed to vice president, marine manager for Canada at CNA. In addition to leading the marine book of business, Knowles will be responsible for developing, supporting and executing new initiatives including construction and HealthPro. He has been with the company since 1998, when he began as an underwriting manager in the […]
By Canadian Underwriter | June 14, 2007
The Insurance Brokers Association of Canada (IBAC) went to Parliament Hill on June 12 to emphasize the importance of more than 30,000 independent brokers across the country.Members of Parliament and Senators met with 50 insurance brokers across the country, as brokers sought to build an awareness of the role they play in small communities and […]
By Canadian Underwriter | June 13, 2007
2 min read
Travelers has enhanced its SelectOne liability policy for investment advisors and funds in Canada, by protecting Independent Review Committee (IRC) members.National Instrument 81-107 requires the creation of an Independent Review Committee for each investment fund that is a reporting issuer. The Instrument prescribes the functions of the IRC and requires that fund managers submit conflict […]
The Financial Services Commission of Ontario (FSCO) has released an adjustment to its PAF Guideline WAD I and its PAF Guideline WAD II that will see the fees for services rendered (as outlined in Appendix A of the respective guidelines) increase by 2.0% as of July 1, 2007.The increase, says FSCO, reflects the change in […]
Insurance companies interested in reducing regulation need to take a hard look at their reputational risks, Scott Newquist, the managing director of the consulting firm Perception Partners, told a seminar organized by the Insurance Bureau of Canada (IBC).Experience has shown us over the past 10 years that what causes regulation is a decline in reputation, […]
By Canadian Underwriter | June 12, 2007
The average number of deals involving insurance carriers purchasing software rose 42% by quarter from 2005 to 2006, according to an annual deal trends study issued by Celent.Of the deals analyzed, 43% were between vendors and totally new customers. Core systems and document management are particular focus areas, senior analyst Craig Weber, author Insurance Software […]
By Canadian Underwriter | June 11, 2007
Companies in the financial sector need to provide more narrative information in their financial reporting, according to a new survey by PricewaterhouseCoopers (PwC).PwC recently published the results of its new survey on the reporting practices of the worlds largest companiesthe Fortune Global 500 (G500). The survey, called Corporate reporting a time for reflection, includes G500 […]
Insurers need to decide whether to attack the certification of a class action lawsuit up front, or wait until after certification to respond to the claim, Roderick S.W. Winsor, a partner at Blaney McMurtry LLP, told delegates at the Insurance Law Update presentation on June 6. The Number 1 goal is to defeat a certification […]
By Canadian Underwriter | June 6, 2007
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