Industry
Insurance Corporation of Newfoundland (ICN) CEO Dave Anthony has "denounced" what he calls "false claims" recently made by personal injury lawyers that insurance rates in Newfoundland and Labrador are the lowest in Canada.Anthony spoke at a St. John Northwest Rotary Club gathering. He charges that the statistical calculation used by the lawyers in question to […]
By Canadian Underwriter | December 11, 2001
1 min read
In a not unexpected move, the Financial Services Commission of Ontario (FSCO) is seizing control of troubled Canadian Millers’ Mutual’s assets.FSCO says the move was made in light of the insurer’s assets being deemed insufficient to provide for the company to continue in business and meet its financial obligations.The company, which has been in existence […]
By Canadian Underwriter | December 7, 2001
2 min read
In the wake of dreadful third quarter results, two insurers have announced big job cuts at U.S. locations. CNA Financial says it will trim 1,850 employees, a whopping 10% of its workforce. And ING is announcing 1,600 job cuts, representing 15% of its U.S. insurance division workforce.Amsterdam-based ING says the job cuts are the result […]
By Canadian Underwriter | December 6, 2001
In response to the high number of late filings from federally-regulated financial services companies, including insurers, the Office of the Superintendent of Financial Services (OSFI) has put out proposed regulations for its “late and erroneous filings” penalties framework.The proposed regulation, which will be subject to comments for the next 30 days, is needed because “the […]
At the Insurance Bureau of Canada’s (IBC) annual meeting in Toronto, the industry’s representative body says reducing the tax burden on insurers will be front and center in its mandate for the coming year. Educating government about how easing this burden will help consumers will be the task, the IBC says.A new national road safety […]
By Canadian Underwriter | December 5, 2001
The Office of the Superintendent of Financial Institutions (OSFI) is attempting to answer concerns about its transparency by releasing its rulings. The rulings, which can affect any of the federally regulated financial institutions (FRFI) under OSFI’s authority including insurers, will not contain the names of institutions involved.”This initiative is in keeping with OSFI’s objective to […]
With the failure of U.S. energy giant Enron, insurers are now tallying their exposure to the dying corporation. Among those affected is Chubb, which is estimating its exposure provisionally at US$220 million, pretax. This comes from surety bonds, which act as a guarantee of contracts being filled on time, or other financial contracts being met.Chubb […]
By Canadian Underwriter | December 4, 2001
Following the insolvency of Pennsylvania-based parent Reliance, the company’s Canadian branch operation will be shut down by the Office of the Superintendent of Financial Services (OSFI). OSFI had frozen the Canadian operation’s assets in August, 2000, and directed it to stop writing new business in early 2001. In October, OSFI seized control of Reliance and […]
As Ontario's brokers gathered in Toronto for the annual Insurance Brokers Association of Ontario Convention, the challenges and opportunities of the hardening insurance market were on everyone's minds. Just how far will the tide turn, and how will reinsurance price hikes trickle down to brokers' clients? All of this comes as Ontario's brokers prepare for immense regulatory changes and the emergence of new technological tools to their trade.
By Vikki Spencer | November 30, 2001
6 min read
The Toronto Insurance Conference gathered for its 46th annual Black Tie Dinner at the Four Seasons, Toronto recently. Featuring guest speaker Richard Worzel, futurist and author, the event brought together members of the broking industry, insurers and special guests. It was also a chance to mark the organization’s 83rd anniversary.
November 30, 2001
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