Industry
Keal Technology announced Thursday that CSIO XML eDocs are now available for Aviva Canada broker partners using the tech firm’s broker management system. Brokerages using sigXP can now automate the retrieval and download of personal lines electronic declaration pages, Keal said. The eDocs process uses data standards from the Centre for Study of Insurance Operations […]
By Canadian Underwriter | June 20, 2013
2 min read
Quebec’s financial regulator has designated Desjardins Group as a “domestic systemically important financial institution,” placing extra capitalization requirements on the company and putting it in a similar camp as Canada’s big six banks. The Autorité des marchés financiers (AMF), which oversees Quebec’s financial sector, said the designation announced Thursday will place additional capitalization and disclosure […]
Many of Canada’s insurance regulations pre-date electronic commerce, so the Canadian Council of Insurance Regulators is inviting recommendations from stakeholders, with the aim of bringing the rules into the 21st century. CCIR last month published a position paper, dubbed Electronic Commerce in Insurance Products and is looking for feedback by July 26. The CCIR’s electronic commerce […]
3 min read
The number of insurance claims filed in Oklahoma after severe tornado events in May is up to 70,782, the state’s insurance commissioner reported Tuesday. Insurance payments from the events also reached $561,976,781 as of Tuesday, according to the Oklahoma Insurance Department. More than 17,000 homeowners claims have been filed from the May 19 and May […]
By Canadian Underwriter | June 19, 2013
Property restoration contractors are facing increased costs but not necessarily a corresponding increase in revenues, and their industry is therefore “unsustainable,” suggests the president of the Restoration Contractors Organization of Canada (RCOC). So the organization has contracted with Deloitte Canada, which launched a study on Tuesday to examine how insurance carriers are using Xactimate to […]
4 min read
More than half of Canadians aren’t taking the time to make sure they’re properly insured by asking questions about their policies, results from a new survey by TD Insurance suggest. While 55% of those surveyed said that they review their insurance policies at least once a year, 52% said they wouldn’t ask their insurance provider […]
An agreement among the governments of Canada, Nova Scotia and Newfoundland and Labrador proposes raising to $1 billion offshore absolute liability for companies operating in the Atlantic offshore and in the Arctic. That amount is considerably higher than the current $30 million for the Atlantic offshore and the $40 million for the Arctic. “Today’s $1-billion […]
Insurance wholesaler Affiliated Brokers Exchange Ltd. (ABEX) has teamed up with Insurance Technology Solutions Inc. to offer a new policy administration system that allows for paperless policy issuance, among other capabilities. The system allows brokers to provide “real-time quotes in minutes,” for both personal and commercial lines clients, according to ABEX, a Waterloo, Ont.-based MGA […]
By Canadian Underwriter | June 18, 2013
1 min read
It may be necessary to contemplate additional reforms if the Ontario government expects to be able to soon fulfill its promise to cut insurance premiums by an average of 15%, one industry leader suggests. Ralph Palumbo, vice president for Ontario at the Insurance Bureau of Canada discussed the hot button issue during a presentation in […]
The Insurance Institute has announced its final “capstone” course for the Fellow Chartered Insurance Professional Program (FCIP). The course, Integrative Learning for the P&C Insurance Sector, requires FCIP candidates to practically apply what they’ve learned in their previous five courses. The final course will run over two consecutive semesters from September 2013 to April 2014. […]
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