Industry
The Insurance Council of B.C. has published its intention to fine Family Insurance Solutions Inc. $20,000 and its marketing manager, Graham Nelson Doerr, $10,000 for improperly obtaining vehicle rating information from the province’s public insurer, the Insurance Corporation of B.C. (ICBC)The order took effect on July 20, 2010.The agency and Doerr had the right to […]
By Canadian Underwriter | August 10, 2010
2 min read
A licensed individual at a brokerage cannot be an “independent contractor,” Ontario’s broker regulator, Registered Insurance Brokers of Ontario (RIBO), said in its Summer 2010 bulletin.”On occasion, RIBO staff has been advised that a licensed individual within a brokerage is an ‘independent contractor,'” RIBO president Al Chamney notes in his president’s message. “RIBO does not […]
1 min read
The Canadian Council of Insurance Regulators (CCIR) is looking into the regulation of general agencies, wholesale agencies, wholesale brokers and third party administrators.The CCIR’s agencies regulation committee will also review risks to consumers and legislative and regulatory issues arising from current and possible future applications of electronic commerce. If the council finds that significant issues […]
Despite being more aware about the risks they face, companies still need to work on embedding risk management into their organizations, the chair of the UK Association of Risk and Insurance Managers (AIRMIC) says. “There are organisations that have properly embedded their risk management, but for many it remains an add-on process which is not […]
The Office of the Superintendent of Financial Institutions (OSFI) has issued its proposed revision of Guideline B-3, formerly known as the Guideline on Unregistered Reinsurance, for consultation. The new draft of Guideline B-3 would change the reinsurance governance framework from a rules-based approach to a principles-based approach. The document is based on the following four […]
By Canadian Underwriter | August 9, 2010
Zurich in Canada is poised to launch www.ZurichBuildersRisk.ca, a new Web-based system designed to rate, quote and issue builders risk policies in less than nine minutes.The new service provides course of construction coverage for new residential and commercial structures, renovation or installation projects. It is ideal for new construction or re-modeling projects. The service will […]
Swiss Re reported a surge in net income, going from a net loss of $342 million in 2009 Q2 to a net income of $812 million in 2010 Q2.Its property and casualty business suffered, however, as a result of higher-than-expected catastrophic and man-made losses. Estimated claims from the earthquake in Chile increased $130 million to […]
By Canadian Underwriter | August 6, 2010
An Ontario arbitrator says insurers need to do a “more careful” review of their medical reports, in light of a case in which an insurer relied on medical assessments that the arbitrator ultimately found to be wrong or inconsistent.”It is not unreasonable of the insurer to withhold the payment of [income replacement benefits] to Mr. […]
A hose failure that occurred during a banned tank-to-tank transfer process at Sunrise Propane in August 2008 caused a massive explosion at the propane plant that damaged several homes in a residential area of Toronto, according to a fire marshal’s report obtained by the Globe & Mail.According to the Globe, the fire marshal’s report also […]
By Canadian Underwriter | August 5, 2010
Intact Financial Corporation (TSX: IFC) reported a 62% increase in its 2010 Q2 profits, observing that its net income increased from $72.4 million in 2009 Q2 to $120.2 million.Overall, the company’s combined ratio improved by 2% during the quarter to 93.7%. Direct premiums written increased 5.4% over the same quarter a year ago to reach […]
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