Industry
SGI, Saskatchewan’s public insurer, has introduced its Immigrant Driver Education Grant Program, which provides funds to help immigrants to Saskatchewan obtain a driver’s license.SGI is making Cdn$125,000 available for refugees and immigrants who have taken up permanent residency in Saskatchewan and who legally require driver education to obtain a Saskatchewan Class 5 driver’s licence.”For some […]
By Canadian Underwriter | March 13, 2009
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With the passing of Bill C-10 on Mar.12, the Government of Canada has given Export Development Canada (EDC) a new, temporary ability to participate in domestic financing and insurance with private sector financial institutions, private insurance providers and the surety industry.The temporary, two-year expansion of EDC’s mandate is intended to help increase access to credit […]
Small businesses appear to be weathering the financial turmoil with more resilience than large organizations, the Canadian Federation of Independent Business (CFIB) observes.The CFIB pointed to employment numbers released by Statistics Canada that show the percentage change in employment growth by establishment size from February 2008 to February 2009.Organizations with more than 500 employees saw […]
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Demand for trade credit insurance skyrocketed last year, and insurers are more cautious about what they will cover and the charge for the coverage, Marsh says in a recent report, As Global Economic Recession Deepens, Businesses Look to Protect Revenue Streams.The report notes U.S. firms marketing their goods and services for export or to vulnerable […]
Aviva Canada has teamed up with Thinkfirst Canada to deliver Aviva Brain Day in Grade 5 classrooms across the country, aimed at promoting brain and spinal cord injury prevention.Although children and youth make up only 17% of the Canadian population, they account for a staggering 30% of all traumatic brain injuries in the country, an […]
By Canadian Underwriter | March 12, 2009
The Office of the Superintendent of Financial Institutions Canada (OSFI) has set out its expectations for federally regulated entities (FRE) that outsource or contemplate the outsourcing of one or more business activities to a service provider.The revisions to Guideline B-10 include:• A transition measure to bring outsourcing arrangements that are obtained as part of an […]
The biggest challenge for insurers in complying with risk-based Solvency II requirements is likely to involve the development of specific internal capital models and embedding those models into day-to-day business practices, a U.K. chartered accounting firm suggests.In its Spring 2009 newsletter, Insured Interest, U.K. chartered accounting firm Moore Stephens notes a Solvency II-compliant internal capital […]
Greater transparency, accountability and ongoing competition among ratings agencies should be mainstays of any global regulatory framework for ratings agencies, Standard & Poor’s says in a recent white paper.Acknowledging weaknesses in the current regulatory regime for ratings agencies, Standard & Poor’s notes the current financial crisis has highlighted the need for a new “financial regulatory […]
Thanks in part to a fundamental shift in the debt market, the era of private equity-leveraged buyouts in the insurance broker sector is over, and a new era of broker-led acquisitions has begun, Standard & Poor’s says in a new report.The contraction of credit in the markets “has disrupted the private equity acquisition model predicated […]
By Canadian Underwriter | March 11, 2009
Researchers conducting front-end crash tests need to focus on “small overlap” collision tests, which involve 20% or less of the vehicle’s front end, in addition to full-width crash tests, the Insurance Institute for Highway Safety (IIHS) says.The IIHS analyzed 2000-06 case files from the National Automotive Sampling System/Crashworthiness Data System on frontal crashes in which […]
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