Industry
RIBO has issued a bulletin advising Ontario brokers that they still need to maintain financial records for both trust and general accounts, even though the banking industry has moved into the paperless world of electronic record-keeping.”It has come to our attention that the banking industry will no longer provide printed bank statements and cashed cheques […]
By Canadian Underwriter | October 31, 2008
1 min read
European insurers lead their North American counterparts in using economic capital (EC) to guide their risk-based decision-making, a Towers Perrin study shows.”European insurers are giving greater short-term priority to the use of EC within their decision making processes (56%), compared to their brethren in North America (40%) and in the Asia/Pacific region (38%),” Towers Perrin […]
Ontario’s Court of Appeal has determined that a restrictive covenant in a brokerage’s employment contract was unenforceable and ‘overboard,’ overturning a ruling to the contrary by the Ontario Superior Court.In Staebler Company Ltd. v. Allan, Tim Allan and Jeff Kienapple were commercial insurance producers with H.L. Staebler Company Ltd as of Oct. 15, 2003 when […]
By Canadian Underwriter | October 30, 2008
2 min read
Earl Cameron has been appointed acting president and CEO of SGI, effective Nov.1.Cameron is currently the vice president, claims and salvage, with SGI. He has been with the insurer for 35 years.He moves into the position following the resignation of current SGI president and CEO Jon Schubert, effective Oct. 31. Schubert has accepted the title […]
By Canadian Underwriter | October 29, 2008
Saskatchewan Crown Corporations Minister Ken Cheveldayoff has announced the province’s Crown corporations are moving towards a “Saskatchewan First” investment policy, with the province’s Crown corporations divesting from certain out-of-province investments.Cheveldayoff told CanWest the policy would not affect SGI Canada’s out-of-province insurance subsidiaries in Alberta, Manitoba, Ontario and Prince Edward Island. He said SGI’s out-of-province insurance […]
The American Insurance Association (AIA) says its property and casualty insurance members don’t need the money available in the U.S. Treasury’s US$700-billion emergency market stabilization package, passed by Congress.The Treasury’s Capital Purchase Program (CPP) was created to inject capital into the credit markets and to prevent counterparty failure of such a magnitude as to pose […]
Only 22% of 769 North American companies surveyed had employment practice liability policies, even though 34% of firms experienced and 25% expected to face in the future a management liability event, a Chubb survey found.The ‘2007 Chubb Private Company Risk Survey’ canvassed 300 private companies in Canada and 469 in the U.S. on:the frequency and […]
By Canadian Underwriter | October 28, 2008
A private member’s bill proposing a ban on the use of cellular devices and other handheld equipment while driving on a highway received second reading in Ontario’s Legislative Assembly on Oct. 28.Bill 40 would amend the Highway Traffic Act to prohibit the use of a cellular phone, car phone, pager, personal data assistant, portable computer, […]
Legislative changes may be required in some provinces to harmonize provincial insurance regulation with amendments to Part XIII of the federal Insurance Companies Act (ICA), the Canadian Council of Insurance Regulators (CCIR) noted in an online update of its activities. The CCIR discussed in its September 2008 Fall meeting the potential implications of bringing into […]
The Canadian Council of Insurance Regulators (CCIR) has posted online the final version of its approach to risk-based market conduct regulation.In the process, the insurance regulator has let it be known that it is now up to individual provincial regulators to choose whether or not they wish to adopt the principles outlined in the CCIR’s […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
