Industry
The Risk and Insurance Management Society, Inc. redesigned its site to better represent its commitment to members and the risk management community. “The dramatically redesigned site, created by RIMS’ in-house Web team, represents RIMS’ commitment to the growing needs of its members and the risk management community as a whole,” a RIMS release says. The […]
By Canadian Underwriter | August 25, 2010
1 min read
The scarce supply, heightened demand and increasing age and cost of electrical transformers poses a catastrophic risk, warns Lloyd’s.Transformers are the links between the generation, distribution and transmission networks within an electrical grid. According to Lloyds.com, there are less than 100 built around the world each year. A recent surge in demand from emerging economies […]
By Canadian Underwriter | August 24, 2010
Sedgwick Claims Management Services, Inc. expanded its professional liability business to include an errors and omissions claims management product for professional service organizations. The E&O specialists manage risks, resolve claims, and administers settlements for professional service providers facing allegations of inaccuracy or oversight in the performance of their work. “Sedgwick CMS Professional Liability is the […]
Claims
Manitoba Public Insurance has filed a lawsuit against a pair of teenage “chronic” car thieves, dubbed ‘Bonnie and Clyde’ by some local justice officials and media.The suit is a $53,000 statement of claim against a 16-year-old girl and an 18-year-old boy, stemming from an alleged spree of car thefts and vandalism, said MPI spokesperson Brian […]
Fix Auto Ontario, Alberta and Atlantic Canada has announced a series of appointments within the organization.These appointments include:• Athena Hilts, managing director;• Tony Desantis; senior insurance account executive; • Kelly Polito, insurance account executive for Fix Auto Alberta;• Peter Polito, general manager/developer for Fix Auto Alberta;• Sylvia Roccia, marketing communications manager;• Jamie Rodrigues, insurance account […]
Canadian offshore petroleum boards have not increased their liability limits for third party damages or clean-up in the event of a spill for 24 years, and as such should consider bringing them in-step with “current economic realities,” according to a Senate report. The Energy, Environment and Natural Resources Committee, formed following the Deepwater Horizon oil […]
By Canadian Underwriter | August 23, 2010
2 min read
The Canadian Radio and Telecommunications Commission (CRTC) decided its unsolicited telemarketing rules apply equally to insurance agents and brokers and investment and financial advisors. The commission’s Unsolicited Telecommunications Rules include the National Do Not Call List and the Automatic Dialing-Announcing Device (ADAD) Rules.Previously, the rules did not apply to investment or financial advisors – a […]
Fitch estimates that U.S. property and casualty industry reserves at year-end 2009 are between 1% deficient and 2% redundant.In its report, Are Redundancies Exhausted?, Fitch noted that the hard market years of the mid-2000s continued to prove more profitable than anticipated, but that future redundancies for these more mature accident years will likely continue at […]
The Financial Services Commission of Ontario (FSCO) released an updated guideline with respect to Health Claims for Auto Insurance (HCAI) to reflect the new Statutory Accident Benefits Schedule effective Sept. 1, 2010. The Health Claims for Auto Insurance September 2010 Guideline – Superintendent’s Guideline No. 07/10 mandates the transmission of certain accident benefit forms – […]
The Autorité des marches financiers (AMF) has extended the transition period for the sale of replacement guarantees by two months to Sept. 30, 2010.As a result, the date set for full and final implementation of the new rules governing replacement insurance and use of the AMF-approved form is now Oct. 1, 2010. Previously the deadline […]
By Canadian Underwriter | August 20, 2010
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