Industry
Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), has posted its new Minor Injury Guideline (MIG), a key pillar of the province’s proposed new auto insurance reform package.The MIG will apply to accidents that occur on or after Sept. 1, 2010, when the province’s new auto insurance reforms are introduced.The MIG defines a […]
By Canadian Underwriter | June 14, 2010
2 min read
A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of Transportation Property and Casualty Company Inc. (TPCC). The outlook for both ratings for the British Columbia-based company is stable.A.M. Best says the rating is based on the company’s “excellent capitalization and operating performance and its favorable profile as part of public transportation […]
1 min read
Claims
The Reduce the Juice (RTJ) Waterloo 2010 Project will receive a $58,135 grant from State Farm Insurance. RTJ helps create youth-led projects that are designed to reduce greenhouse gas emissions. State Farm’s Youth Advisory Board is awarding $4.5 million for youth-led projects to 82 organizations across the United States and Canada. The board received more […]
Ontario lawyers in 2009 faced the largest number of errors and omissions (E&O) claims since 1995, according to the Lawyers’ Professional Indemnity Company (LawPro).The province’s lawyers had their base premiums hiked by $500 in 2010 – up to $2,950 per lawyer – after LawPro reported a total of 2,272 E&O claims in 2009 at a […]
By Canadian Underwriter | June 11, 2010
The WTC Captive Insurance Company and lawyers for about 10,000 rescue and recovery workers who suffered injuries or died while working at ‘Ground Zero’ when the World Trade Centre towers collapsed in New York on Sept. 11, 2001 have agreed to add $125 million to a settlement offer first made in March 2010.A judge of […]
Two Canadian insurers are among four Canadian businesses and organizations that have been recognized for their best-in-industry proactive approach to pandemic preparedness.Criteria for the first annual APEX Award for Pandemic Planning Excellence includes corporate governance, recovery objectives, planning assumptions, human resource pandemic policies, pandemic triggers and escalation, ongoing monitoring and reporting, pandemic awareness and communications, […]
Kanetix launched a mobile auto insurance quote comparison service compatible with most new smart phones.The service is currently available to drivers seeking Ontario auto insurance quotes.The mobile site integrates many of the features and functionality present on kanetix.ca, all formatted for mobile use, a Kanetix release says.It allows auto insurance consumers to use their smart […]
Manitoba Public Insurance (MPI) has proposed a 4% overall average rate decrease for auto insurance rates next year. This is in addition to providing customers with a $92-million rebate in the spring. The 12.9% rebate would amount to roughly $115 per vehicle. MPI submitted its application to the Public Utilities Board on June 11. This […]
Ontario’s broker regulator is cautioning brokers who are about to sell the province’s new auto insurance product about ‘negative option billing,” which is illegal in Ontario. Specifically, RIBO’s Ontario Auto Reform 2010 Best Practices Guideline observes that a number of Ontario’s new auto insurance options contain “buy-back options.” For example, after Ontario’s auto insurance reforms […]
By Canadian Underwriter | June 10, 2010
Energy insurers and reinsurers would not be able to provide the capacity required under the proposed $10-billion legal liability limits in the United States, the U.S. Insurance Information Institute (III) testified before Congress.Currently the legal liability under the Oil Pollution Act is $75 million.III president Robert Hartwig testified before the U.S. Congress on June 9 […]
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