Industry
The federal government is proposing to widen the scope of financial services taxable under the GST, lifting current GST exemptions for a host of activities commonly undertaken in the development of insurance products.The proposals call into question whether broker commissions are now taxable under the GST.Parliament has not yet enacted the proposed amendments, although, once […]
By Canadian Underwriter | March 24, 2010
2 min read
Claims
The Autorité des marches financiers (AMF) has cancelled the registration of two insurance firms and fined two others.The Quebec regulator cancelled Hampstead Cameron inc., a damage insurance firm’s registration, when Pierre Fecteau, the firm’s responsible officer, allegedly “made misrepresentations or provided information that could have misled clients,” an AMF release said.Fecteau was also the responsible […]
1 min read
Catlin Canada has added four new senior staff to its Toronto office. Varma Singh has accepted the role of vice president of claims.Singh’s career in the insurance industry started in 1984. For the past 21 years he has worked in the Canadian P&C market exclusively within the claims division. He was most recently with Travelers […]
Chesterfield Canada Inc. announced two new appointments to their Toronto Branch: Paul Clarke and Tyson Peel. Clarke has been appointed senior property casualty underwriter and Peel has been appointed property casualty underwriter. Both will provide dedicated underwriting expertise to retailers in Ontario requiring specialist coverage.Chesterfield’s Toronto team focuses on hard-to-place property and casualty classes, builders’ […]
B.C.’s Appeal Court has ordered the province’s public insurer to pay damages to a claimant who was injured by a van used to snatch her purse.Shirley Jane Hannah made a claim against the Insurance Corporation of British Columbia (ICBC) for damages due to an injury she sustained in a supermarket parking lot in January 2003. […]
Reacting to “numerous questions” related to the proper identification of agents, brokers and business names on insurance licenses, the Insurance Council of Manitoba (ICM) published some points by which all agents/brokers must abide.In its ICM Council Report 2009, the council’s points include tips to “minimize confusion” when a licensed broker or agent presents himself or […]
By Canadian Underwriter | March 23, 2010
Burlington, Ontario and Port Coquitlam, B.C. rank highest among Canadian cities most vulnerable to cybercrime, according to a study by Norton from Symantec (Nasdaq: SYMC) and independent research firm Sperling’s BestPlaces.“While bigger cities such as Vancouver, Calgary and Toronto often top the list in crime reports, Burlington, Ontario placed first in the rankings to claim […]
The Office of the Superintendent of Financial Institutions (OSFI) has released its draft revised Minimum Capital Test (MCT) Guideline and is asking for comment by April 7.The MCT guideline reflects the accounting and capital policy positions that will be communicated in the final IFRS Advisory and other changes related to the capital requirements for 2011 […]
The insurance industry in Nova Scotia directly contributed $468.8 million to the province’s real gross domestic product in 2008 and supports an estimated 6,900 jobs, according to a Conference Board of Canada study.But there is still considerable potential for future growth, the study adds.More than 360 insurance companies in Nova Scotia directly employ almost 4,500 […]
The future priorities of Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), include undertaking several studies intended to support the province’s forthcoming auto insurance reforms. In its draft June 2010 Statement of Priorities, FSCO itemizes several upcoming research projects. They include:• working with the General Insurance Statistical Agency (GISA) “to confirm data requirements […]
By Canadian Underwriter | March 22, 2010
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.
