Industry
Cunningham Lindsey has launched Cunningham Lindsey Research Services (CLRS).CLRS provides intelligence gathering, special investigations and surveillance services to assist in the adjudication of insurance claims.“From researching background information and verifying details, to gathering video surveillance and conducting interviews, the services provided by this in-house unit are done so with an objective perspective of each file,” […]
By Canadian Underwriter | December 21, 2009
1 min read
The Financial Services Commission of Ontario (FSCO) has identified at least one instance in which a fraudulent pink insurance slip does not represent enough of a “nexus” between an insured and an insurance company to trigger an accident benefits payout. The key factor appears to be whether the person supplying the fraudulent pink slip is […]
2 min read
Claims
Ontario’s Superior Court in IMAX has established a “relatively low” threshold to be met by plaintiffs seeking leave to proceed with a civil action for secondary market liability, according to Ogilvy Renault.The decision provides the first judicial interpretation of leave requirements that must be met when shareholders wish to bring a civil secondary market liability […]
McLarens Canada has announced two executive level appointments. Dennis N. Schembri has been promoted to executive vice president, Eastern Canada of McLarens Canada and Donald N. Hull has been promoted to vice president, Ontario Region of McLarens Canada.Holding 26 years of experience, Schembri worked as a branch manager for a major independent adjusting firm before […]
By Canadian Underwriter | December 18, 2009
Pricing for directors’ and officers’ liability insurance decreased 2.7% in 2009 Q3 compared to the rates seen in the same quarter of 2008, according to Aon’s Q3 Quarterly D&O Pricing Index. In Standard & Poor’s financial institutions (FI) sector, D&O pricing for the previous four quarters showed double-digit increases, but only a 3.2% increase in […]
Marsh has reached an agreement to acquire HSBC Insurance Brokers Ltd (HIBL), a wholly owned subsidiary of HSBC Bank. Under the terms of the agreement, Marsh will acquire HIBL in consideration of £135 million, comprising a mixture of Marsh & McLennan Companies Inc. stock and cash.The transaction, which is subject to all relevant regulatory approvals, […]
U.S. Senators Maria Cantwell (D-WA) and John McCain (R-AZ) have introduced a bipartisan bill that would prohibit U.S. commercial banks from engaging in all insurance activities, as well as prevent them from affiliating with investment banks. Essentially, the proposed bill would mark a return to the 1933 days of the Glass-Stegall legislative wall between commercial […]
The Insurance Bureau of Canada says the Supreme Court of Canada’s refusal to hear an appeal against the province’s Cdn$4,000 minor auto injury cap is “good news for Alberta motorists,” and will open the door for a future review of the province’s overall 2004 reform package.”It marks the end of the uncertainty we’ve had since […]
By Canadian Underwriter | December 17, 2009
The Supreme Court of Canada has upheld Alberta’s Cdn$4,000 cap on minor auto injuries.By refusing to hear any further appeal of the Alberta Court of Appeal’s decision, which found the province’s cap on minor auto injuries was constitutional, Canada’s top court has effectively closed the final avenue for appeal against an important component of the […]
The best products and best underwriting methodology for liability risk are no substitutes for adequate pricing, according to a Swiss Re sigma study. Prices should reflect escalating claims trends and the uncertainties of a rapidly changing technological and legal environment, says the study entitled Commercial liability: a challenge for businesses and their insurers. Businesses spent […]
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