Industry
All passenger vehicles registered in Quebec, including taxis and rentals, must be equipped with winter tires between Dec. 15 to Mar. 15, said the Société de l’assurance automobile. Drivers can obtain a winter tire exemption certificate that will allow them to be authorized to drive without winter tires for seven days. The criteria to obtain […]
By Canadian Underwriter | December 17, 2009
2 min read
The Nova Scotia Court of Appeal has upheld the province’s Cdn$2,500 cap on minor injuries, finding on Dec. 15 that the cap is not discriminatory.In Hartling v. Nova Scotia (Attorney General), the Court of Appeal determined that “while the cap represents a new disadvantage, there is no evidence of an historic disadvantage and very sparse […]
By Canadian Underwriter | December 16, 2009
Claims
An insurer must be absolutely “clear and unequivocal” in its denial of benefits, and the word “refusal” in documents to the policyholder would probably help, a recent Ontario court decision suggests.In Sukhdev Gill v. Economical Insurance Company, the Ontario Superior Court ruled The Economical’s mere placing of a ‘zero’ in an expense column of a […]
Canada’s solvency regulator has issued an update notice for Part XIII amendments, requiring insurers to include in all of their premium notices and policies a statement that the document was issued or made in the course of its insurance business in Canada.Amendments to Part XIII of the Insurance Companies Act come into effect on Jan. […]
1 min read
Alberta’s minor injury amount will increase 0.3% on Jan. 1, 2010, in relation to the annual change in the Alberta Consumer Price Index.The minor injury amount of $4,504 will be adjusted to $4,518. The new amount relates to minor injuries caused in motor vehicle accidents that occur in Alberta on or after Jan. 1, 2010, […]
CNA Canada has appointed Gary Owcar president and chief operating officer. Owcar will be responsible for executing profitable growth strategies in the global insurer’s Canadian operations.He entered the insurance industry straight from university and began his career in the claims side of the business, progressing through supervisory and management positions. He took on his first […]
By Canadian Underwriter | December 15, 2009
Ontario’s broker regulator has revoked the license of Brampton insurance broker Mustapha Kassab, who had been representing himself for close to six years under the assumed name of his son, “Hadi.”The Registered Insurance Brokers of Ontario (RIBO) made its decision after hearing two complaints against Kassab.Kassab pleaded guilty to the first complaint, which is that […]
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of Swiss Reinsurance Company Ltd (Swiss Re) (Switzerland) and its subsidiaries. “The ratings reflect Swiss Re’s strong risk-adjusted capitalization, very strong core operating results and resilient business profile as a globally diversified provider of reinsurance products,” A.M. Best says in a release.”Somewhat […]
Provincially regulated property and casualty insurers in Alberta wrote Cdn$8.04 billion in premium in 2008, marking an increase from 2007’s Cdn$7.5 billion, according to the Superintendent of Insurance’s Annual Report.The direct claims ratio in 2008 rose to 61.3% from 56.9% in 2007.The fidelity line had the highest claims ratio in 2008, at 124%, marking a […]
Insurance companies beset by fraudulent claims are under-reporting the fraud to police, according to a Statistics Canada report, Survey of Fraud Against Businesses. The StatsCan report is based on a survey covering about 7,500 business establishments and head offices from the retail, banking, health and property insurance sectors.The study found just under half (about 45%) […]
By Canadian Underwriter | December 14, 2009
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