Industry
Canadian and foreign federally regulated property and casualty insurers can now upload certain corporate returns and their amendments to a secure Web portal on the Office of the Superintendent of Financial Institutions Canada (OSFI)’s Web site.The forms that can now be uploaded directly to OSFI include OSFI-57 (Return of Corporate Information) and OSFI-513 (Return of […]
By Canadian Underwriter | March 30, 2009
1 min read
Danielle Boulet has been appointed chair of the Canadian Council of Insurance Regulators (CCIR). Boulet, who is the superintendent of solvency for the Autorité des marchés financiers (AMF), served as CCIR vice-chair for the past two years. “It is with enthusiasm that I step into this role with a commitment to move forward with the […]
By Canadian Underwriter | March 27, 2009
2 min read
Organizations with successful internal governance often have boards that are fully engaged and are able to “wrestle with and get into heated debates” over the issues and questions that drive an organization’s strategy, said Paul Ledwell, president of the Institute on Governance.Ledwell spoke at the Canadian Association of Mutual Insurance Companies mid-term meeting in Toronto. […]
Despite having the most robust regulatory environment for its financial and banking sector in the world, three vulnerabilities of Canada’s economy could not prevent it from taking a hit in the current global financial turmoil, said Douglas Porter, deputy chief economist at BMO Capital Markets. Porter spoke at the Canadian Association of Mutual Insurance Companies’ […]
The Insurance Brokers Association of Ontario (IBAO) is asking the Financial Services Commission of Ontario (FSCO) to consider placing the regulation of both brokers and company insurance agents under one umbrella, the Registered Insurance Brokers of Ontario (RIBO).”We’re trying to fill that gap that’s there between how a broker is regulated and how an agent […]
The Supreme Court of Canada has denied a Manitoba MPs leave to appeal a decision that denied him the right to claim accident benefits under section 138 of the Manitoba Public Insurance Corporation Act. The Supreme Court does not offer reasons for denying leave applications. Section 138 of the act carries no maximum limit for […]
By Canadian Underwriter | March 26, 2009
The Office of the Superintendant of Financial Institutions (OSFI) has cited improving its capital adequacy measurement techniques for federally regulated institutions, including property and casualty insurers, as a key focus for the 2009 – 2012 planning period. In 2008 OSFI started its work on the Minimum Capital Test (MCT) for the p&c industry, and it […]
Standard & Poor’s Ratings Services has revised its outlook on Berkshire Hathaway Inc. (Berkshire), Berkshire Hathaway Finance Corp., and Berkshire’s core insurance companies, including Berkshire Hathaway Assurance Corp., to negative from stable. The ratings agency also said it affirmed all of its ratings on these companies, including its ‘AAA/A-1+’ counterparty credit rating on Berkshire. “The […]
The Ontario Court of Appeal has denied an insurer’s appeal that the Motor Vehicle Accident Claims Fund is liable for the benefits paid to a passenger seriously injured in a motor vehicle accident. Cuong Ngo was seriously injured in a motor vehicle accident, when the car he was a passenger in left the road and […]
Insurance Bureau of Canada is reminding Manitoba homeowners that damage caused by overland flooding is not covered by insurance, in light of recent forecasts calling for above average spring run-off. “With indications that a flood of a 1979 magnitude is likely along the Red River in Manitoba, it’s important for homeowners to make sure the […]
By Canadian Underwriter | March 25, 2009
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