Industry
Alberta’s court ruling that eliminated the province’s Cdn$4,000 cap on minor auto injury claims has led some experts to estimate that mandatory coverages in that province are under-priced by 25%, said Julie Dickson, superintendent of OSFI.Dickson made the remark during a recent speech at the Langdon Hall Property and Casualty Insurance Industry Forum in Cambridge, […]
By Canadian Underwriter | May 23, 2008
1 min read
Insurance for business interruption related to avian flu will be made available to Ontario’s poultry producers in July 2008, BetterFarming.com reports.The online professional farming publication reports that the reinsurance company involved in the Cdn$1.5-million pilot project is Endurance Reinsurance of America. Echelon Inc. of Mississauga is the primary insurer.The insurance program will be offered to […]
To recognize and encourage students pursuing careers in commercial brokerages, the Toronto Insurance Conference (TIC) has created the Commercial Brokers Award in association with Fanshawe College. An award of Cdn$1,500 will be presented annually for the next five years to a second-year student with a GPA of 3.0 or higher and no failures or withdrawals, […]
2 min read
The Supreme Court of Canada has upheld the Ontario Court of Appeal’s rejection of a Cdn$341,000 damage award to Waddah (Martin) Mustapha, who suffered a major depressive disorder, phobia and anxiety after finding dead flies in his unopened bottle of drinking water.A trial judge bestowed the award for the personal injury Mustapha suffered, but the […]
By Canadian Underwriter | May 22, 2008
The Court of Appeal for British Columbia has ordered a new trial in a hit-and-run case on the basis the reasons for judgement given by the B.C. Supreme Court were not adequate to allow appellate review. In Gibson v. Insurance Corporation of British Columbia, Peter Gibson was riding his motorcycle late at night in May […]
Claims
There is a 90% chance of a near-normal or above-normal hurricane season in the Atlantic Basin in 2008, according to the National Oceanic and Atmospheric Administration (NOAA) climate prediction centre. An average season has 11 named storms including six hurricanes, of which two reach major (Category 3-5) status. Considerable activity is projected, with a 65% […]
Financial Services Commission of Ontario (FSCO) has posted online new regulations for changes to the Corporations Act and Insurance Act, which implement a prudent portfolio investment approach for Ontario-incorporated insurers, reciprocals and fraternal societies.The changes provide insurers with expanded investment powers, new related-party rules and corporate governance requirements.Prior to the new rules, insurers could invest […]
Lloyd’s of London has nearly unanimously approved a resolution to amend the Lloyd’s Act 1982 in a way that clarifies regulations around the appointment and dismissal of auditors, as well as the requirements for financial disclosure.The proposals are as described in a consultation document issued by HM Treasury in March 2008 and summarized in a […]
By Canadian Underwriter | May 21, 2008
A.M. Best Co. has assigned a financial strength rating (FSR) of B++ (Good) to Echelon General Insurance Company (Echelon General).Concurrently, A.M. Best assigned an ICR of “bb+” to Echelon General’s publicly traded parent, EGI Financial Holdings Inc. (EGIFHI).The outlook for both entities was stable.The rating agency said its ratings for Echelon General was “reflective of […]
The Autorit des marches financiers (AMF) ordered Courtage d’assurance Claude Htu inc. to pay a Cdn$3,000 penalty for failure to file financial statements. The brokerage firm was ordered to pay the penalty after it belatedly filed financial statements for fiscal year 2004-05, further to a notice served by the AMF dated Nov. 27, 2006.The AMF […]
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