Industry
Community Savings Credit Union’s board of directors has rejected Western Financial Group’s proposal to acquire the credit union.The proposal included an offer by a subsidiary of Western Financial Group, Bank West, to acquire Community Savings for approximately Cdn$345 million in cash, shares and payments to members.”Community Savings was an ideal platform on which we could […]
By Canadian Underwriter | March 11, 2008
1 min read
Claims
Catastrophe-related economic losses from natural and man-made events around the world exceeded US$70 billion in 2007 US$28 billion of which were insured losses marking a trend towards an increase in the number and cost of natural and man-made events, says Swiss Re research. According to Swiss Re’s latest sigma study, “Natural Catastrophes and Man-made Disasters […]
A trial judge erred in a personal injury case when he informed a jury as to the existence of a Cdn$300,000 cap on non-pecuniary damage awards, but did not explain the policy reasons for the cap, the Ontario Court of Appeal has ruled.The jury awarded Debbie Rizzi Cdn$236,494 in damages including Cdn$41,000 for general or […]
2 min read
Manitoba Public Insurance (MPI) is doubling the number of its locations offering full licensing services, including written and road tests, vision screening and commercial vehicle registration.It is also constructing four new buildings, in addition to upgrading its existing buildings up to international environmental standards.The expansion will take two years and is intended to reflect growth […]
The Ontario Superior Court has dismissed a motion for summary judgment by the Pilot Insurance Company to end a court action against it by the province’s Motor Vehicle Accident Claims Fund (The Fund).The Fund, administered by the province’s ministry of finance, sought a claim for restitution against Pilot for accident benefits the Fund paid to […]
By Canadian Underwriter | March 10, 2008
Canada’s auditor general is satisfied Natural Resources Canada has taken steps to update the insurance requirements for the country’s nuclear facilities.The Nuclear Liability Act, which came into force in 1976, currently limits the liability of a nuclear operator for any damages related to radioactive releases to a maximum of Cdn$75 million. Natural Resources Canada has […]
The responsibility for ensuring safety when a skier is seated onto a chair lift is split 50/50 between the ski resort (and its chair lift attendant) and the skier, the Court of Appeal for British Columbia has ruled in Kralik v. Mount Seymour Resorts Ltd.The court reduced the amount awarded for loss of earnings, noting […]
PPG Canada Inc. and Summit Software Solutions have announced a new preferred vendor partnership, giving the PPG CertifiedFirst network of collision repair centres access to the complete line of Summit products and services. “From our customers who are already using the Summit software, we’ve had great feedback,” Jeffery Murphy, marketing programs manager, said in a […]
Celent’s Model Carrier 2008 report has been issued, recognizing 38 insurer technology initiatives as “Model Carrier Components.” These best practices in the use of technology span key areas of the product and policyholder life cycle, including product definition, distribution, underwriting, policy administration, service, billing, claims and reinsurance, Celent notes in a news release announcing the […]
By Canadian Underwriter | March 7, 2008
Ontario’s Court of Appeal has reversed a “Sanderson’ cost order” in a blended auto injury case, restoring the general legal principle that unsuccessful defendants should pay for the plaintiff’s costs.In Moore v. Wienecke, the plaintiff, Benjamin Moore, sued Peter Wienecke and George Hayik for injuries he sustained in two separate collisions.Moore in 1998 suffered a […]
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