Industry
The Alberta government on June 12 introduced Bill 42, which contains a number of changes to the provinces Insurance Act including an extension of the limitation period for a policyholder to claim against an insurer from one to two years.The bill proposes to establish a regulation-making authority that would require disclosure of a limitation period […]
By Canadian Underwriter | June 15, 2007
1 min read
Risk
The National Association of Professional Insurance Agents (PIA) in the United States has criticized a statement issued by the Risk and Insurance Management Society (RIMS), saying the groups position on incentive compensation undermines the free enterprise system.RIMS, the nations largest association of commercial insurance buyers, earlier issued a public statement saying it was disappointed to […]
By Canadian Underwriter | June 14, 2007
2 min read
Auto
Manitoba Public Insurance (MPI) is proposing to hold the line on auto insurance rates next year and provide its customers with a Cdn$49-million rebate in the spring.The public insurer has filed an application with the Public Utilities Board (PUB) proposing no increase in premium revenue for 2008-09 and a 7.5 % rebate, which would provide […]
Greg Knowles has been appointed to vice president, marine manager for Canada at CNA. In addition to leading the marine book of business, Knowles will be responsible for developing, supporting and executing new initiatives including construction and HealthPro. He has been with the company since 1998, when he began as an underwriting manager in the […]
Experts at Lloyds are warning that the global obesity epidemic could have hefty implications for insurers claims payouts. Some jurisdictions are attempting to hold fast food restaurants liable for the epidemic, causing pre-emptive obesity legislation to be passed, particularly in the U.S., to mitigate the risk of being held on the hook. In a statement, […]
The Insurance Brokers Association of Canada (IBAC) went to Parliament Hill on June 12 to emphasize the importance of more than 30,000 independent brokers across the country.Members of Parliament and Senators met with 50 insurance brokers across the country, as brokers sought to build an awareness of the role they play in small communities and […]
By Canadian Underwriter | June 13, 2007
Travelers has enhanced its SelectOne liability policy for investment advisors and funds in Canada, by protecting Independent Review Committee (IRC) members.National Instrument 81-107 requires the creation of an Independent Review Committee for each investment fund that is a reporting issuer. The Instrument prescribes the functions of the IRC and requires that fund managers submit conflict […]
Claims
Storms and flash floods in Alberta on June 5 are expected to exceed Cdn42 million in insured damages, according to the Insurance Bureau of Canada (IBC).In Calgary alone, there have been 3,094 insurance claims so far as a result of the storms, and insurers expect to pay [Cdn]$42 million to cover these claims,” said Jim […]
The Financial Services Commission of Ontario (FSCO) has released an adjustment to its PAF Guideline WAD I and its PAF Guideline WAD II that will see the fees for services rendered (as outlined in Appendix A of the respective guidelines) increase by 2.0% as of July 1, 2007.The increase, says FSCO, reflects the change in […]
Risk Management Solutions Inc. (RMS) has predicted above-average activity during the 2007 tropical storm season, due to the dissipation of last years El Nino condition and a potential El Nina event on the horizon. Authors of the white paper 2007 Hurricane Season Outlook note that all major forecasting groups, including Tropical Storm Risks (TSR), the […]
By Canadian Underwriter | June 12, 2007
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