Industry
Harmonized classes of insurance and applicable definitions will be implemented in Ontario on Apr. 30, 2007, according to a FSCO bulletin.Please note that insurers current licensing status will not be affected and no action is required by insurers as a result of implementation of harmonized classes of insurance and applicable definitions in Ontario, FSCO said […]
By Canadian Underwriter | March 19, 2007
2 min read
A.M. Best Co. is expanding its public issuance of Issuer Credit Ratings (ICR) on insurance companies in 2007. Over the next year, A.M. Best expects to publish ICRs on all rated direct insurers and reinsurers as part of each company’s normal annual rating review, A.M. Best announced in a press release. A.M. Best is expanding […]
Claims
Various pressures are reshaping the auto collision repair industry in 2007 including insurance demands for fewer vendors and many feel this will be the year that some bodyshop owners decide to close their doors, according to an online report by Bodyshop magazine.The report notes that new environmental legislation, combined with rapidly evolving vehicle technology, lack […]
A.M. Best Co. has withdrawn the financial strength rating (FSR) of B++ (Good) and assigned a category of NR-5 (Not Formally Followed) to Insurance Corporation of Newfoundland Limited (ICON) (Newfoundland, Canada).This rating action is a result of ICON’s amalgamation into its sister company, AXA General Insurance Company (AXA General) (Ontario, Canada), formerly Anglo Canada General […]
1 min read
Proposed National Instrument 31-103 which outlines registration requirements for hedge fund participants may significantly increase insurance costs for firms participating in hedge funds, according to a paper authored by Ronald Kosonic of Borden Ladner Gervais.Posted on Borden Ladners Web site, Kosonics paper says minimum insurance requirements for firms with significant hedge fund assets or assets […]
By Canadian Underwriter | March 16, 2007
Risk
One in three global businesses see loss of data as a significant threat and the key issue to address in operational risk management planning, according to the latest global risk briefing report conducted by the Economist Intelligence Unit (EIU) and sponsored by ACE European Group (ACE).The survey of 181 senior executives and risk professionals revealed […]
Royal Bank of Canada is speeding up its plans to open more insurance offices across Canada over the next year, after opening 13 in almost two years, according to a report by Bloomberg.com.In an interview with Bloomberg reporter Doug Alexander, RBC Insurance CEO Neil Skelding is quoted as saying said the pace of the banks […]
The United States Attorney for the Southern District of New York has announced that Ian Stuart is now in custody in New York and faces wire fraud and mail fraud charges related to a US$7-million insurance policy scheme.Stuart was extradited to the United States on Mar.15, 2007, after being held in custody in Ontario since […]
Commercial
Newfoundland brokers are meeting with the provinces superintendent of insurance to discuss the disclosure requirements contained in the provinces January 2007 consumer protection document entitled Principles for the Sale of Insurance.As far as the industry is concerned, especially the brokers here in the province, we feel it puts an onerous requirement on us as businesspeople, […]
By Canadian Underwriter | March 15, 2007
Home
Canadian property and casualty direct premiums in 2006 were essentially flat, growing only an anemic 1%, according to a report on the preliminary year-end results posted online by MSA Research Inc.MSA Research noted that overall, in 2006, direct premiums written in Canada totalled Cdn$30.1 billion, as opposed to the 2005 total of Cdn$29.8 billion. Net […]
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