Industry
Canadian courts may return to the Amos v. Insurance Corp. of British Columbia case when it comes to deciding what constitutes a car accident, Philippa Samworth, a lawyer at Dutton Brock LLP, said at the OIAA conference in Toronto.Samworth made the remark while noting that the true topic of her speech, the Supreme Court of […]
By Canadian Underwriter | February 7, 2007
2 min read
Claims
When it comes to bad faith, adjusters need to remember that the importance is not on being right, but on treating the insured humanely, according to Stephen Scullion of Crawford Adjusters.Also, adjusters should rely on detailed investigations as opposed to suspicions, said Scully, a panelist at a seminar held at an Ontario Insurance Adjusters’ Association […]
B.C. and Alberta may soon be following the path of Ontario when it comes to standardizing limitation periods for actions against insurers, opting for two-year (or ultimate 10-year) period from proof of loss, according to Sandra Corbett of Parlee McLaws LLP.Speaking at CICMA/CIAA Ontario’s 40th Annual Joint Conference in Toronto, Corbett noted the Supreme Court […]
By Canadian Underwriter | February 6, 2007
Risk
The Financial Services Authority (FSA) has announced that it intends to focus on the organization’s move towards more principles-based regulation (MPBR).The Business Plan for 2007/8 outlines increased spending on financial capability and key investments to be made in people, information systems and the way the FSA regulates, to facilitate the move towards MPBR.”More principles-based regulation […]
1 min read
An auto insurer has been found not liable for damages to a murdered boy’s mother by Alberta’s court, reports the Calgary Sun.Naomi Manuel, the mother of the victim, attempted to sue the auto insurer, ING Canada, after Grant Harder, her son’s father, picked up their son from her Calgary home on December 1, 2002, drove […]
Lawyer Carmen Place, of Lindsay Kenney warned today’s joint CICMA and CIAA conference about the dangers of ‘the general rule’ regarding liquor liability and the social host.Place reviewed the Childs v. Desormeaux case and said that even though the judge concluded that ‘the social hosts had no statutory duty to monitor the consumption of alcohol […]
Identity theft in the U.S. is on the decline, according to the 2007 Identity Fraud Survey Report by Javelin Strategy & Research (Javelin), which also identified risk differentiators between age and income demographics.”Identity fraud is dropping in the United States down by an estimated 12% over the previous year, which translates into a total fraud […]
By Canadian Underwriter | February 5, 2007
Stung by the proliferating number of financial restatements over the past few years, the accounting industry is changing towards the use of “fair value” accounting measurements, which may have a future impact on insurance contracts.Fitch Ratings notes the above phenomenon in a special report, posted online, entitled “Accounting and Financial Reporting: 2007 Global Outlook Measuring […]
Directors and officers (D&O) and workers’ compensation reported the largest decreases in premium rates in the fourth quarter of 2006, according to the Risk and Insurance Management Society, Inc. (RIMS)’s Benchmark Survey.Commerical insurance premiums experienced some of the most dramatic rate changes of 2006, says a RIMS press release.Specifically, D&O and workers’ compensation reported sharp […]
Sedgwick Claims Management Services, Inc. (Sedgwick CMS) recently announces the appointment of Patrick L. Funck as executive vice president, chief information officer of the North American claims and productivity management services organization. As an executive vice president, Funck has also joined the Sedgwick CMS Executive Committee.Funck’s credentials include extensive experience in the identification and introduction […]
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