Industry
The Centre for the Study of Insurance Operations (CSIO) recently reported that the CSIO Portal Project – a technology project conceived six years ago to improve the efficiency of workflow between independent brokers and insurers – will be “winding down” immediately. “The CSIO wishes to thank the brokers from across Canada and the insurance companies […]
December 31, 2005
3 min read
Risk
The primary non-life sector is expected to attain positive results in 2006 with primary premiums growing above inflation and specifically, significant increases arising in classes impacted by 2005’s hurricane season, Swiss Re reported at its recent annual review and outlook for the insurance industry. In order to maintain positive results in light of strong competitive […]
2 min read
The Terrorism Risk Insurance Revision Act of 2005 has been approved by a voice vote from house lawmakers in December 2005. The legislation was, at time of press, left waiting a sign-off from President Bush. The federal terrorism backstop is in line to be renewed in two years. The new legislation, which follows a Senate […]
Claims
Members of the insurance industry were among a group of Canadian business representatives calling on the federal government to embrace the new plan to reduce greenhouse gas emission beyond the current Kyoto deadline of 2008. Among the members of the Executive Forum on Climate Change are: Alban D’Amours, CEO, Desjardins Group; George Cooke, CEO, Dominion […]
1 min read
Provisions recently passed to B.C.’s impaired driving legislation allow the Insurance Corporation of B.C. (ICBC) to refuse vehicle or trailer insurance to any driver who has an outstanding fine under the Liquor Control and Licensing Act. The new provision reads that even if a driver was not driving but had been fined for an alchohol […]
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At a recent meeting of the National Conference of Insurance Legislators (NCOIL), the Property Casualty Insurers Association of America (PCI) adopted a resolution on aftermarket parts and renewed a model law on credit scoring on the premise that these actions will strike a practical balance between consumer protection, competition and sound underwriting principles. The resolution […]
Alberta insurers do not have to release records if they fall under the realm of “insurer information” as defined by the Insurance Act, according to a recent ruling by Alberta Information and Privacy Commission adjudicator Dave Bell. The Alberta adjudicator decided the ‘Freedom of Information and Protection of Privacy Act’ (the “FOIP Act”) does not […]
The UK Court of Appeal recently ruled that excess-of-loss coverage can not be denied even on the grounds that reinsurance buyers owe their reinsurer a duty of care to underwrite original risks prudently, unless this duty of care is stated in policy wordings. In the nonproportional energy reinsurance coverage case of ‘Bonner & Others vs. […]
Clearing their closets for a good cause, members of the insurance industry formed a clothing collective that donated over 1,800 lbs of gently used women’s business clothing and accessories to the first annual industry clothing drive to benefit Dress For Success Toronto. The Dress for Success not-for-profit organization helps financially disadvantaged women dress for interview […]
7 min read
PetCare Insurance Brokers Ltd. has expanded its underwriting relationship with Lombard General Insurance Company of Canada so that, effective March 1, 2006, Lombard will increase its participation in the underwriting of Canadian PetCare pet insurance programs from 50% to 100%. Oakville, ON-based PetCare – a wholly owned subsidiary of Pethealth Inc. (TSX VENTURE:PTZ) – offers […]
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