Industry
Investigators from Alberta are probing allegations that a Whitehorse insurance broker stole clients’ money, leaving approximately 30 Yukon Territories Insurance Solutions policyholders dealing without the insurance coverage they paid for, according to Yukon government officials.The Yukon government’s supervisor of insurance has also suspended the broker’s license. Recently, after receiving complaints about the brokerage, the territory […]
By Canadian Underwriter | July 25, 2005
1 min read
Risk
The Securities and Exchange Commission recently served RenaissanceRe Holdings Ltd. chairman and chief executive James N. Stanard a “Wells” notice, initiating a civil enforcement action against Stanard for allegedly violating U.S. securities laws.The Bermuda-based reinsurer’s accounting and use of finite risk products has been under SEC’s scrutiny. The Company’s has already announced that it is […]
Manitoba Public Insurance recently initiated an incentive program, promoting the Immobilizer a small computer connecting a car’s ignition system and acting as a safeguard against theft by preventing the engine from starting unless a code or key is used. The incentive program in which, Manitoba Public Insurance (MPI) has guaranteed the price of $280 for […]
The 9th U.S. Circuit Court of Appeals in San Francisco recently ruled that an employer who refused to refer to a staff member by his actual Arabic name is liable for employment discrimination. The three-judge panel unanimously affirmed a district court’s ruling upholding a jury verdict that found Greg Young, chief executive officer of Austin, […]
2 min read
Royal Bank of Canada Insurance Company Ltd.’s financial strength rating of A (Excellent) and its issuer credit rating of “a+” has recently been affirmed by A.M. Best. Both ratings have a stable outlook. According to A.M. Best, these ratings reflect RBCI’s success in capitalization, underwriting and operating performance. These ratings also consider the stability and […]
By Canadian Underwriter | July 21, 2005
Auto
In nine days, changes to the Consumer Protection Act will introduce some extremely tough and comprehensive changes to Ontario consumer protection laws, according to Government Services Minister Gerry Phillips.The Act effective July 30 is replacing the original laws passed in the 60s and 70s and addresses issues such as home renovations and negative option billing.The […]
The second quarter of 2005 continues to see a softening of the commercial p&c industry, according to the Commercial Property/Casualty Market Index sponsored by the Council of Insurance Agents and Brokers this is evidenced by an increase in competition for renewals among commercial insurance brokers.The survey reports that small, medium and large accounts are seeing […]
A recent court ruling by the California Supreme Court indicates that a supervisor can be sued for sexual harassment if they show favoritism toward employees whom they have a sexual relationship with. In Edna Miller vs. Department of Corrections, the ruling based on a issue where a prison warden was accused of having sexual relationships […]
By Canadian Underwriter | July 20, 2005
In lieu of its recent push to convince the federal government to pass a reform allowing banks increased rights to sell insurance directly through branches, the Royal Bank of Canada recently used its 11-page submission to reiterate what it sees as a need for reform resulting from consumer need and convenience. In the submission, released […]
Claims
The cost and duration of construction and demolition projects in Ontario may be set to increase significantly as a result of new provincial asbestos regulations. These increases will tap into the pockets and schedules of building owners and operators but will also protect building occupants and asbestos, demolition and construction industry workers. The new regulation […]
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