Risk
Who gets paid what? In the wake of investigations of sales practices in the mutual fund, investment banking and security industries, several U.S. state regulators and class action specialists now have compensation agreements between insurance companies and brokers in their crosshairs. The key buzzwords are "conflict of interest" and "disclosure" when it comes to contingent commissions and other "market service" arrangements. Is this an issue destined to move north across the border?
By Craig Harris | September 30, 2004
10 min read
With the recent legislative amendment by the Saskatchewan government to allow credit unions to acquire insurance brokerages, it is clear that non-insurance financial institutions remain keenly interested in gaining a foothold within the distribution side of the property and casualty insurance business. And, with the federal banking legislation set for revision by 2006, independent brokers have to remain vigilant of possible changes and lobbying attempts on the legislative front which could compromise their businesses as well as the best interests of the insurance buying public.
By Dan Danyluk | September 30, 2004
4 min read
What can brokers and underwriters do to reduce pension plan fiduciary liability risk? Policy wordings and applications play a significant role in this regard, but unfortunately, most company wordings differ widely. It is important to be aware of these differences.
By Rob Bickerton | September 30, 2004
6 min read
Industry
The nation's top broker representatives met in Regina recently for the Insurance Brokers Association of Canada (IBAC) AGM, to set a course for the future for the independent broker profession. Coming off of almost three years of market turmoil, IBAC's goals moving forward include repairing the industry's public image, furthering its political objectives and helping brokers make the leap into "cyberspace" via the insurer-broker Internet portal.
By Vikki Spencer | September 30, 2004
A year after "The Atlantic Canada Insurance Harmonization Task Force" released its report, it remains unclear to whether it was actually read, never mind understood, by some of the provincial premiers. Today, notwithstanding the clarity of the report, the environment in some of the Atlantic provinces remains overly-politicized and hostile, with draconian and ill-conceived government edicts that were likely figured out over a take-out pizza. As Premier Williams would say: "It's a farce."
By George Cooke | September 30, 2004
Hurricanes in focus
By Paul Kovacs and Ian Campbell | September 30, 2004
5 min read
Home
"Quick wins" by insurance companies in critical information technology (IT) areas can dispel the frustration and fatigue surrounding runaway, failed projects. The scale of the project is just one of many factors separating outsourcing success from disaster.
By Tom Reid and Kevin Campbell | September 30, 2004
Insurance is about relationships - or so we are told. Customer relationship management (CRM) has become a catch-phrase in service-intensive industries like insurance. But, how much effort do brokers really put into the reason they are in business in the first place: the customer?
By Rick Bauman | September 30, 2004
North Americans live for their vehicles. It is therefore difficult to imagine functioning without our precious cars and sport utility vehicles (SUVs). Our "four wheel culture" has, however, created a growing social problem - auto theft. Can auto theft prevention keep up with the increasing sophistication of car thieves?
By Serge Laporte | September 30, 2004
Is there cause to believe that the North American property and casualty insurance marketplace has achieved stability? The latest insurance industry financial numbers from the U.S., produced by rating agency A.M. Best, suggests that insurers down south have “pulled the rabbit from the hat” similar to their Canadian cousins in terms of a rapid profit […]
By Sean van Zyl, Managing Editor | September 30, 2004
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