Risk
The Financial Services Commission of Ontario (FSCO) has released its annual statement of priorities for comment, highlighting continued movement to more risk-based regulation and national harmonization of rules.Among the plans put on the table for 2004 is to implement a risk-based market conduct review of property and casualty claims, specifically statutory accident benefit (SABS) and […]
By Canadian Underwriter | April 12, 2004
1 min read
Industry
U.S. insurers will post net income of US$30.8 billion for 2003, says A.M. Best, and customers can expect to feel rate relief in the coming year.Last year, net income rose more than 235% to top US$30 billion, following the US$9.2 billion in income reported in 2002. Overall, the industry posted return on equity of 9.5%. […]
2 min read
A variety of tort reform measures are receiving public support in the U.S., says a new study by the Insurance Research Council (IRC).Specifically, Americans favor limited attorney compensation, sanctions for frivolous suits, and consolidation of multi-state class actions in federal courts.Overwhelmingly the public recognizes that lawsuit awards are growing in both number and size. While […]
Ontario’s prosecutors are unhappy with news of a provincial plan to shift resources away from fighting property crime in an attempt to focus on gun and gang-related crime.The Ontario Crown Attorneys’ Association (OCAA) was responding to an interview on TVO in which Attorney General Michael Bryant spoke of the government’s proposal. “If the Liberal government […]
By Canadian Underwriter | April 11, 2004
Claims
The U.S. National Association of Insurance Commissioners (NAIC) fears that as the end of the Terrorism Risk Insurance Act (TRIA) nears, the market may face severe instability.In a letter to House Financial Services Committee chair Michael Oxley and Senate Banking Committee chair Richard Selby, the NAIC states its concern that “significant market disruption may develolp […]
The Lloyd’s market is projecting overall profit of US$3.2 billion for 2003, up 152% over 2002’s result of US$1.3 billion.The market will also reduce its combined ratio by eight points, to 90.7% last year against 98.6% the year prior. At the same time, the market’s “central fund” was boosted 66% in 2003 to US$1.3 billion.Strong […]
By Canadian Underwriter | April 8, 2004
Auto
Responding to the recent release of a report on potential public auto in New Brunswick, ING Insurance says if product reforms were achieved in the province, private insurers could provide a cheaper product that any public system.”Essentially, the Select Committee [on Public Automobile Insurance] found that there may be benefits to offer a different product […]
The Canadian Council of Insurance Regulators (CCIR), coming off their spring meetings, has released feedback on the January discussion paper on referral agreements. Among the respondents is the Registered Insurance Brokers of Ontario (RIBO), which outlined its policy on referral agreements and some of the instances in which that policy has been used to deal […]
In a discussion paper, the Financial Services Commission of Ontario (FSCO) is looking at loosening the “sole occupation” restriction on general and life agents.The restrictions mean that agents in bigger communities must be full-time agents and not hold other jobs. Originally this was intended to reduce conflicts of interest or possible coercion, and to ensure […]
By Canadian Underwriter | April 7, 2004
Commercial and reinsurance brokers are facing an increasing demand for their services, in light of the growing complexity of risks, according to the latest Swiss Re sigma study.The study looks at development of the broker market over the past 20 years, and tackles consolidation, profitability and long-term prospects for brokers.Significantly, the role of the broker […]
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