Risk
ING and Aviva assured Ontario brokers on Oct. 18 that they are looking into why premium prices on personal lines risks offered by their direct writing channels are between 15-24% lower than those offered by subsidiary companies distributing through the independent broker channel.The question was asked directly of ING Insurance Company of Canada president Derek […]
By Canadian Underwriter | October 18, 2007
2 min read
The Toronto Insurance Conference [TIC] and the Insurance Brokers Association of Ontario [IBAO] are in discussions with the Canada Revenue Agency [CRA] about recent changes to the CRAs rules regarding the payment of excise taxes when dealing with foreign, unlicensed insurance markets.Generally speaking in Canada, clients of commercial insurance brokers must pay an excise tax […]
By Canadian Underwriter | October 16, 2007
1 min read
Aviva Canada Inc. is partnering with Policy Works Inc. to exchange commercial-lines data, developing an efficient broker systems integration solution. The integration will provide Aviva brokers with the ability to upload commercial lines risk and rating detail directly from the Policy Works Commercial Management System into Fastrax, Avivas Web-based application that enables brokers to quote […]
Canadas largest companies are more responsive than they were a year ago to investor requests regarding carbon risk strategies, but the disclosed information still falls short of investor requirements, according to the Carbon Disclosure Project 2007 (CDP): Canada 200 Report.The research shows that risk managers need to be aware of growing pressure from investors for […]
By Canadian Underwriter | October 10, 2007
Jeffrey T. Bowman has been named president and CEO of Crawford & Company, effective Jan. 1, 2008. The current president and CEO, Thomas W. Crawford, will serve as chairman of the board, while current chair, Jesse Crawford, will step down and remain chairman of the executive committee, according to a Crawford release. Bowman joined the […]
By Canadian Underwriter | October 4, 2007
***CORRECTION*** The following item corrects information that appeared in a version of this previously published story. We apologize for the error. Standard & Poors Rating Services increased The Guarantee Co. of North Americas long-term counterparty credit and financial strength ratings from a BBB+ to an A-.According to Standard and Poors rating report, the ratings are […]
By Canadian Underwriter | October 2, 2007
A foreign entity is not allowed to insure in Canada a risk as per the Insurance Companies Act (ICA), unless the Superintendent authorizes it to do so and the risk is within a class specified by the order, an advisory issued by Office of the Superintendent of Financial Institutions Canada (OSFI) notes. If a foreign […]
Standard & Poors Rating Services increased The Guarantee Co. of North Americas long-term counterparty credit and financial strength ratings from an A- to a BBB+. According to Standard and Poors rating report, the ratings are reflective of the companys strong underwriting results in core surety and fidelity commercial lines, improvement in personal lines and strong […]
By Canadian Underwriter | October 1, 2007
Insurers will have to do much more realistic, believable capital stress testing in the wake of the damage done to Canadas asset-based commercial paper market, Canadas federal insurance regulator says. Canadas Superintendent of Financial Institutions, Julie Dickson, talked about the effects of the collapse of the U.S. subprime mortgage market earlier this year in her […]
A capital adequacy model similar to Solvency II will be implemented in Quebec and Canada by 2011-2012, delegates of the National Insurance Conference of Canada in Montreal were told during the regulatory panel discussion.Jean St-Gelais, president and CEO of Quebecs Autorit des marches financiers (AMF), told the crowd that the AMF has been meeting with […]
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