Risk
The Autorit des march financiers (AMF) is seeking comment on a proposed framework for the regulation of the derivatives market in Quebec. The proposal contains suggested legislation and regulation as well as policy statements, an AMF release says.A derivative is essentially a financial instrument traded on or off an exchange and used to hedge risk […]
By Canadian Underwriter | August 24, 2007
1 min read
Insurance companies may be exposed to greater directors and officers liability (D&O) and errors and omissions (E&O) liability claims in the wake of the current subprime mortgage crisis, warns Marsh.Higher interest rates and falling property prices have contributed to rising mortgage delinquencies among high-risk or subprime borrowers, a Marsh statement says.This, coupled with increased relaxation […]
By Canadian Underwriter | August 23, 2007
2 min read
Pending changes to the way the Canadian Office of the Superintendent of Financial Institutions (OSFI) oversees foreign property and casualty (P&C) insurers, OSFI will presume that as of Jan. 1, 2009, unless otherwise established, all risks reported on the books of Canadian branches of foreign insurers will be considered to have been insured in Canada.Changes […]
By Canadian Underwriter | August 20, 2007
Criteria for rating securities collateralized by reinsurance recoverables has been described in a methodology released by A.M. Best Co., Securitization of Reinsurance Recoverables. This methodology outlines A.M. Bests criteria in rating securities that are backed by reinsurance recoverables. A large part outlines the conditions under which insurers or reinsurers will be unable to fulfill their […]
EGI Financial Holdings Inc., reported an increase of 15.5% from Cdn$36.6 million in 2006 Q2 to Cdn$42.3 million in 2007 Q2, in direct written and assumed premiums, according to results for 2007 Q2 and six-months ended June 30. The increase is attributed to a growth in motorcycle premiums in Ontario, new reinsurance treaties with AssuranceAmerica […]
By Canadian Underwriter | August 17, 2007
The Ontario government has expanded its crackdown on street racing by increasing the maximum fine to $10,000 and widening the definition of the crime in an effort to curb dangerous driving.The definition of a stunt will include driving at 50 km-h or more above the posted speed limit, a press release from the Ministry of […]
By Canadian Underwriter | August 16, 2007
Pembridge Insurance Company is maintaining its investment as a Full Partner of the Broker Identity Program(BIP) for 2007, according to the Insurance Brokers Association of Canada (IBAC). We are pleased to support brokers across Canada in their successful bid to communicate to consumers, legislators and regulators the value they bring, Bob Tisdale, President and Chief […]
By Canadian Underwriter | August 15, 2007
Competition was viewed as the number one risk ranked by a survey of 150 U.S. executives in Protivitis 2007 U.S. Risk Barometer.Customer satisfaction, the regulatory environment, information systems and IT security, and changing markets make up the first five of the top 10 risks as determined by the study, says a Protiviti release. Carmen Rossiter, […]
By Canadian Underwriter | August 8, 2007
The Economical Insurance Group is maintaining its investment as a full partner of the Broker Identity Program for 2007, the Insurance Brokers Association of Canada (IBAC) has announced.By investing in the program, The Economical supports the message being delivered every day to consumers, legislators, government officials, and regulators, IBAC says in a statement. The goal […]
By Canadian Underwriter | August 1, 2007
Aon’s 2007 Terrorism Threat Map shows Canada’s threat levels have increased from 2006, even though the map shows a weakening of the Islamist terrorist group Al Qaeda and other groups operating under its umbrella. The global war on terrorism seems to have disrupted the command and control mechanisms of the groups, fragmenting the cells, Paul […]
July 31, 2007
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