Claims

Insurance agent nominee has duty to end unethical practices of employer(s): B.C. Insurance Council

A Level 3 general insurance agent nominee must do more than simply report regulatory concerns to her employers (the principals of the brokerage), especially when the concerns include the conduct of the principals, the Insurance Council of B.C. has ruled.Raghbir Kaur Atwal was ordered to pay a fine of $5,000 for her role in failing […]

By Canadian Underwriter | May 12, 2010

2 min read

Claims

Ontario’s requirement for domestic content could create new risks for wind power developers

Ontario’s demand for domestic content may present new risks associated with insuring alternative energy sources such as wind power.Panelists at the CleanTech in Canada Breakfast Seminar in Toronto speculated the province’s demand for domestic content might mean developers of clean technologies will face a potential supply chain risk.That is, developers of wind power technologies will […]

By Canadian Underwriter | May 12, 2010

2 min read

Claims

Amendments to B.C. Insurance Act would mandate use of alternative dispute resolution

Proposed amendments to British Columbia’s Insurance Act include the requirement that alternative dispute resolution (ADR) be the first step in resolving insurance disputes.The amendment is intended to reduce the number of insurance disputes that end up in litigation, said the Insurance Dispute Resolution Services of British Columbia (IDRSBC).The new Insurance Amendment Act was introduced into […]

By Canadian Underwriter | May 11, 2010

1 min read

Claims

New Brunswick plays game of wait-and-see with Nova Scotia’s new minor injury cap

New Brunswick is keeping an eye on the outcome of Nova Scotia’s recent decision to triple its minor injury damages cap from $2,500 to $7,500, according to a report by the Times & Transcript, based in Moncton, New Brunswick.New Brunswick currently has a $2,500 minor injury cap.“We’re going to take a look at what Nova […]

By Canadian Underwriter | May 11, 2010

1 min read

B.C. solicitor general considers making driving records public

British Columbia’s solicitor general is mulling over the idea of making driving records — including impaired driving infractions — public, reports the Times Colonist.Mike de Jong, B.C.’s solicitor general, told the Times Colonist he would consider setting up a system similar to Ontario’s. In Ontario, people can pay a fee to view another person’s driving […]

1 min read

OSFI calls on board members to help avert next financial crisis

Board directors of financial institutions “need to take better ownership for averting the next [financial] crisis,” says Canada’s solvency supervisor.This means board directors should take a more active role in supervising and the risk management decisions of corporate management, said Ted Price, assistant superintendent of the supervision sector office at the Office of the Superintendent […]

2 min read

Hiring a lawyer can be a “cost-efficient” way to manage some exposures in Ontario’s expanded claims court

Hiring experienced counsel to help craft strategic offers of settlement might just be the most cost-effective way for an insurer to negotiate Ontario’s newly expanded small claims court, Todd J. McCarthy of Flaherty Dow Elliott & McCarthy told a Canadian Independent Adjusters’ Association (CIAA) Ontario chapter seminar in Toronto.“Strategically importing counsel at the right time […]

2 min read

ICLR unveils wildfire resilient home in Alberta

The Institute for Catastrophic Loss Reduction (ICLR) has retrofitted a home in Jasper, Alberta to be wildfire resistant. The Jasper home retrofit includes:• cedar roof shingles replaced with asphalt shingles;• cedar siding replaced by stucco;• coniferous bushes replaced with deciduous plants;• reduction of surrounding ladder and forest litter/fuels;• reduction of forest litter/fuels behind property;• wood […]

1 min read

Canada re-introduces auto theft legislation

Canada’s Department of Justice has re-introduced a bill in the Senate that seeks to create a separate offence for motor vehicle theft and stop the trafficking of property obtained by crime.“Our government is taking action to protect Canadians, their property and their communities,” Justice Minister Rob Nicholson said in a press release. “Auto theft is […]

2 min read

FM Global launches “Risk Improvement” endorsements

FM Global has introduced Sustainability Select, a two-part coverage endorsement to its all-risk FM Global Advantage Policy.The Risk Improvement Coverage Endorsement allows clients to improve the “risk quality” at the location where the loss occurred, an FM Global release says. For example, if a building burns down, and it didn’t have a sprinkler system prior […]

1 min read