Claims

OSFI requires insurers to state policies issued in the course of their “insurance business in Canada”

Canada’s solvency regulator has issued an update notice for Part XIII amendments, requiring insurers to include in all of their premium notices and policies a statement that the document was issued or made in the course of its insurance business in Canada.Amendments to Part XIII of the Insurance Companies Act come into effect on Jan. […]

By Canadian Underwriter | December 16, 2009

1 min read

Claims

Ontario broker working under son’s name has license revoked

Ontario’s broker regulator has revoked the license of Brampton insurance broker Mustapha Kassab, who had been representing himself for close to six years under the assumed name of his son, “Hadi.”The Registered Insurance Brokers of Ontario (RIBO) made its decision after hearing two complaints against Kassab.Kassab pleaded guilty to the first complaint, which is that […]

By Canadian Underwriter | December 15, 2009

2 min read

Claims

Insurers under-reporting fraud to police: StatsCan

Insurance companies beset by fraudulent claims are under-reporting the fraud to police, according to a Statistics Canada report, Survey of Fraud Against Businesses. The StatsCan report is based on a survey covering about 7,500 business establishments and head offices from the retail, banking, health and property insurance sectors.The study found just under half (about 45%) […]

By Canadian Underwriter | December 14, 2009

1 min read

Claims

What’s New: In Brief (December 14, 2009)

The Alberta Insurance Council will award two annual scholarships in insurance education at Grant MacEwan University and the University of Calgary.Both schools offer programs to students planning a career in insurance and will determine the award recipients.Both students will receive Cdn$2,000 to go towards their studies in their chosen insurance program. Extreme weather conditions will […]

By Canadian Underwriter | December 14, 2009

1 min read

CBA voices opposition to proposed legislation targeting white-collar crime

The Canadian Bar Association says proposed new amendments to the Criminal Code, which call for mandatory minimum sentencing for fraud, are unnecessary and already covered in existing legislation.Bill C-52 received its second reading in the House of Commons on Oct. 29, 2009 and is now under review by a committee.The intent of the bill is […]

2 min read

Using catastrophe to aid climate change

Although a large-scale catastrophe would be undesirable, it might nevertheless create an opportunity to upgrade to higher environmental standards, Lloyd’s CEO Richard Ward said during the COP15 United Nations Climate Change Conference in Copenhagen. “People can choose to rebuild with energy efficiency in mind,” he told delegates, according to a copy of his speech. “They […]

1 min read

Citing feds’ proposal to ban insurance sales on bank Web sites, bankers’ association calls for improved dialogue with legislators

The Canadian Bankers Association (CBA) is cautioning Canadian legislators not to “get caught up in a wave of ‘regulation-mania’” in the wake of the financial crisis, later telling the media that one example would be Finance Minister Jim Flaherty’s efforts to prohibit banks from selling insurance products on their Web sites.CBA president Nancy Hughes Anthony […]

2 min read

Ont court rules banks promoting or selling insurance not immune to provincial legislation

Ontario banks that promote or accept applications for insurance products are subject to the provincial Insurance Act, Ontario’s Superior Court of Justice has ruled.In Royal Bank of Canada v. Salih and Mirsada Mujagic, Salih and Mirsada Mujagic alleged that RBC made “negligence misrepresentations as to the nature and quality of the insurance promoted at the […]

2 min read

Provincial regulators ask foreign insurers to sign common undertaking on how they will do business post-Part XIII

Canada’s provincial regulators are asking foreign insurers to voluntarily sign a common undertaking on how they will conduct their business in the provinces in light of the implementation of the Office of the Superintendent of Financial Institutions (OSFI)’s Part XIII amendments.Insurers signing the undertaking agree to abide by its provisions, and to have the provisions […]

2 min read

What’s New: In Brief (December 02, 2009)

More than 1,800 ideas designed to improve Canadian communities were submitted to Aviva Canada Inc.’s ‘Aviva Community Fund’ competition.The Top 62 now move into the semi-final round.In the semi-final round, the ideas will continue to vie for votes until Dec. 16, 2009, when the 25 most popular entries will become finalists and move onto the […]

1 min read