What’s new: In brief (October 14, 2004)

Along with other changes now in place in Alberta’s auto insurance system, the government this week said a new complaint-handling procedure is in place. The system works in conjunction with the General Insurance OmbudService (GIO) and encourages consumers with a complaint to first speak with their broker and insurer before proceeding with the GIO. If consumers are still unsatisfied after the GIO process, they can contact Alberta’s “Automobile Insurance Dispute Resolution Committee”. The committee will attempt to resolve the issue, and failing this assign an arbitrator whose decision is binding.

CARSTAR Automotive Canada and the Canadian Cystic Fibrosis Foundation (CCFF) are celebrating the fifth annual “FrightLites” campaign, which sees the lights sold at the more than 100 CARSTAR collision repair centers across Canada. The lights, which sell for $3 each, not only help to raise funds in the fight against CF, but are also a means of protecting children on Halloween night by making them more visible to traffic. CARSTAR CEO Sam Mercanti notes that this year CARSTAR could, through this and other fundraisers, reach $1 million in contributions to the CCFF. For details, or to find the CARSTAR location near you, visit www.carstar.ca.

Converium says its US$420 million capital-raising issue was almost fully completed in its first day, Wednesday. Following the news, rating agency A.M. Best says its is affirming the reinsurer’s “B++” (very good) financial strength rating.