Industry
In a not unexpected move, the Financial Services Commission of Ontario (FSCO) is seizing control of troubled Canadian Millers’ Mutual’s assets.FSCO says the move was made in light of the insurer’s assets being deemed insufficient to provide for the company to continue in business and meet its financial obligations.The company, which has been in existence […]
By Canadian Underwriter | December 7, 2001
2 min read
Risk
The cost of risk declined in 2000, according to a survey released by the Risk and Insurance Management Society (RIMS). The annual Benchmark Survey, conducted with Ernst & Young, asks more than 830 risk managers in the U.S. and Canada to tally costs associated with risk management functions, including insurance premiums, retained losses, internal administration […]
By Canadian Underwriter | December 6, 2001
In the wake of dreadful third quarter results, two insurers have announced big job cuts at U.S. locations. CNA Financial says it will trim 1,850 employees, a whopping 10% of its workforce. And ING is announcing 1,600 job cuts, representing 15% of its U.S. insurance division workforce.Amsterdam-based ING says the job cuts are the result […]
1 min read
In response to the high number of late filings from federally-regulated financial services companies, including insurers, the Office of the Superintendent of Financial Services (OSFI) has put out proposed regulations for its “late and erroneous filings” penalties framework.The proposed regulation, which will be subject to comments for the next 30 days, is needed because “the […]
Markham-based Insurers’ Advisory Organization (IAO) is teaming up with the U.S. Insurance Services Office to create and sell products in both countries. IAO, which is part of the UAB Group, will market ISO forms, rules and loss costs to Canadian companies doing business south of the border, the company says.Part of the deal involves IAO’s […]
At the Insurance Bureau of Canada’s (IBC) annual meeting in Toronto, the industry’s representative body says reducing the tax burden on insurers will be front and center in its mandate for the coming year. Educating government about how easing this burden will help consumers will be the task, the IBC says.A new national road safety […]
By Canadian Underwriter | December 5, 2001
At Swiss Re’s annual yearend insurance industry review, speakers noted that while the global recession was likely to last well into next year, the insurance industry is on the road to recovery since September 11. “The U.S. and global economies are in a recession and it is likely to last at least through mid-2002,” says […]
The Office of the Superintendent of Financial Institutions (OSFI) is attempting to answer concerns about its transparency by releasing its rulings. The rulings, which can affect any of the federally regulated financial institutions (FRFI) under OSFI’s authority including insurers, will not contain the names of institutions involved.”This initiative is in keeping with OSFI’s objective to […]
With the failure of U.S. energy giant Enron, insurers are now tallying their exposure to the dying corporation. Among those affected is Chubb, which is estimating its exposure provisionally at US$220 million, pretax. This comes from surety bonds, which act as a guarantee of contracts being filled on time, or other financial contracts being met.Chubb […]
By Canadian Underwriter | December 4, 2001
Following the insolvency of Pennsylvania-based parent Reliance, the company’s Canadian branch operation will be shut down by the Office of the Superintendent of Financial Services (OSFI). OSFI had frozen the Canadian operation’s assets in August, 2000, and directed it to stop writing new business in early 2001. In October, OSFI seized control of Reliance and […]
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