Aon Risk Solutions celebrates Business Insurance’s 2016 Risk Manager of the Year

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CHICAGO – Gus Fuldner, head of risk management and insurance at Uber, was honored today as Business Insurance’s 2016 Risk Manager of the Year. The awards ceremony took place during the RIMS conference in San Diego. Aon Risk Solutions, the global risk management business of Aon plc (NYSE: AON) congratulates its client on this esteemed recognition.

“In a little under two years, Gus has built a robust insurance function from the ground up, keeping up with Uber’s fast paced insurance needs,” said Randy Nornes, executive vice president with Aon Risk Solutions. “What’s more, he was the driving force that brought insurers, regulators and transportation network companies together in the U.S. to set a uniform standard for ridesharing automobile liability insurance, a shift that has transformed the insurance industry.”

Fuldner approaches insurance with a fresh perspective. Under his direction, Uber’s liability insurance program involves hundreds of coordinated policies and are amongst the most complex programs for a large multinational company. Beyond his work at Uber, Fuldner was instrumental in spearheading a U.S. ridesharing insurance compromise, which has been legislatively adopted by a majority of states and is supported by the personal auto insurance marketplace. In addition, he has been a particularly strong advocate of changing the model for measuring auto liability exposure from a unit basis to a usage basis, bringing multiple leading global carriers along a journey to re-evaluate how they price auto risk.

Business Insurance’s Risk Manager of the Year Award was created to increase the recognition of outstanding performance in the practice of risk management. Read more about Fuldner in Business Insurance: LINK

About Aon

Aon plc (NYSE:AON) is a leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon’s global and principle partnership with Manchester United.

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Media Contact:
Allyson Marcus
+1.312.755.3592
Allyson.marcus@kemperlesnik.com

What are the worst roads in Ontario?

What are the worst roads in Ontario?

Crumbling pavement, bumper-to-bumper traffic and poorly timed stop lights are just some of the reasons to nominate a street in the annual CAA Worst Roads Campaign.

“While winter in many parts of the province was not as harsh as other years, road and infrastructure maintenance continues to be an important issue for Ontarians,” said Caroline Grech, Government Relations, CAA South Central Ontario (CAA SCO). “We want to know the worst road you have driven on in Ontario. Whether the issue is congestion, potholes, road signs, traffic lights or pedestrian and cycling safety, we want to hear from you.”

You can vote for the worst roads in the province at CAAWorstRoads.com until April 29th. Nominate as many streets as you like, but you cannot vote for the same road, bridge or highway twice.

Without stable, dependable, and sufficient sources of funding, municipalities may be unable to afford the cost to maintain its roads and bridges in good repair. That’s why CAA continues to call on the provincial and federal governments for permanent dedicated funding that is essential to both repairing aging infrastructure, and allows for new road infrastructure to be built.

“Although much work has been done across the province to maintain and repair Ontario’s roads, greater investments are needed to tackle the staggering municipal infrastructure deficit in Ontario,” commented Geoff Wilkinson, Executive Director, Ontario Road Builders’ Association (ORBA). “Eliminating the infrastructure deficit currently facing municipalities will place municipalities and Ontarioat a competitive advantage.”

CAA SCO will compile a list of the Top 10 Worst Roads in Ontario and the worst roads in seven regions across the province. The regional lists will help shine a light on the state of local roads in municipalities across Ontario.

Following the three week campaign, CAA SCO will present this year’s list of worst roads and our recommendations to local and provincial officials in an effort to have those roads fixed.

Last year, Algonquin Boulevard in Timmins was named the worst road in Ontario while three streets from the Greater Toronto andHamilton Area (GTHA) made the provincial top 10 list.

For over a hundred years, CAA has been helping Canadians stay mobile, safe and protected. CAA South Central Ontario is one of nine auto clubs across Canada providing roadside assistance, travel, insurance services and member savings for our 2 million members.

ORBA supports and promotes the growth of Ontario’s transportation infrastructure industry. As the voice of over 200 road building contractors and suppliers, ORBA members build and maintain the majority of Ontario’s provincial highway system, municipal roads, bridges and other public transportation infrastructure, employing over 30,000 workers. Visit orba.org for more information.

SOURCE CAA South Central Ontario

Cdn bank fined $1.1 million for failing to report suspicious dealing

By Jim Bronskill

THE CANADIAN PRESS

OTTAWA _ The federal anti-money laundering agency has levied a $1.1-million penalty against an unnamed Canadian bank for failing to report a suspicious transaction and various money transfers.

It is the first time the Ottawa-based Financial Transactions and Reports Analysis Centre of Canada, known as Fintrac, has penalized a bank and it’s being billed as a warning to thousands of other businesses.

Generally, the centre tracks cash flows linked to terrorism, money laundering and other crimes by sifting through millions of pieces of data annually from banks, insurance companies, securities dealers, money service businesses, real estate brokers, casinos and others.

In this case, Fintrac spokesman Darren Gibb said he cannot legally discuss details of the bank’s infractions, and the federal agency is exercising its discretion to withhold the identity of the financial institution, which recently paid the penalty of $1,154,670.

But Fintrac wants to send a strong message that it will take whatever measures are needed to encourage compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

The agency depends on a steady flow of reports about suspicious dealings, electronic fund transfers and large cash transactions in order to produce needed intelligence, Gibb said in an interview.

“The reporting to us is absolutely critical. Without those reports, Fintrac is out of business,” he said Tuesday.

“We’re going to be extra-diligent to ensure that entities are submitting suspicious transaction reports when they should be.”

Some 31,000 businesses across the country must furnish Fintrac with reports. The agency, in turn, provided 1,260 disclosures of financial intelligence to police and national security partners in 2014-15.

The penalty announcement comes amid heightened scrutiny of Canadian financial institutions due to publication of leaked files, known as the Panama Papers, about dubious global dealings.

The fine was levied against the bank for failing to report: an attempted or actual suspicious transaction; receipt of $10,000 or more in a single transaction; an electronic funds transfer of $10,000 or more to a destination outside Canada; receipt from outside Canada of an electronic funds transfer of $10,000 or more.

In addition, the bank was penalized for failing to apply written compliance policies and procedures that are kept up to date and approved by a senior officer.

Gibb said he could not divulge exactly how the unreported transactions came to Fintrac’s attention, nor could he discuss the nature of them.

“I can’t say to you that we’ve identified money laundering or terrorism financing. What I can say is that we’ve identified an entity that has not fulfilled its obligations” under the law, he said.

“The obligations are in place to ensure that we get the reporting that we need to provide financial intelligence to our partners.”

The Canadian Bankers Association declined to make anyone available for an interview.

In an emailed statement, the association said Canadian banks have a strong track record of compliance with the anti-money laundering regime, noting they process billions of transactions in Canada every year.

On the rare occasion when a problem arises, “a bank will take immediate steps to resolve the issue and ensure that it is in compliance going forward,” the association added.

Fintrac received 92,531 suspicious transaction reports from businesses across Canada in 2014-15, an 11 per cent increase over the previous year.

“Yes, we’ve made significant progress, and we’re pleased by that,” Gibb said. But he quickly added: “Some sectors still have some work to do.”

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CANADIANS MUST NOW GET RID OF THEIR OLD WOOD-BURNING STOVES OR PAY THOUSANDS OF DOLLARS IN FINES.

Read more

Aon Launches First Total Rewards Delivery System

Aon plc (NYSE: AON), the leading global provider of risk management and human resource consulting and outsourcing, today announced the release of Aon Choice, a first-of-its-kind total rewards delivery system that enables small- and medium-sized companies in Canada to compete with benefit packages offered at larger corporations.

“We’ve been listening closely to Canadian employers of all sizes to better understand their challenges and opportunities and found limited benefit options mean many smaller companies struggle to attract and retain engaged employees,” said Christine Lithgow, president and CEO, Aon Risk Solutions Canada. “Aon Choice will help small business owners in Canada compete and win in the campaign for talent. Employers can now offer flexible benefit plans, giving employees increased transparency and the ability to choose the level of coverage that’s right for them and their families.”

According to the 2015 Sanofi Canada Healthcare Survey, 64 percent of employees would opt for a flex plan if they could, despite the fact that 77 percent currently have a traditional plan. Emphasizing choice, 91% of employees also said they would like to choose benefits that are best suited for their current personal situation. With four different generations now in the workforce, each with specific benefit needs and wants, the one-size- fits-all approach to plan design is showing a gap in value for both employers and employees.

A better benefits solution for employers and employees alike

Aon Choice removes the barriers to offer a flexible benefit solution normally available to large corporations. Through Aon Choice’s integrated online portal, employees and their families in Canada can choose health and retirement plans from multiple options offered by their employer as well as access deals on home, auto, pet and travel insurance, and legal expense insurance.

Employees will also have more transparency over their employer’s total rewards investment through easy-to-understand online rewards statements. Employees will see their compensation and contributions made by their employer toward their benefits and retirement savings plans as well as any other rewards or incentives offered to them by their employer.

“Aon pioneered flexible benefit plans in Canada and we are leveraging this expertise to help small businesses. We know benefit administration and communication can be a burden for small and mid-sized companies,” said Brian Rennie, senior vice president, Health and Benefits, Aon Risk Solutions. “With our innovative technology and expert team, we’re committed to making it easier for them with Aon Choice.”

Underwritten by Desjardins Insurance, the insurance arm of the top co-operative financial group in Canada, Aon Choice offers employers the best financial terms in the market, along with the convenience and ease of administration through Aon’s industry-leading technology and expertise in benefits consulting and administration. Companies can choose to offer traditional or flexible group benefit plans, and they can control their benefits spend through a defined contribution approach. For retirement plans, employers can choose between group Registered Retirement Savings Plans or defined contribution pensions. Aon’s benefits experts guide employers every step of the way, and handle plan administration and employee communication once the plan is set up.

For more information, go to choice.aon.ca.

About Aon
Aon plc (NYSE: AON) is a leading global provider of risk management, insurance brokerage and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions. For further information on our capabilities and to learn how we empower results for clients, please visit: http://aon.mediaroom.com.

Follow Aon on Twitter: @AonHewittCA
Sign up for News Alerts: aon.mediaroom.com

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