Starting November 2010, a new system will help improve road safety by keeping uninsured vehicles off Ontario’s roads. A new electronic verification system, developed by the province and the Insurance Bureau of Canada will provide on-the-spot confirmation of valid insurance coverage during the license plate renewal process. The ability to check for insurance in real-time [...]
View the video here on your mobile device. While ILSTV reported on a lot of insurance industry news this week, there was one topic that seemed to get people talking. The Ontario government’s decision to change drivers licensing rules for those under the age of 21 brought some accolades, like Mathew Reynolds who said: Smart [...]
RSA Insurance Group plc (RSA) has acquired 123 Money Limited (123.ie), one of Ireland’s leading and fastest growing direct distributors of personal lines insurance products. 123.ie offers Motor, Home and Pet insurance and, with around 170,000 policyholders, generated premium income of about EUR 60m (CAD$80.9 million) in the year ended March 31, 2010. Following this [...]
Germany’s Love Parade music festival attracted about 1.5 million concert-goers to Duisburg this year, but after an onsite stampede left 20 dead and hundreds injured, there are questions about the future of the event and the fallout from the accident. Sources quoted in Business Insurance magazine say that concert organizers purchased insurance with liability limits [...]
Canada is adjusting its 2010 immigration plan to put even greater emphasis on economic recovery and further reduce the federal skilled worker backlog, Citizenship, Immigration and Multiculturalism Minister Jason Kenney said. Each year, Citizenship and Immigration Canada (CIC) sets out a plan for the number of immigrants it intends to welcome within economic, family and [...]
On Wednesday, July 28, an Airbus A321 jet crashed near the Pakistan capital of Islamabad. The jet, carrying 152 passengers and crew, was en route from Karachi, Pakistan to Islamabad. All on board were killed. Business Insurance magazine is reporting that Bermuda-based Catlin confirmed that it is the lead underwriter, but the source could not [...]
In March, a massive fire destroyed a Calgary condominium complex, leaving at least 250 occupants homeless. The combustive culprit was a cigarette in a planter outside the complex. Recently there has been a spike in fires sparked by smoking materials in potting soil. The Co-operators is urging Canadians to be aware of the danger associated [...]
The Risk and Insurance Management Society, Inc. (RIMS) has issued a statement, commenting on Aon’s decision to accept various forms of compensation, which may include supplemental and/or contingent commissions in areas of the world where it is legally permissible. In it, RIMS maintains its opposition to the practice of collecting contingent commissions and says it [...]
National Bank Insurance recently presented the Quebec Breast Cancer Foundation with a cheque for $36,800. This donation was made possible through the participation of its clients with Truly Me insurance coverage, which protects women if they are diagnosed with any one of the seven most common types of female cancer. For each Truly Me policy [...]
Insurance brokers in Manitoba are now required to have a fraud and dishonest acts endorsement included as a mandatory requirement of their errors and omissions insurance. Since April 2001 all licensed insurance agents have been required to maintain professional liability insurance (errors and omissions) but as a result of amendments to the Insurance Agents & [...]
On July 19, Wawanesa Insurance announced it has acquired 897,200 common shares of Western Financial Group Inc. pursuant to a private placement of the Corporation on June 29, 2010. Wawanesa paid an aggregate of $2,377,580.00 to acquire such common shares ($2.65 per common share). Prior to this purchase, Wawanesa beneficially owned 4,647,499 common shares of [...]
Genworth MI Canada Inc. said it plans to spend up to $325 million to buy back its shares under a Dutch auction process. “Our board of directors believes that the recent market price of the company’s common shares does not fully reflect the value of our business and future prospects,” chairman and chief executive Brian [...]
Wolters Kluwer Financial Services has released its annual lists of the top 10 reasons insurance companies are found to be out of compliance during market conduct examinations. The categories with the most criticisms comprise the top 10 lists for property and casualty, and life and health insurance. The company’s Insurance compliance business reviewed and analyzed [...]
View the video here on your mobile device. A classic car owner discusses the special insurance requirements for his 1978 Trans Am Do you know how to insure a collector car in British Columbia? One man tells us what it took to insure his classic Trans Am. Gord Hentze: Back in 1977 Carol and I [...]
Welcome to Post Script, ILSTV’s new blog. Wondering what this is all about? Well, Post Script is a blog about a bit of everything. Since ILSTV first launched in 2008, people have been telling us how they really want news, but also some interactivity. Post Script will help that. You can comment, you can post, [...]
