Insurance News

British Columbia Appeal Court re-affirms jurisdiction of British Columbia Superintendent of Motor Vehicles in driver’s appeal of license suspension

British Columbia Appeal Court re-affirms jurisdiction of British Columbia Superintendent of Motor Vehicles in driver’s appeal of license suspension A suspended British Columbia driver wishing to revoke his driving prohibition on the basis that he felt the peace officer’s decision to revoke it was wrong and unreasonable should have taken his matter to court and […]

Insurers to start paying distribution tax on income from publicly traded income trusts

Insurers will have to pay a distribution tax on income from publicly traded income trusts and partnerships for the 2011 taxation year, a report from PricewaterhouseCoopers says. Insurance Industry: Key Tax Rates and Updates, PwC highlighted tax changes, rates and deadlines affecting the Canadian insurance sector. A distribution tax is being imposed on ‘specified investment […]

Auto insurance rates increase by 3.05% in 2011,Ontario

Auto insurance rates increased by an average of 3.05% in 2011 Q3 when rated by market share, according to the Financial Services omission of Ontario. FSCO’s rate changes were based on roughly 40% of the market applying for rate change approvals in 2011 Q3. Rate filings approved during 2011 Q3 averaged 1.21%, based on the […]

British Columbia man convicted for setting his car on fire, and claiming it

A British Columbia man has been convicted of setting his car on fire and then subsequently making a fraudulent insurance claim, ICBC reports. Michael David Garcia contacted Quesnel RCMP in October 2008 to report that his black, newer-model Honda Civic had been stolen from his home. He then filed a claim with ICBC, an ICBC […]

Banks now banned from promoting non-authorized insurance on their Web sites

Banks now banned from promoting non-authorized insurance on their Web sites The regulations came into force with very few amendments to the pre-published draft of regulations posted for public comment on Feb. 12, 2011. The only changes were to clarify that the new regulations apply to the banks’ “business in Canada.” The ban on Web […]

Canadian manufacturers still reluctant to branch out into emerging markets as a way to mitigate supply chain risk

Canadian manufacturers are still reluctant to branch out into emerging markets as a way to mitigate their supplier interruption risks, Robert Forbes of EDC told a Toronto Insurance Conference (TIC) seminar in Toronto on Supply Chain Risk in a Global Economy. During 2005-08, Forbes was responsible for establishing and leading an offshore team serving Canadian […]

Appraisal Institute of Canada appoints Keith Lancastle as CEO

Appraisal Institute of Canada appoints Keith Lancastle as CEO The Appraisal Institute of Canada  has appointed Keith Lancastle as its CEO, effective Sept. 19, 2011. Lancastle has more than 25 years of experience in the not-for-profit sector. Most recently, he led the Forest Products Sector Council as their first executive director. While at the FPSC, […]

Western Financial acquires Border Bannatyne Insurance

Western Financial Group has acquired Saskatchewan-based Border Bannatyne Insurance. The Estevan, Saskatchewan-based brokerage has been in operation since 1920 and will now operate as a Western Financial Group office with the same local staff. Lana Wood, president of Western Financial Group Inc said This is another great addition to our network of offices. “Having an […]

Canadian manufacturers still reluctant to branch out into emerging markets as a way to mitigate supply chain risk

Canadian manufacturers still reluctant to branch out into emerging markets as a way to mitigate supply chain risk Canadian manufacturers are still reluctant to branch out into emerging markets as a way to mitigate their supplier interruption risks, Robert Forbes of EDC told a Toronto Insurance Conference  seminar in Toronto on Supply Chain Risk in […]

Supply chain and business interruption losses due to earthquake in Japan may end up on the low end of the range

Supply chain and business interruption losses due to earthquake in Japan may end up on the low end of the range Insured supply chain interruption  losses and contingent business interruption losses arising out of the April 2011 earthquake in Japan seem likely to be much less than what they initially appeared. Paul Cutbush, Canadian property […]