The Office of the Superintendent of Financial Institutions (OSFI) has released updated instructions for insurers in filing Unpaid Claims and Loss Ratio Analysis Exhibit data through the automated data transfer system.
The only change from prior years is a revision in the file names, OSFI said in a letter. Both insurers and reinsurers are now asked to use the same naming convention.
For insurers using the PricewaterhouseCoopers software, files with the correct names will be automatically created.
Instructions published by the Autorité des marches financiers should be consulted for guidance on filing the Unpaid Claims and Loss Ratio Analysis Exhibit data with the Autorité.
Friday, February 17, 2012
Online surveillance legislation latest development in ever-evolving cyber liability risks
Recent legislation tabled in the House of Commons on Feb. 14, would allow law enforcement to monitor consumers’ telecommunications and Internet usage and reminds underwriters that the area of cyber liability is constantly evolving and far reaching, said Lynn Oldfield, president and CEO of Chartis Insurance Canada.
Oldfield offered the keynote address during the Property Casualty Underwriters Club luncheon in Toronto on Feb. 15.
“There is a raging debate in this country right now about new legislation [Bill C-30, ‘The Protecting Children from Internet Predators Act’] that has just been introduced on the [House of Commons] floor that would give police in this country more access to your cell phone records and your telecommunications lines, so that they can adequately protect our children against Internet pornographers and child predators,” she said.
The privacy commissioner has weighed in, claiming that the powers granted under the proposed legislation are far too intrusive under Canada’s robust privacy laws.
“So folks, this is an evolving area — literally, with major developments this week. And we don’t know where Canada is going to land with this new legislation, but it behoves us as risk underwriters to understand the issues, educate ourselves and stay current.”
Oldfield offered the keynote address during the Property Casualty Underwriters Club luncheon in Toronto on Feb. 15.
“There is a raging debate in this country right now about new legislation [Bill C-30, ‘The Protecting Children from Internet Predators Act’] that has just been introduced on the [House of Commons] floor that would give police in this country more access to your cell phone records and your telecommunications lines, so that they can adequately protect our children against Internet pornographers and child predators,” she said.
The privacy commissioner has weighed in, claiming that the powers granted under the proposed legislation are far too intrusive under Canada’s robust privacy laws.
“So folks, this is an evolving area — literally, with major developments this week. And we don’t know where Canada is going to land with this new legislation, but it behoves us as risk underwriters to understand the issues, educate ourselves and stay current.”
Toronto, Niagara police lay 500 charges in connection with investigation of alleged chop shop operation
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2012-02-16
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Toronto and Niagara Regional Police have laid more than 500 charges against five men in connection with an investigation of an alleged chop shop operation.
The charges follow a joint forces investigation first launched in 2009 involving the Toronto Police Service, Ontario Provincial Police, Niagara Regional Police Service and the Ministry of Transportation of Ontario Enforcement Unit.
The project targeted the alleged fraudulent issuance of structural certificates for rebuilt vehicles and the selling of those salvaged vehicles. The charges have not been proven in court.
Police say the owners of two Toronto body shops, Downtown Collision and Car Care Centre, applied to the Ministry of Transportation to become Structural Inspection
Stations and were granted certification. Both owners entered into an agreement with an insurance appraiser, who provided them with structural certificates.
Police say the appraiser attended various locations and conducted improper structural inspections of vehicles, even though he was not qualified to conduct such inspections. The appraiser would then have the shop owners sign papers saying the inspections were conducted.
According to police, some of the inspected vehicles were stolen and assigned new Vehicle Identification Numbers (VINs). Some of the vehicles were re−inspected and found not to have met safety requirements.
Police say the shop owners split the financial profits from the re-sale of the inspected vehicles.
Charged are John Keen, 51, of Toronto; Giovanni Bellisario, 53, of Toronto; Osvaldo Savia, 57, of Toronto; David De Oliveira, 33, of Toronto; and Gabor Toth, 39, of Toronto.
2012-02-16
--------------------------------------------------------------------------------
Toronto and Niagara Regional Police have laid more than 500 charges against five men in connection with an investigation of an alleged chop shop operation.
The charges follow a joint forces investigation first launched in 2009 involving the Toronto Police Service, Ontario Provincial Police, Niagara Regional Police Service and the Ministry of Transportation of Ontario Enforcement Unit.
The project targeted the alleged fraudulent issuance of structural certificates for rebuilt vehicles and the selling of those salvaged vehicles. The charges have not been proven in court.
Police say the owners of two Toronto body shops, Downtown Collision and Car Care Centre, applied to the Ministry of Transportation to become Structural Inspection
Stations and were granted certification. Both owners entered into an agreement with an insurance appraiser, who provided them with structural certificates.
Police say the appraiser attended various locations and conducted improper structural inspections of vehicles, even though he was not qualified to conduct such inspections. The appraiser would then have the shop owners sign papers saying the inspections were conducted.
According to police, some of the inspected vehicles were stolen and assigned new Vehicle Identification Numbers (VINs). Some of the vehicles were re−inspected and found not to have met safety requirements.
Police say the shop owners split the financial profits from the re-sale of the inspected vehicles.
Charged are John Keen, 51, of Toronto; Giovanni Bellisario, 53, of Toronto; Osvaldo Savia, 57, of Toronto; David De Oliveira, 33, of Toronto; and Gabor Toth, 39, of Toronto.
Thursday, February 9, 2012
Direct writers likely to be first to use social platform for selling insurance: Celent
The first U.S. property and casualty insurer to use a social networking site as a platform for its business will likely be a direct writer that offers personal auto, motorcycle or dwelling insurance and not necessarily one of the biggest insurers in the market, Mike Fitzgerald, a senior analyst at Celent, wrote on his Feb. 3 blog.
In his blog post, Which U.S. P&C insurance company will be the first to use a social network as a platform to transact insurance?, Fitzgerald listed key characteristics he believed the first P&C insurer to use a social network site for selling insurance would possess.
Facebook's initial public offering on Feb. 1 prompted the blog post. The vision of Mark Zuckerberg, the founder of Facebook, is reportedly to establish the site as a platform on which people can actually complete their commercial transactions.
According to Fitzgerald, key characteristics would include:
• A commoditized product like personal auto, motorcycle or home insurance, where price and service separate the offerings.
• Companies that are targeting consumers currently most comfortable using social networking platforms. Such consumers are typically irritated by traditional insurance distribution and not as concerned about personal privacy.
• Insurers with intermediated distribution will pass on using the platform. "Upsetting their existing agents with a direct social network approach will be too much to bear," Fitzgerald wrote.
• Insurers that have a reputation for being innovative will be more likely to reach acceptable terms with the platform provider.
• Although the first insurer to use a social network may not be the largest, it will still need to meet the network provider's "steep rent."
• "The most likely insurer, in my view, is one that has a good reputation with the regulators and a decent reputation at addressing their concerns in past market conduct reviews and inquiries," Fitzgerald wrote. "As the response of regulation to this new way of doing business is such an unknown, the company willing to take this step will be confident in its ability to respond to its overseers
In his blog post, Which U.S. P&C insurance company will be the first to use a social network as a platform to transact insurance?, Fitzgerald listed key characteristics he believed the first P&C insurer to use a social network site for selling insurance would possess.
Facebook's initial public offering on Feb. 1 prompted the blog post. The vision of Mark Zuckerberg, the founder of Facebook, is reportedly to establish the site as a platform on which people can actually complete their commercial transactions.
According to Fitzgerald, key characteristics would include:
• A commoditized product like personal auto, motorcycle or home insurance, where price and service separate the offerings.
• Companies that are targeting consumers currently most comfortable using social networking platforms. Such consumers are typically irritated by traditional insurance distribution and not as concerned about personal privacy.
• Insurers with intermediated distribution will pass on using the platform. "Upsetting their existing agents with a direct social network approach will be too much to bear," Fitzgerald wrote.
• Insurers that have a reputation for being innovative will be more likely to reach acceptable terms with the platform provider.
• Although the first insurer to use a social network may not be the largest, it will still need to meet the network provider's "steep rent."
• "The most likely insurer, in my view, is one that has a good reputation with the regulators and a decent reputation at addressing their concerns in past market conduct reviews and inquiries," Fitzgerald wrote. "As the response of regulation to this new way of doing business is such an unknown, the company willing to take this step will be confident in its ability to respond to its overseers
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