Life

Global insurance industry feels Japan tremors

The Canadian insurance industry is closely watching events unfolding in the wake of Friday’s earthquake and tsunami in Japan that caused colossal damage to life and property. Global reinsurance giant Swiss Re said in a statement Monday that the company is still evaluating its exposure. Earthquake shock and tsunami coverage for residential insurance policies is […]

By Vikram Barhat |March 14, 2011

2 min read

Life

IFB calls for comment on role of MGAs

The Independent Financial Brokers is encouraging participants in the insurance industry to speak up about the role of managing general agencies in the industry. The call comes in response to the Canadian Council of Insurance Regulators’ examination of the distribution model. “This is an excellent opportunity for those who conduct life insurance business under an […]

By Staff |March 11, 2011

1 min read

Life

Sun Life named “most trusted” life insurer

Sun Life has been named the “most trusted brand in Life Insurance” for the second consecutive year, by a Harris/Decima poll commissioned by Reader’s Digest for its 2011 Trusted Brand awards. In the poll, respondents were asked to indicate, unprompted, the company they consider the most trusted brand for life insurance. Sun Life ranked higher […]

By Staff |March 1, 2011

1 min read

Industry

CRA to give 10/8 decision

Back at the December 2008 Canadian Tax Foundation Conference, the CRA announced it was preparing to audit loans secured with life insurance policies, also known as 10/8 plans.

February 18, 2011

2 min read

New bank insurance rules offer clarity

Anyone wanting to voice their opinion on the regulations governing banks in the insurance business should speak up—the comment period closes March 4.The federal government rather quietly issued draft regulations that appear to give the stamp of approval to locating insurance branches near banking branches. Under the proposed regulations, Section 10 of the Insurance Business […]

By Steven Lamb |February 17, 2011

4 min read

Regulators struggle with MGA model

The Canadian Council of Insurance Regulators has released an “issues paper” on the managing general agencies model of insurance distribution, and is calling on the industry for input into how the market should be regulated. In some ways, the release of the paper is an admission that regulators still don’t have much of a grasp […]

By Steven Lamb |February 11, 2011

3 min read

RRSP season? Try UL season

In a Canadian Life and Health Insurance Association (CLHIA) survey conducted a little over a year ago 75% of respondents said they look to their financial advisor for estate planning advice and on average it had been five years since they were approached to review their needs and coverage.

3 min read

Yes, you can insure a drug user

Soft drugs, such as marijuana and hashish do not mix well with each other, nor with traditional life insurance. And hard drugs, such as cocaine and heroin, make for an even tougher combination. The considerations go beyond definitions of legality and extend to the insurers’ risk management processes, explains Lorne Marr, a seventeen-year veteran of […]

By Al Emid |January 31, 2011

4 min read

The Co-operators offers online term life quotes

The Co-operators has launched an online quoting system for term life insurance through its corporate website. The company already offers online quotes for auto and home insurance. “The Co-operators vision is to provide Canadians with the financial security products and services they need, when they need them and however they wish to buy them,” said […]

By Staff |January 12, 2011

1 min read