The third step in the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) is the implementation of a risk appetite and tolerance statement. This step is meant to set boundaries on how much risk your organization is…Read more →
The blows keep on coming for Wells Fargo. Within a year of their cross-selling scandal, two more scandals have risen to the top of news headlines. In part one of this series, I set out to make good on a…Read more →
Every business, in every industry, is liable to suffer a scandal. However, in all my years of experience, I have never come across a scandal that wasn’t entirely preventable. In a recent interview I had with business journalist L.A. Winokur…Read more →
The first step in Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) implementation, risk culture and governance, lays the groundwork and defines roles for your risk management function. The second step, risk identification and prioritization, defines an ongoing risk…Read more →
The National Association of Insurance Commissioners adoption of the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) of 2015 required insurance organizations to take a broader approach to risk management. I would like to revisit this regulation and…Read more →
Your professional development has never been more cutting-edge. Consider the fascinating research of Qui Trieu, manager of personal insurance at Perth Insurance, a wholly owned subsidiary of Economical Insurance. Qui (pronounced as ‘key’) is currently a candidate in the Insurance…Read more →
For a broker interested in writing and retaining commercial accounts, there is a lot to be said for conducting a thorough review of a business owner’s operations, making recommendations for appropriate limits and types of coverage, and then ensuring that…Read more →
The role of the Chief Risk Officers (CROs) today is more multifaceted than it used to be. The financial crisis has expanded the CRO role, making risk management in the insurance industry more of a team sport than ever before.…Read more →
The Court of Appeal for Ontario has held that a hospital can be sued (in a proposed class action) for a privacy breach.
In Hopkins v. Kay, the class plaintiff alleged that her records as a patient at the Peterborough Regional Heath Centre were improperly accessed. She based her claim on the common law tort of intrusion upon seclusion, set out in Jones v. Tsige.
The hospital brought a Rule 21 motion to dismiss the claim on the ground that the Personal Health Information Protection Act (“PHIPA”) is an exhaustive code that ousts the jurisdiction of the Superior Court to entertain any common law claim for invasion of privacy rights in relation to patient records.Read more →
Once again a big storm was forecast, once again, it failed to materialize (at least for many New Yorkers and New Jerseyans) and once again meteorologists are being criticized for dropping the ball. What’s more, weather models are also being blamed for at least part of the failure and people are, of course, again making the statement “If I was as wrong as often as the weather man, I’d be out of a job.”Read more →
As insurers face the challenges of legislative and regulatory compliance, there is an argument to be made that large insurers will be in a better position to meet these challenges. As a means of meeting the regulatory requirements they face…Read more →
Each year, EY publishes our Canadian property and casualty insurance outlook, where we take the pulse of the industry and note what challenges – and opportunities – are in store for the year ahead. It’s fair to say the industry…Read more →
Two recent class action lawsuits are likely to have a ripple effect on third-party liability claims and coverages in the future. AvMed Inc., a Florida health insurance company, has agreed to a $3 million settlement, marking the first class action…Read more →