Canadian brokers, regulators sign co-operation deal
A new agreement between the Investment Industry Regulatory Organization of Canada and Ontario’s Financial Services Commission should solve a regulatory issue. Currently a broker who sells more than one type of financial service and is facing disciplinary action by one regulator is still able to carry out the other parts of their brokerage. The new deal should ensure that a probe by one regulator will also trigger a review by the other. The agreement mirrors that made between the IIROC in other provinces.
Allianz reportedly selling $5 billion Italian portfolio
Global insurer Allianz is reported to be selling a $5 billion life insurance portfolio. Reuters reports that the firm is looking to offload its Italian portfolio and has instructed Goldman Sachs to handle the sale. The closed-book has attracted interest from private equity funds in the US and London. Allianz announced last year that it would seek to divest certain old policies with low interest rates and regulatory pressures making them unattractive for insurers.
PCI focuses on distracted driving
The Property Casualty Insurers Association of America has given its backing to a campaign by the National Highway Traffic Safety Administration which aims to reduce incidents of distracted driving.
There was a sharp rise in auto accidents and fatalities following decades of decline and the NHTSA found that 94 per cent of accidents were the result of human factors.
“Although there is no single answer to addressing the problem of distracted driving, there are a number of ways that motorists, policymakers, insurers, and car makers can work together to make roads safer,” said Robert Passmore, PCI’s assistant vice president, personal lines policy.
“In addition to the public safety concerns regarding the increase in the frequency of auto accidents, data also highlights that the insurance claims costs associated with auto accidents are becoming more expensive and this trend could impact insurance costs,” said Passmore.
