16:09
Changes to automobile insurance system in Alberta
Changes to automobile insurance system in Alberta
In 2004, the Alberta government has given the auto insurance system a number of changes aimed at making insurance more affordable, particularly for young drivers with good driving record. Nobody knows entirely the actual effects of these changes. Auto insurance premiums are lower than they were before, but many factors have contributed to their decline. Where are the savings?
After years of low yields during which insurance companies were having difficulty reaching the threshold of profitability, particularly in the field of auto insurance, the industry rebounded in 2003 and 2004 and obtained better financial results. Where the purchase of automobile insurance allows insurers to obtain a sustainable yield, competition increases and prices fall, while insurers compete for market share. This financial turnaround is at least partially responsible for the decrease in insurance premiums in Alberta.
The amendments made by the government on how claims are settled have also played a role in reducing the amount disbursed. Recover more quickly on foot
In the past, minor injuries were diagnosed and treated in various ways with varying degrees of effectiveness. New standards in diagnosis and treatment of injuries that result from years of medical research, are now in place. These standards can treat all Albertans suffering from minor injuries due to a car accident by methods whose effectiveness has been proven. The application of these standards also means that the patient does not need to wait until the insurer approves the treatment before undertaking it. Thus, accident victims receive immediate treatment experienced and can quickly resume their activities. This approach is advantageous for all Albertans because their premiums are no longer used to pay for treatments ineffective and unnecessarily prolonged absences. Reduce the amount of compensation paid to pay for small claims
In cases of legal settlement, a ceiling of compensation for pain and suffering of $ 4 504 also contributed to reducing costs without affecting the claims amount to help victims get back on their feet. This limit applies only to injuries deemed minor by an independent third party and, anyway, does not apply to income replacement and rehabilitation costs. The Court of Appeal of Alberta has recently delivered its decision in which it confirms the validity of the ceiling of compensation and rejects the argument to the effect that the ceiling is discriminatory. The personal injury lawyers have until September 2009 to decide whether they will appeal the decision to the Supreme Court of Canada.
In the past, minor injuries such as sprains and strains sometimes led to regulations for compensation for pain and suffering of $ 20 000 or even $ 50 000. Such amounts may have been a great comfort to the victims, but everyone spent money in the form of higher premiums. Who benefits from the savings and how much they stand?
From a consumer perspective, the most significant change made to the auto insurance seems to be adopting a fee structure that sets maximum premiums for mandatory auto insurance based on the driving record of a person . Insurers may require a lower premium than provided in the schedule, but can not ask a higher premium. In addition, a new rule is now in place to prevent insurers from denying anyone coverage mandatory. These changes, taken together, determine who benefits from savings in the insurance system of the province (described above).
Cap the amount that insurers can ask and insist that drivers who are at high risk is insured as well as others has meant that bad drivers pay less than they should. However, good drivers pay more. The savings under this system can reduce fortunately not even a little premium for all drivers, but the fact remains that good drivers do not receive their fair share. The insurance industry continues to work with the government to adjust the scale so that good drivers are not unfairly penalized.
In 2004, the Alberta government has given the auto insurance system a number of changes aimed at making insurance more affordable, particularly for young drivers with good driving record. Nobody knows entirely the actual effects of these changes. Auto insurance premiums are lower than they were before, but many factors have contributed to their decline. Where are the savings?
After years of low yields during which insurance companies were having difficulty reaching the threshold of profitability, particularly in the field of auto insurance, the industry rebounded in 2003 and 2004 and obtained better financial results. Where the purchase of automobile insurance allows insurers to obtain a sustainable yield, competition increases and prices fall, while insurers compete for market share. This financial turnaround is at least partially responsible for the decrease in insurance premiums in Alberta.
The amendments made by the government on how claims are settled have also played a role in reducing the amount disbursed. Recover more quickly on foot
Most injuries associated with car accidents are relatively minor. However, if they are not diagnosed and treated as required, minor injuries may persist and ensure that accident victims must take time off work and in some cases, pursuing ineffective treatment. One Both are costly to the insurance system, because insurance companies must pay for additional treatments and in some cases compensate the victim for lost income.
In the past, minor injuries were diagnosed and treated in various ways with varying degrees of effectiveness. New standards in diagnosis and treatment of injuries that result from years of medical research, are now in place. These standards can treat all Albertans suffering from minor injuries due to a car accident by methods whose effectiveness has been proven. The application of these standards also means that the patient does not need to wait until the insurer approves the treatment before undertaking it. Thus, accident victims receive immediate treatment experienced and can quickly resume their activities. This approach is advantageous for all Albertans because their premiums are no longer used to pay for treatments ineffective and unnecessarily prolonged absences. Reduce the amount of compensation paid to pay for small claims
In cases of legal settlement, a ceiling of compensation for pain and suffering of $ 4 504 also contributed to reducing costs without affecting the claims amount to help victims get back on their feet. This limit applies only to injuries deemed minor by an independent third party and, anyway, does not apply to income replacement and rehabilitation costs. The Court of Appeal of Alberta has recently delivered its decision in which it confirms the validity of the ceiling of compensation and rejects the argument to the effect that the ceiling is discriminatory. The personal injury lawyers have until September 2009 to decide whether they will appeal the decision to the Supreme Court of Canada.
In the past, minor injuries such as sprains and strains sometimes led to regulations for compensation for pain and suffering of $ 20 000 or even $ 50 000. Such amounts may have been a great comfort to the victims, but everyone spent money in the form of higher premiums. Who benefits from the savings and how much they stand?
From a consumer perspective, the most significant change made to the auto insurance seems to be adopting a fee structure that sets maximum premiums for mandatory auto insurance based on the driving record of a person . Insurers may require a lower premium than provided in the schedule, but can not ask a higher premium. In addition, a new rule is now in place to prevent insurers from denying anyone coverage mandatory. These changes, taken together, determine who benefits from savings in the insurance system of the province (described above).
Cap the amount that insurers can ask and insist that drivers who are at high risk is insured as well as others has meant that bad drivers pay less than they should. However, good drivers pay more. The savings under this system can reduce fortunately not even a little premium for all drivers, but the fact remains that good drivers do not receive their fair share. The insurance industry continues to work with the government to adjust the scale so that good drivers are not unfairly penalized.
source : www.ibc.ca
16:05
Canadian health care system (Medicare)
The national Canadian health insurance, commonly called "health insurance", aims to ensure that all residents have reasonable access to hospital services and medically necessary without having to pay directly for these services. Rather than having a single system across the country, Canada has established a national system is comprised of thirteen health insurance plans separate provincial and territorial, but share certain characteristics and standards of basic protection common. The principles governing our health care system are defined by the Canada Health Act and reflect Canadian values of equity and solidarity.
The federal and provincial / territorial governments share roles and responsibilities for health insurance. Under the Canada Health Act - our federal law on health insurance - the provincial and territorial health insurance must meet certain conditions to be eligible for all of the cash portion of the contribution Federal paid to them by virtue of the Canada Health Transfer (CHT). The provincial and territorial governments are responsible for the administration, organization and delivery of health services for their residents.
The federal and provincial / territorial governments share roles and responsibilities for health insurance. Under the Canada Health Act - our federal law on health insurance - the provincial and territorial health insurance must meet certain conditions to be eligible for all of the cash portion of the contribution Federal paid to them by virtue of the Canada Health Transfer (CHT). The provincial and territorial governments are responsible for the administration, organization and delivery of health services for their residents.
20:26
Canadian health health insurance system : what will change
source : hc-sc.gc.ca
Canadian health care system (Medicare)
The national Canadian health insurance, commonly called "health insurance", aims to ensure that all residents have reasonable access to hospital services and medically necessary without having to pay directly for these services. Rather than having a single system across the country, Canada has established a national system is comprised of thirteen health insurance plans separate provincial and territorial, but share certain characteristics and standards of basic protection common. The principles governing our health care system are defined by the Canada Health Act and reflect Canadian values of equity and solidarity. The federal and provincial / territorial governments share roles and responsibilities for health insurance. Under the Canada Health Act - our federal law on health insurance - the provincial and territorial health insurance must meet certain conditions to be eligible for all of the cash portion of the contribution Federal paid to them by virtue of the Canada Health Transfer (CHT). The provincial and territorial governments are responsible for the administration, organization and delivery of health services for their residents.
19:10
the difference between the banking systems, Canadian and American
A few words about the structure of U.S. banks, these banks ... and the difference.
The U.S. Federal Reserve:
1) decides the monetary policy of the United States with a dual objective of price stability and full employment, and the obligation to facilitate economic growth;
2) oversees the U.S. banking system;
3) publishes reports, such as the Beige Book, on the U.S. economy;
4) acts as a lender of last resort;
5) can influence the external value of the currency, the U.S. dollar, particularly through the use of interest rates (interest lenders) to motivate the coming or the flight of capital and thus influence the money supply and growth U.S. economy (example of disguised protectionism resulting in a subsequent devaluation of the dollar and therefore a better price competitiveness);
6) is independent of political institutions.
In the current crisis, it is this last point that has hurt the U.S. economy.
In Canada, in 1990 the government decided not to allow mergers of large Canadian banks, which determined the border between "banks" and "too big banks." In addition, our banks have kept a strict standard for granting credits.
Specify a few differences:
1) Canada has a strong regulatory system and centralized it has a different mortgage market from the United States.
2) We do not encourage the level of access to mortgage tax.
3) A mortgage sub-prime "almost not exist in Canada. In addition, a borrower has a mortgage greater than 80% must ensure its mortgage.
Finally, domestic banks are subject to substantial government regulation that is centralized. To do this, we have the "Office of the Superintendent of Financial Institutions" and "Financial Consumer Agency of Canada."
Finally, the World Economic Forum, believes that the Canadian banking system is the most "healthy" in the world.
To see rates inétrêts:
Businesses have a need for funding and will borrow. The interest rate is a cost of production, companies will pay the principal and intérêts.Si the interest rate is high, the cost of credit will be high, there will be a drop in demand for capital and investment will fall.
Households have a net lending, as they save. The interest rate is income: if the interest rate is high, the savings increase (ie traffic stops), consumption falls, output falls and unemployment increases.
There is a situation that some describe as the risk when interest rates are low.
This risk is capital flight to foreign countries where the yield is higher. In fact, if our assets are invested abroad, normally, the return from these investments, increase our wealth. Unless this is the Caisse who choose where to invest, it seems.
The U.S. Federal Reserve:
1) decides the monetary policy of the United States with a dual objective of price stability and full employment, and the obligation to facilitate economic growth;
2) oversees the U.S. banking system;
3) publishes reports, such as the Beige Book, on the U.S. economy;
4) acts as a lender of last resort;
5) can influence the external value of the currency, the U.S. dollar, particularly through the use of interest rates (interest lenders) to motivate the coming or the flight of capital and thus influence the money supply and growth U.S. economy (example of disguised protectionism resulting in a subsequent devaluation of the dollar and therefore a better price competitiveness);
6) is independent of political institutions.
In the current crisis, it is this last point that has hurt the U.S. economy.
In Canada, in 1990 the government decided not to allow mergers of large Canadian banks, which determined the border between "banks" and "too big banks." In addition, our banks have kept a strict standard for granting credits.
Specify a few differences:
1) Canada has a strong regulatory system and centralized it has a different mortgage market from the United States.
2) We do not encourage the level of access to mortgage tax.
3) A mortgage sub-prime "almost not exist in Canada. In addition, a borrower has a mortgage greater than 80% must ensure its mortgage.
Finally, domestic banks are subject to substantial government regulation that is centralized. To do this, we have the "Office of the Superintendent of Financial Institutions" and "Financial Consumer Agency of Canada."
Finally, the World Economic Forum, believes that the Canadian banking system is the most "healthy" in the world.
To see rates inétrêts:
Businesses have a need for funding and will borrow. The interest rate is a cost of production, companies will pay the principal and intérêts.Si the interest rate is high, the cost of credit will be high, there will be a drop in demand for capital and investment will fall.
Households have a net lending, as they save. The interest rate is income: if the interest rate is high, the savings increase (ie traffic stops), consumption falls, output falls and unemployment increases.
There is a situation that some describe as the risk when interest rates are low.
This risk is capital flight to foreign countries where the yield is higher. In fact, if our assets are invested abroad, normally, the return from these investments, increase our wealth. Unless this is the Caisse who choose where to invest, it seems.
As I said, I do not see any other impediments to the interest rate below that limit opportunities for speculators, especially those on exchange rates that are, in fact, the biggest speculators of finance.
source : centpapiers.com
André Lefebvre
19:06
Highlights: The Canadian banking system
Canada's banks are well regulated by two main authorities: the Office of the Superintendent of Financial Institutions (OSFI) and the Agency for Consumer Agency of Canada (FCAC). Canada's banks are well managed, it is prudent lenders. Canada's banks are among the best capitalized in the world. Our bank financial groups are well diversified, with subsidiaries in investment supported by strong deposit banks. The Bank Act of Canada is reviewed and updated every five years so that the regulatory structure keeps pace with changes in the sector. Unlike many other countries, Canada does not have to bail out financial institutions to inject capital or to set up public entities to purchase toxic assets. In Canada, the vast majority of mortgages are good, and lenders tend to have a much higher percentage than in the U.S. mortgage that they are the source.
Canadians are careful borrowers and mortgage arrears in Canada remains very low (indeed, according to figures from June 2010, only 0.42% of mortgages taken out with banks were in default). Unlike the U.S., Canada, mortgages with a downpayment of less than 20% must be insured. Banks contribute 3% of GDP. The banks paid $ 7.5 billion in taxes (2009). Banks directly employ over a quarter of a million Canadians, representing an increase of 28.67% over the last 10 years. The banks provide financing to some 1.2 million SMEs. Pension funds and RRSPs are major beneficiaries of the billions of dollars in dividends that banks pay each year. 85% of Canadians trust the banking system. 92% believe that the strength of Canadian banks is essential to ensure the health of the economy as a whole. 91% of Canadians are confident that their deposits are safe. The World Economic Forum has called on the Canadian banking system stronger in the world for the third straight year. The World Economic Forum has called on the Canadian banking system stronger in the world for the third straight year.
Canadians are careful borrowers and mortgage arrears in Canada remains very low (indeed, according to figures from June 2010, only 0.42% of mortgages taken out with banks were in default). Unlike the U.S., Canada, mortgages with a downpayment of less than 20% must be insured. Banks contribute 3% of GDP. The banks paid $ 7.5 billion in taxes (2009). Banks directly employ over a quarter of a million Canadians, representing an increase of 28.67% over the last 10 years. The banks provide financing to some 1.2 million SMEs. Pension funds and RRSPs are major beneficiaries of the billions of dollars in dividends that banks pay each year. 85% of Canadians trust the banking system. 92% believe that the strength of Canadian banks is essential to ensure the health of the economy as a whole. 91% of Canadians are confident that their deposits are safe. The World Economic Forum has called on the Canadian banking system stronger in the world for the third straight year. The World Economic Forum has called on the Canadian banking system stronger in the world for the third straight year.
source : cba.ca
19:04
The creation of the Canadian banking system
For most people, the banks form a muffled world, even mythical, in part because the transactions remain private. The impressive architecture of banks or their safes closed by indecipherable combinations maintain this secret and mysterious side.
On 10 September 1987, André Raynault, professor of economics at the University of Montreal, Pierre Olivier tells the story of banks. In Canada, major banks are emerging in the 19th century. They then specialize in financing businesses.
On 10 September 1987, André Raynault, professor of economics at the University of Montreal, Pierre Olivier tells the story of banks. In Canada, major banks are emerging in the 19th century. They then specialize in financing businesses.
19:02
The strength of the Canadian banking sector is helping the country overcome the crisis
The headlines these are distressing days. You can not open a newspaper without reading once again a bank in one country or another, asked the government to bail it out, while others put the key in the door. However, when the global financial system through this difficult period, it is important to consider the situation of foreign banks relative to banks in Canada. These distinctions directly and positively affect the ability of our economy to overcome crises.
See the situation in the United States. Recently, the Economist magazine suggested the possibility that more than 1,000 banks go bankrupt in the U.S. over the next five years if the situation were to deteriorate. For now, bank lending in the United States is less available, banks enroll losses, government tax revenues fall, the U.S. government must come to the rescue of banks and lax banking regulation is strongly criticized.
Contrasts with the situation in Canada
Although banks in Canada are not completely spared, they benefit from the strength and stability of the foundations of a national banking system. Our banks continue to offer credit - in fact, loans to businesses by banks increased by almost 11% in January 2009 compared to January 2008. The Canadian banking sector is profitable and will continue to be an important source of revenue for the Government of Canada, contributing to the financing of social programs popular with Canadians.
Moreover, no bank in Canada has needed financial assistance from the government and no pressure was exerted on it so that it frees the banks from their bad debts. Instead, the federal government has implemented the program to purchase mortgages insured under which it buys from banks and mortgage quality, safe and insured to inject liquidity into the credit market, and this the benefit of taxpayers.
Such a healthy banking system, strong and stability is essential to the long-term prosperity of Canada, no matter where you live. In 2007, Quebec, banks have contributed to the provincial GDP at a rate of 2.76% and employed nearly 42,000 people. The strong presence of banks serves as a valuable anchor for economic recovery.
A growing number of Canadians are aware and continue to place great confidence in our banking sector. A survey conducted in late 2008 by The Strategic Counsel on behalf of the Canadian Bankers Association (CBA) revealed that 77% of Canadians describe the Canadian banks as being safer and more stable than the banks' abroad.
Prudence, management and regulation
According to this study, three main factors explain the confidence that our banking sector inspires Canadians: the prudence of banks' loans and investments, improved management of domestic banks compared with banks abroad and government regulation of the banking sector .
It is true that we have not a single body of securities regulators. However, overall, our regulatory regime has broad support from people like U.S. President Barack Obama, former Federal Reserve Chairman Paul Volcker U.S. and many other observers. We can conclude that the banking model is best able to overcome economic crisis seems more like red and white than red, white and blue.
And the world looks to Canada for advice on how to get out of the current banking crisis. The Federal Finance Minister Jim Flaherty is working closely with its G20 counterparts to help stabilize the global banking system. The Governor of the Bank of Canada, Mark Carney, and the Superintendent Julie Dickson, participate actively in the efforts with their counterparts around the world, like the CEO of Scotiabank, Rick Waugh, through his work at the Institute of International Finance. Collectively and individually, the efforts of those Canadians and others accolent Financial Services of Canada label strength and reputation abroad.
A serious concern persists, however: the distinctive approach of Canada does lose in the race towards a new global regulation of international organizations or in a wave of international regulations excessive, unnecessary and inappropriate? Or will we rise to new approaches that would reflect the elements that made the Canadian system so strong? We can not allow a race to the regulatory epidermal crush us.
Maintain balance
Canada's approach - a balance between the close monitoring of solvency, and prudent management of banks and competition - has allowed its financial system to meet its commitments. Given the role played by the banking sector in stabilizing our economy, we should defend this distinctive Canadian approach.
In our view, it is essential that each country determines what changes are needed in its legislation now rather than waiting for a world body imposes new rules. We strongly support the adoption of internationally agreed standards, but no country should give up its ability to set its own standards, even in matters of capital adequacy and risk management. Instead, the development of these standards must be consistently and transparently in every country.
Much remains to be done and the bankers of Canada must continually demonstrate the many strengths of our banking and financial system, and maintain the trust of our customers. The banking sector in Canada is the challenge, helping to sustain our economy and establishing global leadership at a time when many countries face not only difficult, but are looking for models.
See the situation in the United States. Recently, the Economist magazine suggested the possibility that more than 1,000 banks go bankrupt in the U.S. over the next five years if the situation were to deteriorate. For now, bank lending in the United States is less available, banks enroll losses, government tax revenues fall, the U.S. government must come to the rescue of banks and lax banking regulation is strongly criticized.
Contrasts with the situation in Canada
Although banks in Canada are not completely spared, they benefit from the strength and stability of the foundations of a national banking system. Our banks continue to offer credit - in fact, loans to businesses by banks increased by almost 11% in January 2009 compared to January 2008. The Canadian banking sector is profitable and will continue to be an important source of revenue for the Government of Canada, contributing to the financing of social programs popular with Canadians.
Moreover, no bank in Canada has needed financial assistance from the government and no pressure was exerted on it so that it frees the banks from their bad debts. Instead, the federal government has implemented the program to purchase mortgages insured under which it buys from banks and mortgage quality, safe and insured to inject liquidity into the credit market, and this the benefit of taxpayers.
Such a healthy banking system, strong and stability is essential to the long-term prosperity of Canada, no matter where you live. In 2007, Quebec, banks have contributed to the provincial GDP at a rate of 2.76% and employed nearly 42,000 people. The strong presence of banks serves as a valuable anchor for economic recovery.
A growing number of Canadians are aware and continue to place great confidence in our banking sector. A survey conducted in late 2008 by The Strategic Counsel on behalf of the Canadian Bankers Association (CBA) revealed that 77% of Canadians describe the Canadian banks as being safer and more stable than the banks' abroad.
Prudence, management and regulation
According to this study, three main factors explain the confidence that our banking sector inspires Canadians: the prudence of banks' loans and investments, improved management of domestic banks compared with banks abroad and government regulation of the banking sector .
It is true that we have not a single body of securities regulators. However, overall, our regulatory regime has broad support from people like U.S. President Barack Obama, former Federal Reserve Chairman Paul Volcker U.S. and many other observers. We can conclude that the banking model is best able to overcome economic crisis seems more like red and white than red, white and blue.
And the world looks to Canada for advice on how to get out of the current banking crisis. The Federal Finance Minister Jim Flaherty is working closely with its G20 counterparts to help stabilize the global banking system. The Governor of the Bank of Canada, Mark Carney, and the Superintendent Julie Dickson, participate actively in the efforts with their counterparts around the world, like the CEO of Scotiabank, Rick Waugh, through his work at the Institute of International Finance. Collectively and individually, the efforts of those Canadians and others accolent Financial Services of Canada label strength and reputation abroad.
A serious concern persists, however: the distinctive approach of Canada does lose in the race towards a new global regulation of international organizations or in a wave of international regulations excessive, unnecessary and inappropriate? Or will we rise to new approaches that would reflect the elements that made the Canadian system so strong? We can not allow a race to the regulatory epidermal crush us.
Maintain balance
Canada's approach - a balance between the close monitoring of solvency, and prudent management of banks and competition - has allowed its financial system to meet its commitments. Given the role played by the banking sector in stabilizing our economy, we should defend this distinctive Canadian approach.
In our view, it is essential that each country determines what changes are needed in its legislation now rather than waiting for a world body imposes new rules. We strongly support the adoption of internationally agreed standards, but no country should give up its ability to set its own standards, even in matters of capital adequacy and risk management. Instead, the development of these standards must be consistently and transparently in every country.
Much remains to be done and the bankers of Canada must continually demonstrate the many strengths of our banking and financial system, and maintain the trust of our customers. The banking sector in Canada is the challenge, helping to sustain our economy and establishing global leadership at a time when many countries face not only difficult, but are looking for models.
source : cyberpresse.ca
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