The proposal for a directive on the recovery and resolution of insurance and reinsurance companies enshrines the no creditor worse off principle as provided for in the Bank Recovery and Resolution Directive (“BRRD”). This opens the door for the Portuguese legislature to repeat the mistakes it made when incorporating the BRRD into Portuguese law ...
“Therein the patient must minister to himself” (Macbeth, Act 5, Scene 3) With only seven days to go before the expiry on 1 April 2010 of the previous insurance block exemption, the European Commission adopted a new exemption, albeit in very much reduced form ...
On August 25th, the Court of Appeal, for the reasons of Justice Nicholas Kasirer(1), rendered a significant decision(2) with regard to the duty of care required from ski instructors and the assessment of damages awarded to a victim who developed a serious neurological disorder resulting from a ski accident.In their capacity as tutors of their child (referred to as “X” in the judgment), as well as in their personal capacity, Plaintiffs claimed damages for approximately $3 ...
The MFSA commenced a consultation process on its proposed amendments to the Insurance Distribution Rules (hereinafter referred to as the “IDR”). The consultation process began on the 26th of January 2023 and closes on the 8th of March 2023 ...
The Court of Appeal rendered an important decision on October 31, 2006, which dealt with the liability of manufacturers and professional sellers, as well as several other related issues, in the case of The Boiler Inspection and Insurance Company of Canada and Prima Viande Ltd v. Manac inc./Nortex (manufacturer of the Arcoplast product) and Systèmes intérieurs Atlas inc ...
On March 1, 2013, the Court of Appeal rendered a judgment on the insurer's duty to defend and indemnify the insured in the area of commercial general liability insurance.1 It confirmed the decision of the trial judge which had held that the insurer has the duty to defend and indemnify,2 and ordered it to reimburse its insured for the amounts paid to settle the claim of a third party and the amounts incurred by the insured in defending itself against the action ...
It is known that an insurer has a considerable duty to inform in group insurance. The Superior Court, in a decision by Justice Hélène Langlois, specified the extent of this duty in Tanguay et al v. L’Ordre des ingénieurs du Québec and The Manufacturers Life Insurance Company of North York, doing business under the name Manulife Financial(1) ...
Whether you call it a “shutdown” or a “slowdown,” the lack of a fully-funded federal government is impacting more than the 800,000 federal workers furloughed since October 1.1 According to economic consulting firm, IHS Global Insight, the federal budget debacle will cost $1.6 billion per week in lost gross domestic product ...
The Indonesian government has recently issued Government Regulation No. 3 of 2020 (“New GR”) amending Government Regulation No. 14 of 2018 (“GR 14/2018”) on Foreign Ownership in Insurance Companies, which came into effect on 20 January 2020 ...
In what appears to be the first substantive dispositive ruling on a COVID-19 related business interruption insurance claim, a Michigan court has dismissed an insured’s business interruption claim, finding that the insured did not suffer a direct physical loss and no insurance coverage exists for the insured’s claim ...
Open banking is an emerging financial services model that focuses on the portability and open availability of customer data held by financial institutions. It involves opening up banking systems, particularly customer data, to third parties to allow them provide services directly to customers ...
Insurers often have a duty to settle underlying claims against their insureds. While that duty generally requires insurers to accept reasonable settlement offers, insurers and insureds alike face many other issues regarding settlement of the underlying case ...
On April 4, 2005, the Court of Appeal issued its decision in CGU v. The Wawanesa Mutual Insurance Company and Axa Insurance1, which sheds new light on the right of a subrogated insurer to institute legal proceedings directly against the insurer of the person allegedly responsible for the loss. The decision also contains a discussion of the concept of solidarity between insurer and insured for the purposes of the interruption of prescription ...
The facts of the Roy v. Lefebvre caseOn June 25, 2014, the Superior Court1 allowed the action of an insured against a life insurance broker and his firm. The context of the subscription of the insurance policy is somewhat unusual and deserves explanations. In 1992, the purchaser of an immovable property undertook to pay part of the purchase price through the subscription of an insurance policy (the ?Policy?) on the life of the seller for the benefit of the estate of the seller ...
On September 26, 2007, the Court of Appeal dismissed the appeal of appellant Citizens for a Quality of Life(1) (“CQL”) and upheld the judgment of the Superior Court(2) dated December 14, 2004, which had refused to grant its motion for authorization to institute a class action against Aéroports de Montréal (“ADM”) on the basis of the lack of similar or related questions raised by the recourses of the class members ...
On May 12, 2006, the Court of Appeal rendered a decision in a case involving the concept of intentional fault.(1) This judgement, written by Judge Louis Rochette, once again further complicates the idea of an intentional fault committed by an insured. I. The facts Assurances générales des Caisses Desjardins Inc. (referred to herein as “Desjardins”) insured Mr. Fournier’s property. In May 1999, Mr. Fournier committed suicide by setting his home on fire ...
On May 10, 2005, the Court of Appeal held in Pierre Roy & Associés Inc. v. Bagnoud [2005] QCCA 492, that sums transferred by Ms. Bagnoud to Investors Services Ltd. (“Investors”) were a trust according to the agreements entered into between Ms. Bagnoud and Investors. This decision is one of the first interpretations by the Court of Appeal of the Supreme Court decision in Bank of Nova Scotia v. Thibault.1 Facts In July 1998, after her employment was terminated, Ms ...
The decision of the Court of Appeal in the La Capitale Case has been expected since February 2012 when the Superior Court dismissed the Class Action taken against an insurer who, with the consent of the policyholder, had unilaterally modified the waiver of premiums clause in a group insurance contract2. To better understand the context, please refer to our NEWSLETTER IN JUNE 2012 following the Superior Court judgment ...
On July 17, 2006, the Court of Appeal rendered a judgement concerning the duty of financial institutions making loans to inform and advise their clients.(1) This decision, written by Judge Jacques Chamberland, sheds further light on the obligations of group loan insurance policyholders. The facts In early June 1994, the Respondent, 9000-7048 Québec inc ...
ON MAY 14, 2009, MADAM JUSTICE MARIE-FRANCE BICH OF THE COURT OF APPEAL, PUT AN END TO A CONTROVERSY IN THE CASE LAW ON THE INTERPRETATION BY ARTICLE 216 C.C.P. CONCERNING THE PROCEDURAL MEANS AVAILABLE TO THE INSURER TO PROTECT ITS SUBROGATION RIGHTS ...
This is the age of government regulation. Businesses pay millions of dollars each year to comply with ever-increasing regulatory requirements intended to avoid catastrophic loss to persons and property. While corporate America underwrites the lion’s share of the cost associated with enhanced safety, the benefits are realized primarily by consumers, politicians and insurers. Yes, insurers. A dollar spent on preventing loss is a dollar saved by insurance companies ...
Mississippi business leaders will continue to hope that the new coronavirus, COVID-19, stays away from and out of our state.But even if we avoid direct exposure to this worldwide health crisis, Mississippi companies will face risk and resulting losses.From international shipping and travel to reliance on component parts manufactured on foreign shores, Mississippi businesses may not realize the full effect of the coronavirus for years ...
